Barack Obama addresses US economy issues

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The freshly re-elected US President Barack Obama has said the wealthy must pay more taxes to avert a looming budget crisis.

In an address broadcast live on US television, Mr Obama said Congress must act to prevent a package of tax rises and spending cuts from automatically coming in early next year.

He said he was inviting party leaders to the White House next week to discuss the issue, but while he has repeatedly called for the affluent to pay more, such a plan is deeply unpopular with Republicans.

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