Obama: Wealthy will see higher taxes under plan, insist on balanced approach

U.S. President Barack Obama speaks about the economy and the deficit, Friday, November 9, 2012. PHOTO/Carolyn Kaster/AP

President Barack Obama says raising taxes on wealthiest Americans must be part of deficit reduction plan but says he is “open to compromise” and “new ideas.” Obama says he will refuse to accept any approach that “isn’t balanced.”

Obama says in his first public comments since the election that Congress should pass a bill that would prevent Bush-era tax

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