Obama says he is ready to compromise on fiscal cliff

"We cannot afford to extend the Bush tax cuts for the wealthy," Obama said adressing the press for the first time since his re-elction.

He expressed confidence that he and Congress can reach an agreement that avoids a so-called "fiscal cliff" on January 1.

"We face a clear deadline that requires us to make some big decision on jobs, taxes, and deficits by the end of the year... As I've said before, I'm open to compromise and I'm open to new ideas," he said at a press conference.

He said tax breaks for middle class families should stay in place.

"let's also then commit ourselves to the broader package of deficit reduction that includes entitlement changes and it includes potentially tax reform.

"It want a big deal. I want a comprehensive deal."