Officials: Obama ready to veto a bill blocking ‘fiscal cliff’ without tax hike for ri

[Gerald]

View Photo Gallery — Are our leaders behaving like “Thelma and Louise,’’ flirting with disaster, thumbing their noses at our nation’s economic livelihood? Here’s more on that reference -- as well as other pop culture forays in the business world and off cliffs, fiscal and otherwise.

President Obama is prepared to veto legislation to block year-end tax hikes and spending cuts, collectively known as the “fiscal cliff,” unless Republicans bow to his demand to raise tax rates for the wealthy, administration officials said.Freed from the political and economic constraints that have tied his hands in the past, Obama is ready to play hardball with Republicans, who have so far successfully resisted a deal to tame the debt that includes higher taxes, Obama’s allies say.In the days after the November election, the tables will be turned: Taxes are scheduled to rise dramatically in January for people at all income levels, and Republicans will be unable to stop those automatic increases alone.If he wins reelection, Obama may finally be able to dictate the terms of a bipartisan debt-reduction deal. And if he loses to Republican Mitt Romney, Obama could make sure that tax rates rise before he hands over the keys to the White House on Inauguration Day in late January.

Note: Thursday, October 18, 2:53 AM

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