President Obama Says he 'Won't Compromise' on Taxes
President Barack Obama says he "won't compromise" on his demands that the wealthiest Americans pay more in taxes.
However, Obama held back from directly criticizing Republicans for opposing his tax plans, perhaps signaling that private negotiations over the "fiscal cliff" are showing progress. Obama and Boehner met privately at the White House Sunday.
Obama traveled to Michigan Monday to try to rally public support for his proposals to raise rates on the top 2% of income earners. Speaking to auto workers, he said he was willing to support "tough spending cuts" as long as those cuts do not disproportionately hurt the middle class.
Meanwhile, Business leaders are joining the debate over the "fiscal cliff," emphasizing the need to hammer out an agreement before the end of the year.
The chief executive of GE, Jeffrey Immelt, told CBS that spending cuts alone won't solve the problem, and that "everyone knows we need revenue" as part of the deficit-cutting plan.
Immelt, who heads the presidential advisory council on competitiveness, says there are millions of workers whose lives are "in flux" because of the uncertainty over whether taxes will go up in January. He says, "This is incredibly critical we get this done now." (AP)
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