Obama to Address Looming Fiscal Cliff

(Washington) – Re-elected President Barack Obama is due to make a statement on the economy, setting the stage for a political showdown over a looming budget crisis. He is expected to discuss the so-called fiscal cliff, a package of tax rises and spending cuts due early next year unless Congress acts.
Budget analysts have warned that the US will tip into recession unless a deal is struck. Obama has repeatedly called for the wealthy to pay more taxes. The fiscal cliff would see the expiry of George W Bush-era tax cuts at the end of 2012, combined with automatic, across-the-board reductions to military and domestic spending.