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U.S. President Barack Obama delivers remarks next to Vice
President Joe Biden (L) after the
House of Representatives acted on legislation
intended to avoid the "fiscal cliff"
[A video grab from a statement released by the White House]
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Washington: American President Barack Obama declared victory Tuesday
night in what he called "the central promise" of his presidency --
changing a tax code skewed in favor of the wealthy.
Obama thanked leaders from both parties in both houses of
Congress, and Vice President Joe Biden, for getting a bill passed to stop big
tax increases and government spending cuts.
“The sum total of all the budget agreements we have reached
so far proves that there is a path forward -- that it is possible, if we focus,
not on our politics, but on what is right for the country,” the president said.
Obama campaigned for re-election on a promise to preserve
tax breaks for the middle class but not the rich. He said the nation's deficit
is still too high, but he will not negotiate with Congress over another
increase in the nation’s borrowing limit.
"The consequences for the entire global economy would
be catastrophic -- far worse than the impact of a fiscal cliff," the
president said.
Obama emphasized that the deficit needs to be reduced in a
way that is "balanced," a goal he said will remain in place as long
as he is president.