White House: Obama proposing $1.6 trillion in new revenue

WASHINGTON (AP) — When he meets with about a dozen business executives at the White House today, President Barack Obama will be looking for support for $1.6 trillion in new revenue, to avoid the "fiscal cliff" in January.

A spokesman says Obama is bringing to the table a proposal involving new taxes on business and the wealthy. The targeted revenue is twice the amount Obama discussed with Republican leaders during debt talks last year.

Jay Carney says the figure, combined with $1.1 trillion in spending cuts already signed into law, would reduce deficits by $4 trillion.

Today's meeting with CEOs follows a gathering of labor leaders and liberal groups yesterday. Participants said Obama remained clear that he would push for his campaign pledge of making the wealthiest Americans pay more in taxes.

Failure to act would bring automatic spending cuts and higher taxes on all Americans. According to the nonpartisan Tax Policy Center, middle-income families would pay an average of about $2,000 more next year.

Obama has scheduled a news conference immediately before today's meeting with business leaders.

%@AP Links

037-c-19-(Mark Smith, AP White House correspondent)-"the very rich"-AP White House Correspondent Mark Smith reports the president's trying to build support for a deal with Congress to avoid the "fiscal cliff." (14 Nov 2012)

<<CUT *037 (11/14/12)>> 00:19 "the very rich"

036-w-35-(Mark Smith, AP White House correspondent, with President Barack Obama)--President Obama is holding a broadcast news conference today -- his first since winning a second term. AP White House Correspondent Mark Smith reports. (14 Nov 2012)

<<CUT *036 (11/14/12)>> 00:35

APPHOTO DCCK105: White House Press Secretary Jay Carney gestures as he speaks during the daily news briefing at the White House in Washington, Tuesday, Nov. 13, 2012. (AP Photo/Jacquelyn Martin) (13 Nov 2012)

<<APPHOTO DCCK105 (11/13/12)>>

APPHOTO DCCK104: AFL-CIO President Richard Trumka speaks to reporters outside the White House in Washington, Tuesday, Nov. 13, 2012, after a meeting between business leaders and President Barack Obama to the economy and deficit. (AP Photo/Carolyn Kaster) (13 Nov 2012)

<<APPHOTO DCCK104 (11/13/12)>>

©2016 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.