President Obama continues his fiscal cliff campaign on Wednesday, this time to a group of business executives.
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Obama speaks Wednesday morning with the Business Roundtable, an organization of high-powered CEOs, about a White House debt reduction plan that includes higher taxes on the wealthy.
The president may also discuss budget issues at his other public event Wednesday, an afternoon speech at the 2012 Tribal Nations Conference being held at the Interior Department.
At the Business Roundtable, Obama “will continue to make the case that our nation’s businesses need the certainty that middle class families won’t see their taxes go up at the end of the year,” said a White House statement.
He will also “ask the business leaders for their help in supporting an approach that resolves the debt limit without drama or delay,” the White House said.
Democrats and Republicans face the prospect of the “fiscal cliff,” a series of tax increases and budget cuts that take effect next year if they are unable to strike a deal to reduce the nation’s $16 trillion-plus debt.
Obama’s plan includes the end of George W. Bush-era tax rates for Americans who make more than $250,000 a year. He has promoted that proposal in a variety of forums, from a Twitter town hall to meetings with business people, labor leaders and lawmakers.
House Speaker John Boehner, R-Ohio, and other Republicans say higher tax rates will lead to slower economic growth. They have proposed a plan that raises government revenue by closing tax loopholes and eliminating some deductions.
Republicans have also called on Obama to be more specific about budget cuts, including in fast-growing entitlement programs like Medicare and Social Security; the president says the middle class should not bear the brunt of debt reduction.
In his meeting with the CEOs, Obama “will reiterate that he will not accept a deal that doesn’t include higher rates on the wealthiest individuals,” the White House said.