WASHINGTON -- Both sides appear to be standing their ground ahead of talks involving President Barack Obama and congressional Republicans on ways to avoid automatic spending cuts and tax hikes in January.
Obama said today he won't accept any approach that doesn't ask the wealthy to pay more in taxes. A spokesman says Obama will veto any legislation extending tax cuts for families making $250,000 or more.
Obama said he isn't wedded to every detail of the plans he outlined during the election, adding that he's "open to compromise." But he offered no indication that he is willing to back down.
Earlier, House Speaker John Boehner said he remains unwilling to raise taxes on upper-income earners. But he left open the possibility of balancing spending cuts with new revenue that could come from revising the tax code to eliminate some tax breaks while also lowering tax rates.
Obama says he's invited congressional leaders of both parties to the White House next week for their first post-election negotiations.
Both parties agree that if the "fiscal cliff" can't be avoided, the tax increases and automatic spending cuts could send the economy back into recession.
Fiscal Cliff coverage: http://www.wkyc.com/money/economy/fiscalcliff/default.aspx
The Associated Press