Reuters: Politics: Obama says letting U.S. taxes rise would hurt world economy

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Obama says letting U.S. taxes rise would hurt world economy Nov 28th 2012, 20:42 Tweet Share this Email Print Related News Global stocks recover, euro pares loss on Boehner words 3:03pm EST Cracks surface in Republican unity on tax rates 2:34pm EST House speaker Boehner optimistic can avert fiscal crisis 11:43am EST Obama promotes tax agenda, Congress in stand-off Tue, Nov 27 2012 Obama to meet executives, go to Pennsylvania for fiscal push Tue, Nov 27 2012 Analysis & Opinion Essential reading: Philippine tax sheriff takes aim at cheats, and more When talk was of investing in public good U.S. President Barack Obama delivers remarks at the White House in Washington November 28, 2012. Credit: Reuters/Kevin Lamarque WASHINGTON | Wed Nov 28, 2012 3:42pm EST WASHINGTON (Reuters) - President Barack Obama said on Wednesday that failure to avoid looming "fiscal cliff" tax increases would reverberate beyond U.S. borders. "It would be bad for the economy, it would be bad for those families, in fact it would be bad for the world economy," Obama told reporters at the White House as he met with his cabinet. Obama and congressional leaders are negotiating over how to avoid approximately $600 billion in tax hikes and spending cuts that would begin in 2013 and that analysts say would push the U.S. economy back into recession. The president has proposed maintaining existing tax rates for all but the top two income tax brackets, but congressional Republicans are opposed to any tax increases. (Reporting By Jeff Mason, writing by Mark Felsenthal; Editing by Sandra Maler) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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