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Approaching the fiscal cliff

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Tuesday's election doesn't appear to have triggered the bipartisan cooperation on the so-called "fiscal cliff" that some had hoped for.

In a speech at the White House Friday President Obama claimed the election proved most Americans agree with his plan of cutting spending and raising taxes on the wealthy in order to avoid the fiscal cliff.

He said he's flexible, but added:

"I refuse to accept any approach that isn't balanced. I'm not going to ask students and seniors and middle class families to pay down the entire deficit while people like me, making make over $250,000, aren't asked to pay a dime more in taxes."

He's calling in members of Congress for fiscal cliff meetings next week.

The main Republican negotiator will be House Speaker John Boehner.

"The problem with raising tax rates on the wealthiest Americans is that more than half of them are small business owners. We know from Ernst and Young 700,000 jobs would be destroyed," Boehner claims.

Boehner insists the middle class and the government would get more money if tax rates drop.

"We know we are going to get more economic growth. It'll bring jobs back to America. It'll bring more revenue," Boehner argued.

Republicans say they won't budge on taxes unless Democrats agree to cut the cost of Social Security and Medicare by raising the minimum ages, to start.