President Obama Holds Firm on Fiscal Cliff

No more hostage-taking.  That was the clear message sent by President Obama in a speech to business leaders this week reiterating his insistence that taxes must go up for those making more than $250,000 per year. The president is not only willing to go over the so-called "fiscal cliff" if necessary to end the Bush tax cuts for millionaires, he is also insisting that the debt ceiling be part of any agreement. Republican efforts to block a routine increase in the debt ceiling last year led to an unprecedented downgrading of the country's credit rating, a move the president is determined to prevent from happening again.