Obama wants action on government's borrowing limit
HONOLULU (AP) — President Barack Obama is hailing a last-minute deal that pulled the country back from the "fiscal cliff," but warned that he "will not compromise" over his insistence that Congress lift the federal debt ceiling.
Obama said in his radio and Internet address Saturday that the fiscal cliff deal, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax increase that could have thrown the economy back into recession.
With one crisis behind him, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as scaling back more than $100 billion in automatic spending cuts for the military and domestic programs. The cuts are delayed by two months under the compromise.
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