Obama: US can't afford across-the-board tax hike
WASHINGTON (AP) — President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less.
Obama says he is confident that he and Congress can reach an agreement that avoids a so-called "fiscal cliff" on Jan. 1, when all tax rates would revert to Clinton-era levels and a series of deep spending cuts kick in.
Obama addressed the fiscal cliff at the opening of a press conference Wednesday in the White House.
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