Obama says open to compromise in talks on fiscal cliff

US President Barack Obama on Friday invited congressional leaders to the White House to start negotiating a deal to prevent sharp tax hikes and spending cuts from going into effect at the end of the year and said he was "open to compromise."


"I'm open to new ideas," he said in his first White House appearance since defeating Republican Mitt Romney in Tuesday's election. "I'm committed to solving our fiscal challenges, but I refuse to accept any approach that isn't balanced." He again pushed for higher taxes for wealthier Americans. (Reuters)