Obama pressing business and labor on fiscal cliff

Last Updated: Wed, Nov 14, 2012 08:00 hrs

President Barack Obama is lobbying business and labor groups to support his plan to avoid an impending fiscal cliff, telling the two sides he remains committed to requiring the wealthy to pay more in taxes.

Obama was meeting Wednesday with about a dozen business executives as the White House and Congress face a series of expiring tax cuts and across-the-board spending cuts scheduled to take effect Jan. 1.

Business groups want an agreement on the debt before the end of the year, warning that the uncertainty could roil the financial markets and harm the economic recovery.

Obama was expected to speak in greater detail on the year-ending lame-duck session during a White House news conference Wednesday.

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