U.S. President Barack Obama waves to supporters after his victory speech at McCormick Place November 6, 2012 in Chicago, Illinois.
Photographer: Spencer Platt/Getty Images
Copyright Getty Images
President Barack Obama, laying down his marker for grueling budget and tax negotiations, said Friday he won't accept any approach to deficit reduction that doesn't ask the wealthy to pay more in taxes.
"This was a central question during the election," Obama said in his first postelection comments on the economy. "The majority of Americans agree with my approach."
The president, speaking before a group of middle class Americans in the White House East Room, said he wasn't wedded to every detail of the plans he outlined during the election, adding, "I'm open to compromise." But he offered no indication that he was willing to back down on his insistence that the wealthy pay more.
Obama said he had invited congressional leaders of both parties to the White House next week to start negotiations on averting the "fiscal cliff" tax increases and automatic spending cuts due to hit in January that both parties agree could cripple the economy.
Republicans, as they did throughout the past four years, say raising tax rates on wealthier Americans is a non-starter. Obama has given in to them on the matter before, but his aides believe he has earned a mandate on the issue through his re-election victory.
Copyright Associated Press
Did You Hear?
It may seem a little far-fetched right now but it could become a reality if space companies like Virgin Galactic realize their aspirations over the next 30 years or so.
Scientists have reconstructed a nearly complete mitochondrial genome of an ancient human relative, whose remains were found in Sima de los Huesos ("pit of bones") in northern Spain.
Hampton Creek Foods is scouring the planet for plants that can replace chicken eggs in everything from cookies to omelets to French toast. Its first product is an egg-free mayonnaise now sold at Whole Foods Markets.
The 85-year-old U.S. veteran detained for weeks by North Korea says a videotaped confession he made while he was being held was delivered involuntarily and under duress.