Printed on: November 11, 2012

Obama says wealthy should pay more taxes


WASHINGTON (AP) -- President Barack Obama won't accept a plan to avert the so-called fiscal cliff that doesn't ask the wealthy to pay more in taxes.

In Saturday's radio and Internet address, Obama said the election showed support for his "balanced" approach and Congress can provide certainty by extending tax cuts for middle-class families.

House Speaker John Boehner said in the Republican address Congress should not raise tax rates on Americans and instead focus on closing tax loopholes, lowering rates and fixing entitlement programs. Boehner said he is hopeful the two sides can come up with an agreement that would pass Congress.

The White House said Obama would veto any legislation extending tax cuts for families making $250,000 or more.

Obama is expected to meet with congressional leaders next week.