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Obama On Fiscal Cliff: "An Agreement Is Within Sight"

President Obama, speaking in front of a crowd at the White House on New Years Eve, reported that lawmakers have come to an agreement that would prevent tax increases for most Americans, resolving some aspects of the fiscal cliff.

THE PRESIDENT: Now, I realize that the last thing you want to hear on New Year's Eve is another speech from me. But I do need to talk about the progress that’s being made in Congress today.

For the last few days, leaders in both parties have been working toward an agreement that will prevent a middle class tax hike from hitting 98 percent of all Americans, starting tomorrow. Preventing that tax hike has been my top priority, because the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. Middle-class families can't afford it. Businesses can't afford it. Our economy can't afford it.

Now, today it appears that an agreement to prevent this New Year's tax hike is within sight, but it's not done. There are still issues left to resolve, but we're hopeful that Congress can get it done. But it's not done.

And so part of the reason that I wanted to speak to all of you here today is to make sure that we emphasize to Congress and that members of both parties understand that all across America, this is a pressing concern on people's minds.


Complete transcript here.

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