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President Barack Obama has reiterated his call for Congress to act quickly to end the standoff over deficits and debts.
He said that going over the so-called fiscal cliff would have a "real impact" on the lives of ordinary Americans.
"Right now, middle-class tax cuts are set to expire at the end of the year. Time is running out," Obama said in his weekly address released Saturday.
"If Congress does nothing, every family in America will see their income taxes automatically go up on Jan. 1st. A typical middle-class family of four would get a $2,200 tax hike. That would be bad for families, it would be bad for businesses and it would drag down our entire economy," Obama warned.
According to Politico, Obama said plunging over the fiscal cliff, the looming combination of across-the-board tax hikes and spending cuts set to automatically kick in on Jan. 1, would hurt families and damage the economy.
But even as he called for a hasty end to the standoff with Republicans in Congress, who have insisted that tax rates on wealthy Americans cannot rise, Obama repeated that he will not sign a package that does not include a rate increase on them.
"That's one principle I won't compromise on," Obama said, adding: Ultimately, he said, he ran on these issues during the fall election - and won.
Obama said that he stood ready to work with congressional Republicans, but the plan that they presented earlier this week was "unbalanced."
"If we want to protect the middle class, then the math just doesn't work," Obama said about the GOP's 2.2 trillion dollars debt reduction offer that preserves the George W. Bush-era tax cuts on upper earners, the report added.
"I stand ready to work with Republicans on a plan that spurs economic growth, creates jobs and reduces our deficit - a plan that gives both sides some of what they want," he said.
"I'm willing to find ways to bring down the cost of health care without hurting seniors and other Americans who depend on it. And I'm willing to make more entitlement spending cuts on top of the $1 trillion dollars in cuts I signed into law last year," Obama added. (ANI)