WASHINGTON, Nov 28 (Reuters) - President Barack Obama said
on Wednesday that failure to avoid looming "fiscal cliff" tax
increases would reverberate beyond U.S. borders.
"It would be bad for the economy, it would be bad for those
families, in fact it would be bad for the world economy," Obama
told reporters at the White House as he met with his cabinet.
Obama and congressional leaders are negotiating over how to
avoid approximately $600 billion in tax hikes and spending cuts
that would begin in 2013 and that analysts say would push the
U.S. economy back into recession.
The president has proposed maintaining existing tax rates
for all but the top two income tax brackets, but congressional
Republicans are opposed to any tax increases.
- Politics & Government
- Budget, Tax & Economy