Newly re-elected President Barack Obama offered to work with Republicans to avert a looming fiscal calamity but insisted a tax increase for the very rich must be part of the bargain.
Newly re-elected President Barack Obama offered to work with Republicans to avert a looming fiscal calamity but insisted a tax increase for the very rich must be part of the bargain.
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Mark Felsenthal
Mr Obama reminded his opponents that his approach to avoiding steep tax hikes and spending cuts due in January, which could trigger another recession, had just won the backing of Americans at the polls.
He spoke just hours after John Boehner, the Republican Speaker of the House of Representatives, repeated his party's commitment not to raise anyone's tax rates as part of a deal to address the fiscal crisis.
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