President Obama will make a statement on the economy on Friday afternoon that will likely focus on looming tax increases and spending cuts – the so-called “fiscal cliff” – scheduled to go into effect in January if Congress does not act, Reuters reported.
Obama is not expected to put forward a new agenda, according to Reuters, but is likely to urge bipartisan compromise in Congress on the fiscal cliff and the debt crisis. Economists have warned that going over the cliff could send the fragile economy spiraling back into recession.
The president will make the statement from the East Room of the White House at 1:05 p.m. House Speaker John Boehner will also hold a press conference on Friday.
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