During his weekly address on Saturday, President Obama warned Republicans that there are only two possible outcomes for negotiations over the looming “fiscal cliff.”

He said that either they agree to allow tax breaks to expire for the top two percent of American earners, or taxes will go up for everyone.

“When it comes to taxes, for example, there are two pathways available,” Obama said.

“One says, if Congress fails to act by the end of the year, then everybody’s taxes automatically go up – including the 98 percent of Americans who make less than $250,000 a year. Our economy can’t afford that right now. You can’t afford that right now. And nobody wants that to happen,” he warned.

Obama said the other path is for Congress to agree to his plan to extend the tax breaks for the first $250,000 of everyone’s income.