ECONOMIC WOES

Obama Claims Tax Mandate

Says he will not extend Bush’s tax cuts.

In a press conference Wednesday at the White House, President Obama said voters prefer his tax plan—and that he will not back down when it comes to putting a higher tax burden on the wealthiest Americans. “What I'm not going to do is to extend Bush tax cuts for the wealthiest 2 percent that we can’t afford and, according to economists, will have the least positive impact on our economy,” the president said. Things are looking increasingly hopeful for a potential deal, after Republicans indicated they would be open to possible tax reform in order to increase revenue and avoid the looming fiscal cliff that will be put in motion in January.