Obama just gave a speech outlining his plan to address the "fiscal cliff." He says it has to be balanced, and that any compromise must have both spending cuts and new revenues or he won't accept it. He also called for an immediate extension of the Bush tax cuts for people making less than $250K, which has already passed in the Senate. He called on the House to take action, saying "I've got a pen, and I'm ready to sign it." He said this would eliminate uncertainty for 98% of taxpayers and 97% of small businesses.
UPDATE: Markets react poorly, pulling back sharply from today's earlier gains.
UPDATE: Transcript of Obama's remarks...
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