Whatever you want to call it — the “fiscal cliff,” the “fiscal slope” or something else — President Obama is hard at work addressing it on Wednesday, lobbying business and labor groups to support $1.6 trillion in new revenue.
His firm message to both sides, according to ABC News: He’s committed to requiring the wealthy to pay more in taxes.
Obama was meeting Wednesday with about a dozen business executives as the White House and Congress face a series of expiring tax cuts and across-the-board spending cuts scheduled to take effect because lawmakers failed to reach a deal to reduce the federal debt. Business groups want an agreement before the end of the year, warning that the uncertainty could roil the financial markets and harm the economic recovery.
White House press secretary Jay Carney said the president would bring to the table a proposal for $1.6 trillion in new taxes on business and the wealthy when he begins discussions with congressional Republicans, a figure that Obama outlined in his most recent budget plan. The targeted revenue is twice the amount Obama discussed with Republican leaders during debt talks during the summer of 2011 …
Read more at ABC News.