Obama determined to raise taxes

In his first remarks since winning re-election, President Obama spoke to a crowd in Washington saying “the American people voted for action, not politics as usual.”  With that, Obama invited congressional leaders to the White House next week for a meeting to address the “fiscal cliff” the nation is facing. He said he also would seek input from business, labor and civic leaders from across the country.

While Obama said he is open to “compromise,” he repeated his intention to include tax hikes for those earning over $250,000 and did not appear to have any interest in extending the Bush-era tax rates, saying “I refuse to accept any approach that isn’t balanced.”

Taxes for everybody are set to rise Jan. 1 due to the expiration of the Bush tax rates and other measures.

See the president’s remarks here:


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