Obama says debt-cutting deal can be reached soon - DC News FOX 5 DC WTTG

Obama says debt-cutting deal can be reached soon

Posted: Updated:

President Barack Obama said Wednesday he believes that members of both parties can reach a "framework" on a debt-cutting deal before Christmas, making his case with a mix of optimism and pressure on congressional Republicans to keep tax rates from rising on the middle class.

Obama, pushing ahead with his campaign to increase revenue by hiking taxes on wealthier Americans, was joined by about a dozen middle-class Americans at a White House event in the midst of negotiation on how to avoid a so-called fiscal cliff at year's end when across-the-board tax hikes and steep spending cuts kick in.

"I am ready and able and willing and excited to go ahead and get this issue resolved in bipartisan fashion so that American families, American businesses have some certainty going into next year," Obama said.

He took special note of reports that some Republicans have expressed a willingness to extend the current expiring tax rates for households earning less than $250,000. Conservative Oklahoma GOP Rep. Tom Cole told GOP colleagues in a private meeting on Tuesday that it's better to extend tax cuts for 98 percent of taxpayers than engage in a prolonged fight that risks increasing taxes on everyone. Cole is a longtime GOP loyalist and a confidant of House Speaker John Boehner, R-Ohio.

"I'm glad to see, if you've been reading the papers lately, that more and more Republicans in Congress seem to be agreeing with this idea that we should have a balanced approach," Obama said, noting that the Senate has already passed legislation to extend current rates to those middle class taxpayers.

"The Democrats in the House are ready to vote for that same bill today," he said. "If we can get a few House Republicans to agree as well, I'll sign this bill as soon as Congress sends it my way. I've got to repeat: I've got a pen. I'm ready to sign it."

He made an appeal to the public to pressure Congress, arguing that similar efforts late last year to extend a payroll tax cut resulted in congressional passage.

"When the American people speak loudly enough, lo and behold, Congress listens," he said.

While expressing confidence that he and Congress could strike a bargain for a "framework in the coming weeks,"

Obama says we need to "approach this problem with the middle-class in mind."

The president is urging the public to pressure Congress through social media, pointing to (hastag)My2K on Twitter -- a reference to the estimated $2,200 tax increase a typical middle-class family of four would see if the Bush tax cuts expire.

The president is also meeting with corporate executives at the White House on Wednesday and then traveling to Pennsylvania on Friday to push for upper income bracket earners to pay higher tax rates. It's part of a campaign to pressure Republicans in Congress to support raising taxes on the wealthy.

By JIM KUHNHENN  Associated Press

  • Viral StoriesMore>>

  • Puerto Rico declares chikungunya epidemic

    Puerto Rico declares chikungunya epidemic

    Friday, July 18 2014 7:48 AM EDT2014-07-18 11:48:06 GMT
    SAN JUAN, Puerto Rico (AP) -- Health officials in Puerto Rico on Thursday declared an epidemic of the mosquito-borne virus known as chikungunya, which was introduced into the Caribbean region late last year. Health Secretary Ana Rius said that more than 200 cases had been confirmed on the island as of June 25 and that the majority of them were reported in the capital of San Juan and nearby areas. The first case of chikungunya in the U.S. territory was reported in late May. Also on Thursday, ...
    SAN JUAN, Puerto Rico (AP) -- Health officials in Puerto Rico on Thursday declared an epidemic of the mosquito-borne virus known as chikungunya, which was introduced into the Caribbean region late last year. Health Secretary Ana Rius said that more than 200 cases had been confirmed on the island as of June 25 and that the majority of them were reported in the capital of San Juan and nearby areas. The first case of chikungunya in the U.S. territory was reported in late May. Also on Thursday, ...
  • Couple and baby miss Malaysia Airlines Flight 17 that was downed over Ukraine

    Couple and baby miss Malaysia Airlines Flight 17 that was downed over Ukraine

    Friday, July 18 2014 7:47 AM EDT2014-07-18 11:47:36 GMT
    Imagine how you would feel if you were supposed to be on Malaysia Airlines Flight 17 that was downed over eastern Ukraine on Thursday but changed your flight for a later time?
    Imagine how you would feel if you were supposed to be on Malaysia Airlines Flight 17 that was downed over eastern Ukraine on Thursday but changed your flight for a later time?
  • Company sets limits on how long workers can use bathroom

    Company sets limits on how long workers can use bathroom

    Wednesday, July 16 2014 11:02 AM EDT2014-07-16 15:02:02 GMT
    Should an employer have any say in how much time you spend in the bathroom on company time? According to an article on CNN.com, Chicago's Watersaver Faucet Company installed swipe card systems on bathrooms at their factory in an attempt to limit bathroom breaks to 6 minutes or less. WaterSaver disciplined nineteen workers for what they call "excessive use" of washrooms. FOX 5’s Wisdom Martin has more. READ MORE: http://money.cnn.com/2014/07/15/smallbusiness/bathroom-time-penalty/
    Should an employer have any say in how much time you spend in the bathroom on company time? According to an article on CNN.com, Chicago's Watersaver Faucet Company installed swipe card systems on bathrooms at their factory in an attempt to limit bathroom breaks to 6 minutes or less. WaterSaver disciplined nineteen workers for what they call "excessive use" of washrooms. FOX 5’s Wisdom Martin has more. READ MORE: http://money.cnn.com/2014/07/15/smallbusiness/bathroom-time-penalty/
Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices