Obama: Extend Tax Cuts Now

President Obama insisted Friday that tax increases to the wealthiest Americans are necessary to cut the deficit while extending the middle-class tax cuts. Obama said he is willing to work with the House Republicans on this, but added he would veto any bill with tax cuts for those with an income of more than $250,000 a year. Obama insisted he “has the pen ready” to sign legislation to avoid the fiscal cliff, showing that he is not willing to get into another argument like the debt-ceiling fiasco.