Automatic tax increases and drastic cuts to defense and domestic spending kick in January 1, 2013 unless Congress is able to craft a plan to reduce the nation's nearly $16-trillion debt.

After campaigning for months on allowing tax cuts to expire only for wealthy Americans, Obama said the time for "drama and negotiations" is over.

"Nobody, not Republicans, not Democrats want taxes to go up for folks making under $250,000 a year. So let's not wait. Even as we're negotiating a broader deficit reduction package, let's extend the middle class tax cuts right now, let's do that right now," said the president.

Uncertainty over the US fiscal crisis has roiled financial markets for weeks. The Congressional Budget Office says the combination of higher taxes and reduced spending could cut the deficit in half. But it would also push the world's largest economy into a recession, cost millions of jobs and threaten economic growth in other countries.

【Obama, House Speaker take positions on budget before negotiations】相关文章：

★ A Perfect Heart

★ 美文欣赏：无论成败 但求做最好的自己

★ 趣味英语小故事：Shave Me First

★ 浪漫英文情书精选：My Heart And Soul我的灵魂

★ 活一百岁与欧洲渡假的交易

★ 英语美文欣赏：片刻的欢乐

★ 清理心灵的空间

★ Someone making decisions for me

★ Messages of hope for working class

★ 从现在开始，多想想你拥有的