President Barack Obama remained firm on his stance to raise taxes on the wealthy, claiming that Republicans will have to compromise to avoid the fiscal cliff, according to Reuters.

"What I'm not going to do is to extend further a tax cut for folks who don't need it," Obama said during his first news conference since re-election, according to Reuters.

Obama plans to consider Republican issues, like entitlement and tax-code changes, but will not back down from hikes on the wealthiest two percent.

Republicans will have to compromise on taxes for the wealthy if they want to help prevent the upcoming “fiscal cliff.”

The GOP opposes plans to raise taxes, but is willing to pass a deal that would limit tax breaks on the wealthiest 2 percent.

"We will continue to fight any member of our conference that decides that this is a good time to raise taxes," Republican Representative Raul Labrador told Reuters.


TWITTER: @joeyferguson