Alan Krueger began the White House daily briefing with remarks on a White House Council of Economic Advisers report he co-authored. The report was a study on the impact to consumers and retailers if tax cuts given during the George W. Bush administration were allowed to expire ofor families earning less than $250,000 a year.
Afterward, Jay Carney answered reporters questions. He confirmed that President Obama had spoken with congressional leaders over the weekend about negotiations aimed at avoiding the “fiscal cliff,” the automatic tax increases and spending cuts scheduled for January 2013 if Congress does not reach a budget agreement before then. Reading a statement on Egypt, Mr. Carney said the current political situation could only be resolved “by the adoption of a constitution that respects fundamental freedoms, individual rights and the rule of law.”