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President stands firm on tax hikes for top earners

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    Prospects of reaching compromise with Republican lawmakers

  • Duration 2:43
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If -- -- scandal and Libya were two of the top issues that the president's news conference.

The looming fiscal -- was the other big subject.

President Obama said he would look at reforming entitlements but stands firm on his promise to increase tax rates were higher earners.

Chief congressional correspondent Mike Emanuel tonight on the prospects for some kind of compromise.

With the US economy due to hit the fiscal cliff trillions in tax increases and spending cuts and about seven weeks.

Present Obama called for a comprehensive deal but said he's not going to budge on the top 2%.

We cannot afford to extend the bush tax cuts for the wealthy.

What we can do is make sure that middle class taxes don't go up if we get that in place we are actually removing half of the fiscal fourth.

Speaker John Boehner has offered what he considers a balanced approach by generating revenues from tax reform and entitlement reform late today Boehner said the president's position is flawed we are not going to hurt.

Our economy.

And make the job creation were debacle which is exactly what stood -- plan would do.

A letter sent by the US chamber of commerce and signed by 232.

Organizations calls on the president and congress to immediately extend all of the tax cuts and find other cuts replace sequestration.

And says they quote must begin to fundamentally restructure these entitlement programs.

The president suggested taking a closer look at reforming entitlements without offering details and says he'd like to simplify the tax code.

And mr.

Obama says he wants congress to act now to extend the bush tax cuts for the middle class.

But try to avoid boxing himself in on upcoming negotiations.

I'm open to compromise and I'm open to new ideas.

And I've been encouraged over the past week -- your Republican after Republican agree.

On the need for no no more revenue from the wealthiest Americans as part of our arithmetic if we're going to be serious about reducing the deficit.

Though the top Republican in the senate who'll be a key player in upcoming talks says just raising taxes and operate -- Americans.

Does not add up.

We know that you can't raise taxes enough to solve the problem in fact the big argument during the campaign in over whether or not we should raise.

Tax rates on people above 250000.

Dollars would have produced enough revenue would have thought fund the government for six days.

Late in the day McConnell says it is now the president's turn to propose a detailed plan that includes entitlement reforms.

And could win the support of both parties.

Enough support to have a realistic chance of becoming law Chris I -- manual on Capitol Hill Mike thanks for that.

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