Back to work. In his first policy speech since re-election .... U.S. President Barack Obama invited congressional leaders to the White House to start negotiating a deal. One that would prevent the so called "fiscal cliff" of sharp tax hikes and spending cuts from going into effect at the end of the year.<br/> <br />While he said he was open to compromise he made clear where he would draw the line.<br/> <br />(SOUNDBITE)(English) U.S. PRESIDENT BARACK OBAMA SAYING:<br/> <br />"If we are serious about reducing the deficit we have to combine spending cuts with revenue and that means asking the wealthiest Americans to spend a little more in taxes."<br/> <br />It's part of ongoing battle that plagued the president's first term: Cutting the deficit versus tax reform.<br/> <br />(SOUNDBITE)(English) U.S. PRESIDENT BARACK OBAMA SAYING:<br/> <br />"I refuse to accept any approach that isn't balanced. I am not going to ask students and seniors and middle class families to pay down the entire deficit while people like me making over 250,000 dollars a year are not asked to pay a dime more in taxes. I am not going to do that."<br/> <br />Fresh from an election night victory party ... Obama says the country is behind him.<br/> <br />(SOUNDBITE)(English) U.S. PRESIDENT BARACK OBAMA SAYING:<br/> <br />"On Tuesday night we found out that the majority of Americans agree with my approach and that includes Democrats, Independents and a lot of Republicans as well."<br/> <br />Analysts say without action the abrupt fiscal tightening would tip the weak economy into recession.
