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News Link • Economy - Economics USA

No one retreating; cliff talks seem at standstill

• Associated Press
 Republicans pressed President Barack Obama to name specific spending cuts he will support, while the White House insisted the GOP agree explicitly to raise tax rates on upper incomes.

At a campaign-style event in Michigan, Obama warned his listeners their taxes will rise on Jan. 1 without action by the Congress. "That's a hit you can't afford to take," he declared.

He spoke one day after meeting privately at the White House with House Speaker John Boehner, whose office expressed frustration with the talks to date.

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