With both sides on the cusp of a fiscal cliff deal, President Barack Obama vowed Monday to seek additional revenue next year alongside spending cuts. In the process, he also angered several GOP senators who said he demeaned their efforts to reach a deal.
Obama said that a year-end deal to avert tax hikes for the middle class “is within sight, but it’s not done.”
The emerging deal, which sources have pegged at around $600 billion in new revenue, would include permanent extensions of current tax rates on individuals with income up to $400,000 and couples with income up to $450,000. But Obama made clear that he would demand additional revenue as part of any package next year.
AUDIENCE CHEERS TAX HIKES ON RICH
Republicans reacted angrily to President Obama’s Monday-afternoon rally with middle-class residents, saying it seemed to them as if he was taking a victory lap for having forced them to concede on tax increases.
Mr. Obama addressed the country from a room at the Eisenhower Executive Office Building Monday afternoon with cheering supporters behind him and in the audience in front of him. The supporters even applauded Mr. Obama’s announcement that taxes would be going up.