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The Fiscal Cliff and Obama's Grand Bargain (Part 1)

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Published on Nov 9, 2012

"President Obama invited Congressional Republicans and Democrats to the White House next week to begin talks to resolve the country's impending fiscal crisis, but he insisted on raising taxes on the wealthiest.

"I'm not wedded to every detail of my plan. I'm open to compromise, I'm open to new ideas, I'm committed to solving our fiscal challenges, but I refuse to accept any approach that isn't balanced," the president said in his first statement since winning re-election.

He also made it clear that being balanced means having the wealthiest pay more.

"As I've said before, we can't just cut our way to prosperity," Obama said. "If we're serious about reducing the deficit we have to combine spending cuts with revenue. That means asking the wealthy to pay a little more in taxes."*

Cenk Uygur, Michael Shure (Political correspondent, TYT and Current TV), and John Iadarola (TYT University) break down the realities of the "fiscal cliff," Obama's compromises and willingness to compromise his platform vs. Boehner's unwillingness to do so.

*Read more from Abby D Phillip/ ABC News:
http://abcnews.go.com/Politics/OTUS/o...

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