Obama: No fiscal cliff deal without higher rates
By ANDREW TAYLORBy ANDREW TAYLOR, Associated Press?
?National Governors Association (NGA) Vice Chair, Oklahoma Gov. Mary Fallin, center, talks to reporters outside the White House in Washington, Tuesday, Dec. 4, 2012, following a meeting between the NGA executive committee and President Barack Obama regarding the fiscal cliff. From left are, Utah Gov. Gary Herbert, Minnesota Gov. Mark Dayton, Wisconsin Gov. Scott Walker, Fallin, Arkansas Gov. Mike Beebe, and NGA Chairman, Delaware Gov. Jack Markell. (AP Photo/Pablo Martinez Monsivais)
National Governors Association (NGA) Vice Chair, Oklahoma Gov. Mary Fallin, center, talks to reporters outside the White House in Washington, Tuesday, Dec. 4, 2012, following a meeting between the NGA executive committee and President Barack Obama regarding the fiscal cliff. From left are, Utah Gov. Gary Herbert, Minnesota Gov. Mark Dayton, Wisconsin Gov. Scott Walker, Fallin, Arkansas Gov. Mike Beebe, and NGA Chairman, Delaware Gov. Jack Markell. (AP Photo/Pablo Martinez Monsivais)
Members of the National Governors Association (NGA) Executive Committee, from left, Arkansas Gov. Mike Beebe; Wisconsin Gov. Scott Walker; Minnesota Gov. Mark Dayton; Chairman, Delaware Gov. Jack Markell; Utah Gov. Gary Herbert; and Vice Chair Oklahoma Gov. Mary Fallin, leave together after speaking to members of the media outside the West Wing of the White House in Washington, Tuesday, Dec. 4, 2012, following their meeting with President Barack Obama regarding the fiscal cliff. (AP Photo/Pablo Martinez Monsivais)
President Barack Obama, flanked by National Governors Association (NGA) Chairman, Delaware Gov. Jack Markell, and NGA Vice Chair, Oklahoma Gov. Mary Fallin, meets with the NGA executive committee regarding the fiscal cliff, Tuesday, Dec. 4, 2012, in the Roosevelt Room at the White House in Washington. Treasury Secretary Tim Geithner is at right. (AP Photo/Charles Dharapak)
WASHINGTON (AP) ? President Barack Obama says there will be no deal to avert the "fiscal cliff" unless Republicans drop their opposition to raising tax rates on the wealthiest Americans.
However, Obama is signaling flexibility on where the rates eventually wind up. Obama says he knows he won't get everything that he wants in negotiations with congressional Republicans. He made the comments Tuesday in an interview with Bloomberg News.
The president campaigned for re-election on a plan to raise the rates on the top 2 percent of income earners to 39.6 percent, which is where they were under former President Bill Clinton. Obama administration officials have indicated they would be open to keeping the rate lower if the same amount of revenue can be achieved through closing tax loopholes and other measures.
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