STOCK MARKET WATCH -- Wednesday, 14 November 2012

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19. OBAMA PRESSING BUSINESS AND LABOR ON FISCAL CLIFF

http://hosted.ap.org/dynamic/stories/U/US_FISCAL_CLIFF?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-14-07-59-58

WASHINGTON (AP) -- President Barack Obama is lobbying business and labor groups to support his plan to avoid an impending fiscal cliff, telling the two sides he remains committed to requiring the wealthy to pay more in taxes.

Obama was meeting Wednesday with about a dozen business executives as the White House and Congress face a series of expiring tax cuts and across-the-board spending cuts scheduled to take effect because lawmakers failed to reach a deal to reduce the federal debt. Business groups want an agreement before the end of the year, warning that the uncertainty could roil the financial markets and harm the economic recovery.

The White House meeting follows a gathering of labor leaders and liberal groups Tuesday in which participants said Obama remained clear that he would push for his campaign pledge of making the wealthiest Americans pay more in taxes.

"We're prepared to stand up to make sure there is shared sacrifice here, so the rich actually start paying their fair share and the middle class don't get soaked for that," said AFL-CIO President Richard Trumka.