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Obama holding firm on tax levels for wealthy

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press

But some “fiscal cliff” bargaining likely.

Saturday, November 10, 2012 - 10:30 am

WASHINGTON – President Obama and House Speaker John Boehner are signaling they're open to some compromise on taxes and spending to prevent more financial pain in the new year, but the two sides are digging in on raising taxes for wealthier Americans.

Obama said Friday his re-election gave him a mandate to pursue that position because “the majority of Americans agree with my approach.” Boehner is still insisting that raising tax rates as Obama wants “will destroy jobs in America.”

Obama says he won't accept a plan to avert the so-called fiscal cliff that doesn't ask the wealthy to pay more in taxes.

In Saturday's radio and Internet address, Obama says the election showed support for his “balanced” approach and Congress can provide certainty by extending tax cuts for middle-class families.

The political maneuvering about the so-called fiscal cliff sets up a confrontation to see whether the White House or the House blinks first. The outcome will affect tens of millions of Americans, given that the tax hikes and budgets cuts set to kick in Jan. 1 could spike unemployment and bring on a new recession.

The presidential contest is now over, but another campaign has just begun.

The White House made its pitch directly to the public, shipping around a video by email and telling Americans that “this debate can either stay trapped in Washington or you can make sure your friends and neighbors participate.”

Obama invited the top four leaders of Congress to the White House next week for talks, right before he departs on a trip to Asia.

All sides are seeking to leave themselves room to maneuver. Despite the talk of possible compromise, both sides are taking a hard line.

Obama never expressly said that tax rates on top earners must return to the higher levels of the Bill Clinton era, leading to speculation he was willing to soften the core position of his re-election campaign to deal with Republicans.

But his spokesman, Jay Carney, said Obama would veto any extension of tax cuts on household incomes above $250,000.