Obama presses Congress to resolve fiscal cliff
- 11 years ago
U.S. President Barack Obama continues to press Congress to resolve the fiscal cliff in his weekly address.
(SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA SAYING:
"We're now at the point where, in just a couple days, the law says that every American's tax rates are going up. Every American's paycheck will get a lot smaller. And that would be the wrong thing to do for our economy. It would hurt middle-class families, and it would hurt the businesses that depend on your spending. And Congress can prevent it from happening, if they act now,"
After closed door meetings at the White House Congressional leaders were cautiously optimistic that a deal could be reached.
Without a deal $600 billion in tax hikes and federal spending cuts will begin to take effect January 1st.
(SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA SAYING:
"We're now at the point where, in just a couple days, the law says that every American's tax rates are going up. Every American's paycheck will get a lot smaller. And that would be the wrong thing to do for our economy. It would hurt middle-class families, and it would hurt the businesses that depend on your spending. And Congress can prevent it from happening, if they act now,"
After closed door meetings at the White House Congressional leaders were cautiously optimistic that a deal could be reached.
Without a deal $600 billion in tax hikes and federal spending cuts will begin to take effect January 1st.