Newly re-elected President Barack Obama will give an address Friday “about the action we need to keep our economy growing and reduce our deficit,” according to his public schedule.
In the speech, scheduled for 1:05 p.m. Eastern in the White House, Obama is expected to talk about so-called “fiscal cliff” issues, which include automatic tax increases and spending cuts scheduled to occur at year-end unless a deal can be made with Congress.
He is not expected to lay out a new plan, but rather urge Congress to negotiate a plan that includes both. Obama has said he favors extending Bush-era tax cuts for lower wage earners while letting cuts expire for those making $200,000 annually or more.
House Speaker John Boehner (R-Ohio) reportedly said Wednesday he's ready to begin negotiations on a deal to reduce the deficit, but told USA Today he’s seeking a short-term solution during the lame duck session.
"I've never seen a lame duck Congress do big things," Boehner said. "And as speaker I feel pretty strongly that a lame duck Congress shouldn't do big things."