For President Obama, winning a second-term has so far meant business as usual as he announced on Friday plans to freeze tax rates on the middle class. Obama also said he wants Bush era tax cuts to expire for the wealthiest Americans who do not need the additional tax discounts.
According to the POTUS, he has setup a bipartisan meeting at the White House where next week he will meet with Republicans to discuss what can be done to avoid a financial cliff.
Obama claims that he is prepared to discuss spending cuts and health care reforms but only if those plans include tax revenue increases on the rich. According to Obama:
“I’m open to compromise. I’m open to new ideas. I’m committed to solving our fiscal challenges, but I refuse to accept any approach that isn’t balanced.”
Obama’s announcement comes just hours after House speaker John Boehner said Republicans oppose any type of income-tax rate increases regardless of a person’s individual wealth. According to Politico, Boehner and his Republican counterparts may be willing to reform the tax code and fix loopholes.
At this time, Boehner tells the Washington Post that he won’t “box himself in” when it comes to negotiations. Instead, Boehner places the responsibility of negotiations on President Obama, noting:
“This is an opportunity for the president to lead. This is his moment to engage the Congress and work toward a solution that can pass both chambers.”
Will there be a new and vibrant President Obama during a second term in office? Negotiations next week could tell us exactly what we can expect from the White House in the next four years.