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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 399.01

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Dec 19 4:00 PM EST

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To: Haim R. Branisteanu who wrote (95582)	11/10/2012 1:01:20 AM
From: elmatador	Read Replies (3) of 218617

Obama fires first in fiscal battle demanded higher taxes on the rich as a condition of any budget agreement with Republicans Barack Obama demanded higher taxes on the rich as a condition of any budget agreement with Republicans but left the door open for negotiation on the details as the US president fired the opening salvo in the fiscal battle that will dominate the aftermath of his re-election. Strengthened by winning a second term, Mr Obama invited congressional leaders to the White House next week for the first round of high-stakes negotiations to prevent the fiscal cliff – a mix of $600bn in spending cuts and tax increases that will go into effect next year unless a deal is reached by December 31. Talks to prevent that scenario, which could tip the US into recession, were put on ice throughout the election campaign. Mr Obama said his aim next week was to “build consensus” for a deal. But he did draw one bright line for the administration in the talks and, echoing one of his key messages on the campaign stump, said the US should be “asking the wealthiest Americans to pay a little more in taxes” Still, he added: “I am not wedded to every detail of my plan. I’m open to compromise. I’m open to new ideas.” John Boehner, the Republican leader in the House of Representatives, who has resisted higher taxes on the rich on the grounds that it would hurt the drivers of job creation, said Republicans were willing to consider more “revenue” through a reform of the tax code, but were opposed to any increase in tax rates. Copyright The Financial Times Limited 2012. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

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