News / USA

Obama Praises House Vote on Fiscal Cliff

U.S. President Barack Obama delivers remarks next to Vice President Joe Biden (L) after the House of Representatives acted on legislation intended to avoid the "fiscal cliff," at the White House in Washington, Jan. 1, 2013.
U.S. President Barack Obama delivers remarks next to Vice President Joe Biden (L) after the House of Representatives acted on legislation intended to avoid the "fiscal cliff," at the White House in Washington, Jan. 1, 2013.
Kent Klein
President Barack Obama declared victory Tuesday night in what he called "the central promise" of his presidency -- changing a tax code skewed in favor of the wealthy. 

Obama thanked leaders from both parties in both houses of Congress, and Vice President Joe Biden, for getting a bill passed to stop big tax increases and government spending cuts.

“The sum total of all the budget agreements we have reached so far proves that there is a path forward -- that it is possible, if we focus, not on our politics, but on what is right for the country,” the president said.

Obama campaigned for re-election on a promise to preserve tax breaks for the middle class but not the rich. He said the nation's deficit is still too high, but he will not negotiate with Congress over another increase in the nation’s borrowing limit. 

"The consequences for the entire global economy would be catastrophic -- far worse than the impact of a fiscal cliff," the president said.

Obama emphasized that the deficit needs to be reduced in a way that is "balanced," a goal he said will remain in place as long as he is president.

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Comment Sorting
by: John from: Maryland
January 02, 2013 5:56 PM
Did he delay it yes but he did that because he new there was no way to pass a bill that large in the time frame it needed to be passed . He took what was the biggest threat to 97% of us and got it taken care of why most of us were out having fun on new years they were working to make sure we didnt have to pay higher taxes and didnt loose tax breaks alot of families with kids depend on so please look at the facts before you make comments about the american people with a iq of 80 i think your looking at your own chart.

by: Mthiele from: Ottawa,Ontario
January 02, 2013 5:54 PM
It's impressive enough to think that there are enough people in the USA, making more than $400,000 a year (or $450K per couple), for the tax rate to be applied for it to be meaningful tax revenue. I don't think that's the case in many countries, including Canada. I always understood that the majority of tax revenue in the USA and elsewhere is generated from the poor and lower middle class--simply because there are so many more of them.

by: Farmboy from: Canada
January 02, 2013 12:50 PM
Only increasing tax on incomes over $450,000 is a gift to the wealthy , albeit lesser wealthy . I would have set the barrier at $100,000 . There is a lot of tax revenue between the two numbers .

by: Sami from: USA, WA
January 02, 2013 7:20 AM
I think I like this president. I like the attitude he portrays, but you always have to be watchful of people lying to you. I don't think the President is perfect, and neither is our political system, but making sure the wealthy pay higher rates increases the likelyhood that that money gets put to use responsibly, IF the government is responsible. Otherwise you're just relying on the good heart of rich people to spend that money in useful ways (i.e. school, healthcare as opposed to extravagant personal luxuries).
In Response

by: Subesh from: Cuba
January 02, 2013 12:49 PM
I think the Americans should wake up. Your President has just delayed addressing the economic problems which prevail in the US of A. It would seem that the majority of Americans must have an IQ of about 80 if they don't realize that Obama is in effect not dis-similar to the majority of the countries leaders on the African continent. Obama WILL eventually bring the USA to its knees!!!

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