Obama: Economy can't afford 'self-inflicted wound'

(AP) President Barack Obama is urging Congress to reach a deal to avoid the fiscal cliff, saying the nation can't afford a politically self-inflicted wound to our economy.

Obama says in Saturday's radio and Internet address that he believes leaders in Congress may be able to reach an agreement that can pass both houses before taxes rise and spending cuts take effect at the end of the year.

He urges Washington politics to not get in the way of America's progress.

In the Republican address, Missouri Sen. Roy Blunt says inaction shouldn't be an option and the nation can avoid going over the fiscal cliff if Obama and the Democratic-controlled Senate work with Republicans to solve the problem.

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Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress