Obama Says He's 'Open to Compromise,' As Long As the Wealthy Are Taxed More

By Matt Cover | November 13, 2012 | 9:49 PM EST

President Barack Obama . (AP Photo/Carolyn Kaster)

(CNSNews.com) - President Obama - in his first post-election address -- said that if Republicans don't agree to impose higher taxes on the wealthy, he will allow taxes on all Americans to rise.

The president made clear he would accept nothing less than higher taxes on the wealthy.

"I’m open to compromise. I’m open to new ideas. I’m committed to solving our fiscal challenges, but I refuse to accept any approach that isn’t balanced. I am not going to ask students and seniors and middle-class families to pay down the entire deficit while people like me, making over $250,000, aren’t asked to pay a dime more in taxes. I'm not going to do that,” Obama said at the White House Friday.

The president put the onus for deal-making on House Republicans, saying that if a satisfactory deal wasn’t reached, taxes would go up on all Americans.

“Right now, if Congress fails to come to an agreement on an overall deficit reduction package by the end of the year, everybody’s taxes will automatically go up on January 1st – everybody’s – including the 98 percent of Americans who make less than $250,000 a year.”

House Republicans have made it clear they are open to increasing government revenues as part of a compromise. Speaker John Boehner (R-Ohio) said in a speech last week that he would support tax reform or other ideas that draw in more federal revenue in exchange for up-front cuts to federal spending.

The president, however, made clear in his statement Friday that he would only accept a deal that raises taxes on a narrow group of people making more than $250,000 per year, a long-held Obama demand.