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President Barack Obama pauses as he speaks at the looks the the cheering crowd at the election night party at McCormick Place, Wednesday, Nov. 7, 2012, in Chicago. Obama defeated Republican challenger former Massachusetts Gov. Mitt Romney.

Carolyn Kaster, Associated Press - Ap

Obama to address 'fiscal cliff' in first postelection remarks

  • Associated Press
  • November 9, 2012 - 10:29 AM

WASHINGTON - President Barack Obama will make his first postelection comments Friday about actions needed to avoid the so-called fiscal cliff that could plunge the economy back into recession.

Obama is expected to urge Congress to act, including passing a bill that would prevent Bush-era tax cuts from expiring for all but the wealthiest Americans.

In his address from the White House East Room, Obama is not expected to put forward a specific plan, but instead will call on lawmakers from both parties to work together to tackle the nation's fiscal problems.

The newly re-elected president and Congress face a Jan. 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions.

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