Obama to speak on 'fiscal cliff'

Fresh off his reelection win, President Obama will address the economy on Friday and the action Congress can take to reduce the deficit. 

Delivering a statement in the East Room of the White House, Obama is expected to discuss the tax increases and spending cuts that are set to take effect in January, and will likely urge Congress to take action on both. He is not likely to put forward a new plan. 

Obama spent much of the presidential campaign calling for people who earn more than $250,000 per year to pay their "fair share" in taxes, and that the George W. Bush-era tax rates for high-earners should be allowed to expire at the end of the year. 

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Last week, appearing at a campaign event in Las Vegas, Obama pledged that his fight "goes on because we know this nation cannot succeed without a growing, thriving middle class and strong, sturdy ladders into the middle class."

"Our fight goes on because America has always done its best when everybody gets a fair shot, and everybody is doing their fair share," he said. 

Obama's remarks will come two days after House Speaker John Boehner (R-Ohio) indicated he's ready to begin negotiations on a deal to reduce the deficit. 

"Mr. President, this is your moment," Boehner said. "Let's challenge ourselves to find the common ground that has eluded us."