Obama moves toward GOP on tax cuts

For the second day in a row the White House signaled it could bend on extending the Bush-era tax cuts for the wealthiest Americans.

The first overture came after Tuesday’s election results showed Republicans will control the House in the next Congress.

{mosads}White House press secretary Robert Gibbs told reporters Thursday morning that President Obama was indicating a willingness to listen to Republican arguments for extending the tax cuts when he spoke Wednesday.

During the post-election presidential press conference Wednesday, the president was asked if he was willing to negotiate on an extension of the Bush tax cuts for the wealthiest Americans, which was a key talking point for Republicans on the campaign trail. Obama said “absolutely.”

Gibbs said that Obama “does not believe” extending those tax cuts is a good idea, but he is “open” to talking to Republicans about it.

But Gibbs clarified later Thursday that Obama is not open to making those tax cuts permanent.

The president will get his first chance to listen to the GOP arguments on the subject on Nov. 18, when he will host both Republican and Democratic congressional leaders at the White House for a meeting and a dinner.

During the midterm campaign, Obama repeatedly bashed the GOP for wanting to extend the Bush tax cuts for the rich. The president has advocated only extending the tax cuts for families making $250,000 a year and less.

The president, as part of his argument, said the country could not afford $700 billion in tax cuts, and the U.S. would have to borrow the money from China or Saudi Arabia.

— This story was updated at 3:41 p.m.