UNITED STATES -- We are expecting to hear from President Obama this afternoon for the first time since winning re-election. He plans to discuss the economy in a news conference today from the White House.
The president is slated to outline his priorities in office as he gears up for a second term. We're expecting to hear more on the ‘fiscal cliff’ as we get toward the end of the year. That's the term being used to refer to across the board spending cuts and the expiration of Bush-era tax cuts set to take effect in January.
Those cuts will happen unless Congress reaches an agreement on a new spending plan. There are worries that could lead to a renewed recession.
President Obama is among those calling for the expiration of tax cuts for the wealthiest Americans to help deal with the problem.