'Fiscal Cliff' Talks Begin at White House

 U.S. President Barack Obama and key congressional leaders are meeting Friday in their first face-to-face effort to resolve crucial government financial issues before the end of the year.

As the talks started, President Obama said he and the lawmakers would have to make "tough compromises" to keep the government from cascading¹ over what Washington is calling a "fiscal² cliff," a financial precipice³ of $600 billion in mandated⁴ spending cuts to key defense⁵ and domestic programs and higher taxes for American workers set to take effect January 1.

"Our challenge is to make sure that we are able to cooperate together, work together, find some common ground, make some tough compromises, build some consensus⁶ to do the peoples' business," Obama said. "And what the folks are looking for, and I think all of us agree on this, is action. They want to see that we are focused on them, not focused on our politics here in Washington."

Both Obama, the recently re-elected Democratic incumbent⁷, and congressional Republicans agreed last year to set the end-of-2012 deadline to resolve the contentious⁸ tax and spending issues. Neither the White House nor Congress wants the spending curbs⁹ or higher taxes to take effect, but periodic attempts to reach a compromise have failed.

U.S. economists¹⁰ say that allowing spending cuts and higher tax rates to take effect could send the fragile American economy back into a recession and boost the country's jobless rate from 7.9 percent to above 9 percent. U.S. stock markets have retreated in recent days over fears that the dispute will not be resolved.

One focal point of the extended debate over U.S. financial policies is whether the wealthiest Americans should pay higher taxes. Obama has vowed¹¹ to end the current tax break for households making more than $250,000 a year, but Republicans have been adamant¹² in opposition¹³.

The president is calling for $1.6 trillion in additional government revenue over the next decade. Republican leaders say some revenue can be raised through an improving economy and ending some current tax deductions¹⁴, rather than raising tax rates. 

Senate Democratic leader Harry¹⁵ Reid and the top Senate Republican, Mitch McConnell, joined the president at the White House meeting, along with the top Republican in the House of Representatives, John Boehner, and the House Democratic leader, Nancy Pelosi.

Earlier in the week, Obama met with American labor¹⁶ leaders and chief executives of major U.S. corporations about their priorities in resolving the policy stalemate. The president sought their support for what he has called a "balanced" mix of increased revenue for the government and spending cuts. His financial package is aimed at eventually reducing the country's accumulated $16 trillion in debt over the next decade.

1 cascading   

流注( cascade的现在分词 )； 大量落下； 大量垂悬； 梯流

参考例句：

• First of all, cascading menus are to be avoided at all costs. 首先，无论如何都要避免使用级联菜单。 来自About Face 3交互设计精髓
• Her sounds began cascading gently. 他的声音开始缓缓地低落下来。

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 precipice   

n.悬崖，危急的处境

参考例句：

• The hut hung half over the edge of the precipice.那间小屋有一半悬在峭壁边上。
• A slight carelessness on this precipice could cost a man his life.在这悬崖上稍一疏忽就会使人丧生。

4 mandated   

adj. 委托统治的

参考例句：

• Mandated desegregation of public schools. 命令解除公立学校中的种族隔离
• Britain was mandated to govern the former colony of German East Africa. 英国受权代管德国在东非的前殖民地。

5 defense   

n.防御，保卫；[pl.]防务工事；辩护，答辩

参考例句：

• The accused has the right to defense.被告人有权获得辩护。
• The war has impacted the area with military and defense workers.战争使那个地区挤满了军队和防御工程人员。

6 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

7 incumbent   

adj.成为责任的，有义务的；现任的，在职的

参考例句：

• He defeated the incumbent governor by a large plurality.他以压倒多数票击败了现任州长。
• It is incumbent upon you to warn them.你有责任警告他们。

8 contentious   

adj.好辩的，善争吵的

参考例句：

• She was really not of the contentious fighting sort.她委实不是好吵好闹的人。
• Since then they have tended to steer clear of contentious issues.从那时起，他们总想方设法避开有争议的问题。

9 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

10 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

11 vowed   

起誓，发誓（vow的过去式与过去分词形式）

参考例句：

• He vowed quite solemnly that he would carry out his promise. 他非常庄严地发誓要实现他的诺言。
• I vowed to do more of the cooking myself. 我发誓自己要多动手做饭。

12 adamant   

adj.坚硬的，固执的

参考例句：

• We are adamant on the building of a well-off society.在建设小康社会这一点上，我们是坚定不移的。
• Veronica was quite adamant that they should stay on.维罗妮卡坚信他们必须继续留下去。

13 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

14 deductions   

扣除( deduction的名词复数 )； 结论； 扣除的量； 推演

参考例句：

• Many of the older officers trusted agents sightings more than cryptanalysts'deductions. 许多年纪比较大的军官往往相信特务的发现，而不怎么相信密码分析员的推断。
• You know how you rush at things,jump to conclusions without proper deductions. 你知道你处理问题是多么仓促，毫无合适的演绎就仓促下结论。

15 harry   

vt.掠夺，蹂躏，使苦恼

参考例句：

• Today,people feel more hurried and harried.今天，人们感到更加忙碌和苦恼。
• Obama harried business by Healthcare Reform plan.奥巴马用医改掠夺了商界。

16 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。