Obama: Some compromise _ but limits on tax cuts

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President Barack Obama gestures as he speaks about the economy and the deficit, Friday, Nov. 9, 2012, in the East Room of the White House in Washington. (AP Photo/Pablo Martinez Monsivais)

WASHINGTON (AP) — President Barack Obama and House Speaker John Boehner they're open to some compromise on a tax-and-spending plan to prevent financial pain in the new year. But the two sides are digging in on the debate over raising taxes for wealthier Americans.

Obama said Friday that his re-election gave him a mandate to pursue that position. Boehner is still insisting that raising tax rates as Obama wants "will destroy jobs in America."

The political maneuvering about the "fiscal cliff" sets up a confrontation to see whether the White House or the House blinks first. The outcome will affect tens of millions of Americans, given that the tax hikes and budgets cuts set to kick in Jan. 1 could spike unemployment and bring on a new recession.