Obama would veto extension of tax cuts for top earners

WASHINGTON Sat Nov 10, 2012 2:39am IST

U.S. President Barack Obama holds up his pen as he delivers a statement on the U.S. ''Fiscal Cliff'' in the East Room of the White House in Washington, November 9, 2012. REUTERS/Jason Reed

U.S. President Barack Obama holds up his pen as he delivers a statement on the U.S. ''Fiscal Cliff'' in the East Room of the White House in Washington, November 9, 2012.

Credit: Reuters/Jason Reed

Related Topics

WASHINGTON (Reuters) - President Barack Obama would not sign legislation that extends the current lower tax rates for the wealthiest Americans, the White House said on Friday.

"The president would veto, as he has said ... any bill that extends the Bush-era tax cuts for the top two percent of wage earners, of earners in this country," White House spokesman Jay Carney said at a briefing.

Obama will hold talks with congressional leaders at the White House next Friday on avoiding the looming steep government spending cuts and tax rises, Carney said. The president will hold a news conference on Wednesday, Carney told reporters.

Obama, in a statement delivered earlier at the White House, said he would launch discussions to try reach a deficit reduction deal that eluded the White House and congressional Republicans in 2011.

The president urged lawmakers to immediately pass an extension of tax cuts on most Americans with the exception of the top earners. The tax cuts are due to expire on December 31.

Republicans have said they would agree to increasing government revenues, but have objected to any increases in tax rates. House Speaker John Boehner said this week that raising tax rates on the top two brackets would cost 700,000 jobs.

"Going over part of the fiscal cliff and raising taxes on job creators is no solution at all," he said on Wednesday. (Reporting By Mark Felsenthal and Lisa Lambert; Editing by Vicki Allen and Jackie Frank)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Republic Day

Reuters Showcase

RK Laxman Dead

RK Laxman Dead

'Common Man' cartoonist RK Laxman dead at 93  Full Article 

Banking Revolution

Banking Revolution

India turns to corner shops, mobile phones for banking revolution.  Full Article 

Nuclear Group

Nuclear Group

China urges India to take steps to satisfy standards of NSG  Full Article 

Gold Market

Gold Market

Chinese gold demand holds up ahead of holiday, Indian buying weak  Full Article 

India-U.S. Relations

India-U.S. Relations

Column - U.S. and India should join to balance China's rise  Full Article 

Padma Bhushan

Padma Bhushan

India honours Bill Gates with civilian award  Full Article 

Fashionable Modi

Fashionable Modi

When Modi met Obama, his name was all over - his suit  Full Article 

New Greek PM

New Greek PM

Greek leftist Tsipras sworn in as PM to fight bailout terms  Full Article 

Australian Open

Australian Open

Venus fireworks illuminate Australia Day  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage