The fiscal cliff: Obama's plea for bipartisan compromise
In his first public address since declaring victory Tuesday night, the newly re-elected president urges Congress to end the gridlock
The video: A freshly re-elected President Obama, brimming with confidence, announced Friday that he had invited lawmakers from both parties to the White House next week to begin hammering out a bipartisan debt-reduction deal to avoid the "fiscal cliff." Without an agreement, $600 billion in tax hikes and spending cuts will kick in on Jan. 1, almost certainly plunging the nation back into recession. Throughout the campaign, Obama argued that rich should pay more taxes to reduce the deficit, and he said Friday that his victory proved most Americans agree with him. "Our job now is to get a majority in Congress to reflect the will of the American people," he said. "I am open to new ideas," Obama continued, "but I refuse to accept any approach that isn't balanced" with both spending cuts and revenue hikes. Obama also said he would be ready to sign a bill "right now" guaranteeing that taxes wouldn't go up for the 98 percent of Americans who make less than $250,000. See the video below. (Obama takes the stage at the 2:40 mark.)
The reaction: Look, says John H. Cushman Jr. at The New York Times: While Obama and House Speaker John Boehner have "both professed their willingness to reach common ground," what they're really doing is "defending their competing approaches for resolving the budget impasse." Obama and Boehner are indeed playing a "passive-aggressive" game, says Jim Mitchell at The Dallas Morning News. Though Obama did avoid insisting on a hike of tax rates for the rich, which could mean raising money in ways "Boehner might be able to sell to his party." If so, "it's time for Obama to play bad cop in his own party to allow this sort of bargain to take place." Remember, Obama and Boehner tried, and failed, to forge a bipartisan deal in the summer of 2011, says Tim Fernholz at Quartz. This time, however, "the president's bargaining position is much better." If Congress does nothing, everybody's taxes go up. GOP anti-tax hardliners can't let that happen, so moderates in their party might have the "gumption" it will take to push through a deal.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
'Musk's reliance on China draws rising scrutiny'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Biba: the story of a 'legendary emporium'
The Week Recommends Brand's 60th anniversary is being marked with retrospective celebrating the 'iconic shop's cultural importance'
By Adrienne Wyper, The Week UK Published
-
How the Russia-Ukraine conflict has spread to Africa
The Explainer Ukraine is attempting to strengthen its alliances on the continent to counter Russia's growing presence
By Richard Windsor, The Week UK Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published
-
Xi-Biden meeting: what's in it for both leaders?
Today's Big Question Two superpowers seek to stabilise relations amid global turmoil but core issues of security, trade and Taiwan remain
By Harriet Marsden, The Week UK Published