President Barack Obama urged urged congressional leaders to consider a scaled-back plan to avoid the so-called “fiscal cliff” as he headed to Hawaii for his annual Christmas vacation.
The president said that legislators should pass legislation on points where there was consensus — including extending Bush-era tax cuts for all but the top 2 percent of taxpayers, extending unemployment insurance and laying “the groundwork” for future deficit reduction.
“That’s an achievable goal that can get done in 10 days,” Obama said.
The plan, as described by the president, would leave unresolved issues like the looming defense sequester, income rates on the wealthiest taxpayers, and the debt ceiling. The president said he was still open to a larger deficit deal, but underscored that he would need Republican support to reach a compromise.
“We’re only going to be able to do it together,” Obama said. “We’re going to have to find some common ground.”