Obama Open to Tax-Cut Extension Talks
NEW YORK (
) -- In a first sign of the White House moving towards the center after the mid-term elections, President Obama has signaled a willingness to discuss the extension of the Bush-era tax cuts in the final days of his Congress' term.
The President on Thursday invited leaders of the Republicans and Democrats in both houses of Congress to join him in a meeting to discuss what to do in the "lame duck" session. The meeting is set for November 18.
A decision on the extension of tax cuts will put an end to the uncertainty for businesses and investors. Businesses have been postponing hiring as they have been unsure of how taxes and healthcare costs will impact their bottom line.
Stocks have rallied 15% since late August, partly on expectations of further quantitative easing from the
Federal Reserve
and partly on hopes that a Republican takeover of the House will push the White House more towards the center. Both expectations were met this week.
Stocks are up on Thursday morning despite a
higher than expected jobless claim number. The government will report nonfarm payrolls numbers for the month of October on Friday. Private payrolls are expected to have climbed by 60,000.
--Written by Shanthi Venkataraman in New York
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