Welcome to Capital Account. US President Barack Obama announced that he will call for 1.6 trillion dollars in additional tax revenue when he enters Fiscal Cliff budget negotiations with congressional leaders on Friday. Today Obama told a press conference "We should not hold the middle class hostage while we debate tax cuts for the wealthy. We should... keep middle-class taxes lower. And I'll bring everyone in to sign it right away so we can give folks some certainty before the holiday season." The 1.6 trillion dollars in revenue is double the amount discussed with GOP leadersduring the summer of 2011....
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