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Obama to address 'fiscal cliff' on light day for economic data

7:11 AM, Nov 9, 2012   |    comments
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WASHINGTON (AP) - The big economic news of the day is likely to be what President Barack Obama has to say about avoiding the so-called fiscal cliff that's threatening to plunge the economy back into recession.

In his first postelection comments on the issue, Obama is expected to urge Congress to act, including passing a bill that would prevent Bush-era tax cuts from expiring for all but the wealthiest Americans. He's not expected to put forward a specific plan, but instead will call on lawmakers from both parties to work together to tackle the nation's fiscal problems.

The newly re-elected president and Congress face a Jan. 1 deadline to avoid a combination of tax increases and spending cuts that all sides agree would undermine the military and other basic government functions.

As for economic data today, the Commerce Department releases figures on wholesale trade inventories for August.






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