Local reaction to possible tax increases
MILWAUKEE - President Barack Obama says increasing taxes on wealthy Americans must be part of the government's plan to reduce the deficit.
Speaking at the White House Friday the president said his re-election proves that the majority of Americans agree with his approach to ask people making more than $250,000 a year to pay more in taxes.
The president has invited congressional leaders from both parties to the White House next week for talks on how to avoid the so-called fiscal cliff, automatic tax increases and spending cuts that will be triggered if Congress cannot reach an agreement by the end of the year.
The president said he is open to compromise and hearing new ideas, but he will refuse to accept any approach that is not balanced.
House Speaker John Boehner says he's also open to compromise, but believes tax cuts for all should remain in place to grow the economy.
CBS 58 News spoke with people who watched both the president and the house speaker discuss the approaching fiscal cliff.