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President Obama is being called on to show leadership to avoid the 600 billion dollars worth of tax hikes and spending cuts that have been dubbed the “fiscal cliff”.

He has invited congressional leaders for talks at the White House next Friday and has stressed that he is open to suggestions:

“I’m not wedded to every single detail of my plan. I’m open to compromise. I’m open to new ideas. I’m committed to solving our fiscal challenge. But I refuse to accept any approach that isn’t balanced.”

Republicans have publicly stated they will resist any increase in tax rates. One, the Speaker of the House of Represetatives John Boehner, says it’s up to Obama to come up with a solution:

“This is an opportunity for the president to lead. This is his moment to engage the Congress and work towards a solution that that can pass both chambers. I think we both understand that trying to find a way to avert a fiscal cliff is important for our country.”

Republicans fear that raising taxes on the wealthiest Americans would hit small business owners and cost up to 100,000 jobs.

Copyright © 2014 euronews

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