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Obama launches debt-reduction talks
President Obama gets back to work, addressing the looming fiscal cliff on Friday.
President Obama gets back to work, addressing the looming fiscal cliff on Friday.
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resident Obama is launching a campaign to pressure Republicans and Democrats in Congress to strike a deficit-cutting deal to avoid the fiscal cliff, a collection of economy-busting tax hikes and spending cuts due to hit at the end of the year. On Tuesday, Obama is scheduled to meet with labor and civic leaders, and on Wednesday he'll sit down with business leaders, including the chief executives of Ford, IBM, and Walmart. Obama has said his re-election last week gave him a mandate to close the deficit with a balanced approach that includes spending cuts and tax hikes on families earning more than $250,000 a year. Republican House Speaker John Boehner says he's against raising tax rates, but would consider finding other ways to boost revenue, such as closing tax loopholes. 

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