Because everyone knows raising taxes in the middle of a recession does wonders for the economy.

Via National Journal:

With the fiscal cliff looming, President Obama on Friday invited congressional leaders to meet with him at the White House next week.

  • In his first statement since winning reelection, Obama called on Congress to let the Bush tax cuts expire for individuals earning over $200,000 per year and families earning over $250,000. “Let’s extend the middle-class tax cuts right now. Let’s do that right now,” Obama added.
  • The president said while he is “open to compromise,” he will not accept a Republican plan that only contains spending cuts. “I refuse to accept any approach that isn’t balanced,” he told an East Room audience.
  • “On Tuesday night, we found out that the majority of Americans agree with my approach,” Obama said. “Our job now is to get a majority in Congress to reflect the view of the American people.”
  •  Obama also said he was encouraged to hear House Speaker John Boehner “agree that tax revenue has to be part of this equation, and I look forward to hearing his ideas when I see him next week.”