White House: Obama Proposing $1.6 Trillion In New Revenue

When he meets with about a dozen business executives at the White House today, President Barack Obama will be looking for support for $1.6 trillion in new revenue, to avoid the "fiscal cliff" in January.

A spokesman says Obama is bringing to the table a proposal involving new taxes on business and the wealthy. The targeted revenue is twice the amount Obama discussed with Republican leaders during debt talks last year.

Jay Carney says the figure, combined with $1.1 trillion in spending cuts already signed into law, would reduce deficits by $4 trillion.

Today's meeting with CEOs follows a gathering of labor leaders and liberal groups yesterday. Participants said Obama remained clear that he would push for his campaign pledge of making the wealthiest Americans pay more in taxes.

Failure to act would bring automatic spending cuts and higher taxes on all Americans. According to the nonpartisan Tax Policy Center, middle-income families would pay an average of about $2,000 more next year.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

Obama has scheduled a news conference immediately before today's meeting with business leaders.