November 8, 2012 / 11:33 PM / in 5 years

President Obama to make statement on economy on Friday

WASHINGTON (Reuters) - Newly re-elected President Barack Obama will make a statement on the economy on Friday, the White House said.

U.S. President Barack Obama gestures onstage during his election night victory rally in Chicago November 7, 2012. Beside Obama are Vice President Joe Biden (2nd R) and Biden's wife Jill Biden. REUTERS/Jason Reed

The president is likely to discuss looming tax increases and government spending cuts -- the so-called fiscal cliff -- that would go into effect unless Congress acts to prevent them. He is due to make the statement from the East Room of the White House.

Obama, who defeated Republican challenger Mitt Romney on Tuesday in a race in which strengthening a sluggish economy was a major theme, is not expected to put forward a new or specific plan.

Instead, he is more likely to urge Congress to tackle pressing issues.

Reporting By Mark Felsenthal

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