White House Obama Proposing $1.6 Trillion In New Revenue

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

A spokesman said Mr. Obama will bring a proposal to the table involving new taxes on business and the wealthy.

The targeted revenue is twice the amount Mr. 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.

The meeting with CEOs follows a gathering of labor leaders and liberal groups Tuesday.

Participants said Mr. 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.

Mr. Obama held a news conference immediately before the meeting with business leaders.

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