Obama 'Fiscal Cliff' Speech: Americans Agree With My Approach On Deficit

Photo by Pete Souza

WASHINGTON (AP) -- President Barack Obama, laying down his marker for grueling budget and tax negotiations, said Friday he won't accept any approach to deficit reduction that doesn't ask the wealthy to pay more in taxes.

"This was a central question during the election," Obama said in his first postelection comments on the economy. "The majority of Americans agree with my approach."

The president, speaking before a group of middle class Americans in the White House East Room, said he wasn't wedded to every detail of the plans he outlined during the election, adding, "I'm open to compromise." But he offered no indication that he was willing to back down on his insistence that the wealthy pay more.

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