Obama wants to up tax revenue to offset cuts

<p>Barack Obama has called for more tax revenues to counterbalance next month’s cuts.</p>

Barack Obama has called for more tax revenue to offset the spending cuts due to come into effect next month.

The president is due to push for more tax revenue at the White House and will be joined by emergency workers who could be hit if the £85 billion sequester is cut from the budget.

Mr Obama is also anticipated to offer targeted spending cuts, supporting a proposal similar to that outlined by Democrats in the Senate last week.

Congressional Republicans gave a cool reception to the Senate's budget proposals, pointing out that the president already won a revenue hike in the new year, when Congress allowed tax rises on families earning in excess of $450,000 per annum through.

At 16:30 GMT, the Dow Jones advanced by 0.2 per cent to 14020.3 points, while the Nasdaq appreciated by 0.2 per cent to 3199.7 points.

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