UPDATE 1-Obama says confident on getting tax cut deal

(Adds quotes and details)

WASHINGTON, Dec 1 (BestGrowthStock) – President Barack Obama
expressed confidence on Wednesday that Democrats and
Republicans would be able to break a political deadlock and
reach a deal on soon-to-expire Bush-era tax cuts.

Obama spoke after his top economic advisers and key
congressional leaders held their first round of negotiations in
an effort to reach a compromise on taxes before the end of the
legislative session later this month.

“Nobody wants to see taxes on middle class families going
up starting on Jan. 1,” Obama said after meeting former
Secretary of State Colin Powell to discuss a variety of
issues.

Obama and the Republicans stuck to their divergent
positions on Tuesday in their first meeting since the Nov. 2
congressional elections, when the opposition party scored big
gains, but agreed to try to resolve their differences.

Treasury Secretary Timothy Geithner, who is leading
negotiations for the White House along with budget director
Jack Lew, said participants had a “civil, constructive
discussion” on Wednesday but he would not say where the talks
were heading.

The negotiations seek to bridge a divide between Democrats’
desire to extend lower tax rates on individual income up to
$200,000 and Republican aims to extend lower rates for the
wealthiest Americans.

Obama said it was important for both sides to show that
“given where the economy is at right now and given the
struggles that a lot of families are going through right now
that we’re going to be able to solve this problem.”

“I think we got off to a good start yesterday,” Obama said.
“There are going to be ups and downs in this process but I’m
confident that we’re going to be able to get it done.”
(Writing by Matt Spetalnick and Caren Bohan, reporting by
Ross Colvin; Editing by Philip Barbara)

UPDATE 1-Obama says confident on getting tax cut deal