(Image Source: WhiteHouse.gov)

BY CHRISTIAN BRYANT

With the metaphorical “fiscal cliff” looming, President Obama spoke at the White House Friday and stressed the urgency of tackling financial issues before the year’s end. CNBC has video of the president foreshadowing the immediate future if certain fiscal challenges aren’t handled swiftly.

“Right now, if Congress fails to come to an agreement on an overall deficit reduction package by the end of the year, everybody’s taxes will automatically go up on January 1.”

As a part of his deficit reduction plan, President Obama suggested extending tax cuts to the middle class. A writer for Forbes said the suggested cuts could be something on which both sides agree.

“Although this will result in less revenue, we will avoid the potential negative economic effect of middle and upper-middle income households spending less for the remainder of this year and early next year.  Because of its immediate economic effect, this legislation could be approved separate from other changes.”

As for the wealthiest Americans, the president suggested a less popular tax deal. Here’s the BBC.

“We have to combine spending cuts with revenue, and that means asking the wealthiest Americans to pay a little more in taxes.”

President Obama’s speech followed shortly after Speaker of the House John Boehner’s remarks on a so-called “grand [budget] deal.” The Wall Street Journal reports House Speaker Boehner, who spoke on Capitol Hill Friday, “...underscored the potential importance of limits on tax breaks as an area where the two sides might agree.”

President Obama will meet with Congressional leaders next week for budget talks.

President Obama Outlines Deficit Reduction Plan

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Nov 9, 2012

President Obama Outlines Deficit Reduction Plan

 

(Image Source: WhiteHouse.gov)

BY CHRISTIAN BRYANT

With the metaphorical “fiscal cliff” looming, President Obama spoke at the White House Friday and stressed the urgency of tackling financial issues before the year’s end. CNBC has video of the president foreshadowing the immediate future if certain fiscal challenges aren’t handled swiftly.

“Right now, if Congress fails to come to an agreement on an overall deficit reduction package by the end of the year, everybody’s taxes will automatically go up on January 1.”

As a part of his deficit reduction plan, President Obama suggested extending tax cuts to the middle class. A writer for Forbes said the suggested cuts could be something on which both sides agree.

“Although this will result in less revenue, we will avoid the potential negative economic effect of middle and upper-middle income households spending less for the remainder of this year and early next year.  Because of its immediate economic effect, this legislation could be approved separate from other changes.”

As for the wealthiest Americans, the president suggested a less popular tax deal. Here’s the BBC.

“We have to combine spending cuts with revenue, and that means asking the wealthiest Americans to pay a little more in taxes.”

President Obama’s speech followed shortly after Speaker of the House John Boehner’s remarks on a so-called “grand [budget] deal.” The Wall Street Journal reports House Speaker Boehner, who spoke on Capitol Hill Friday, “...underscored the potential importance of limits on tax breaks as an area where the two sides might agree.”

President Obama will meet with Congressional leaders next week for budget talks.

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