WASHINGTON – In a challenge to Republicans, President Barack Obama urged Congress on Wednesday to extend expiring tax cuts immediately for all but the nation's highest income earners as a way to eliminate half of the so-called "fiscal cliff" that threatens to send the economy back into recession.

"What I'm not going to do is to extend Bush tax cuts for the wealthiest 2 percent that we can't afford and according to economists will have the least positive impact on the economy," the president said at his first news conference since his re-election last week.

Standing in the East Room of the White House, Obama pointedly noted he had campaigned on a platform that called for allowing tax breaks to expire as scheduled on Dec. 31 for the wealthiest income earners.