When he meets with about a dozen business executives at the White House today, President Barack Obama will be looking for support for $1.6 trillion in new revenue, to avoid the "fiscal cliff" in January.
A spokesman says Obama is bringing to the table a proposal involving new taxes on business and the wealthy. The targeted revenue is twice the amount Obama discussed with Republican leaders during debt talks last year.
Jay Carney says the figure, combined with $1.1 trillion in spending cuts already signed into law, would reduce deficits by $4 trillion.
Today's meeting with CEOs follows a gathering of labor leaders and liberal groups yesterday. Participants said Obama remained clear that he would push for his campaign pledge of making the wealthiest Americans pay more in taxes.
Failure to act would bring automatic spending cuts and higher taxes on all Americans. According to the nonpartisan Tax Policy Center, middle-income families would pay an average of about $2,000 more next year.
The President has scheduled a news conference immediately before today's meeting with business leaders.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.