President Obama to Promote Fiscal Cliff Plan With Va. Family
President Barack Obama is showcasing a northern Virginia family to highlight his call for extending current tax rates to all but the top 2% of earners.
Obama wants to keep up pressure on Republicans as a year-end deadline for avoiding a so-called fiscal cliff of tax increases and spending cuts draws near. He will travel to a Virginia suburb of Washington on Thursday.
Obama spoke with Republican House Speaker John Boehner on Wednesday, signaling the possible start of fresh talks to avoid the fiscal cliff.
Despite the entreaty, Obama is not cutting back on a public campaign to pressure Republicans into accepting rate hikes for wealthier Americans. Republicans say they are willing to raise revenues but want to do it by closing loopholes and limiting deductions on the rich.
Yesterday, Treasury Secretary Tim Geithner told CNBC that the administration will let the across-the-board spending cuts and tax increases take effect as scheduled if Republicans refuse to give in to Obama's demand to raise tax rates at upper income levels. Sen. Orrin Hatch calls Geithner's comment "stunning and irresponsible."
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