WASHINGTON – Newly re-elected President Barack Obama indicated willingness to compromise but called on lawmakers Friday to freeze income tax rates for most Americans while raising taxes on wealthier Americans.

In his first public remarks after his election victory, Obama invited the top leaders of Congress to the White House next week to discuss how to prevent the so-called “fiscal cliff” a series of tax increases and spending cuts that could push the United States into a recession.

“I’m open to new ideas. I’m committed to solving our fiscal challenge,” Obama said.

“But I refuse to accept any approach that isn’t balanced.”

Obama said his re-election gives him mandate to raise taxes on wealthier Americans. But Republicans strongly oppose the plan and insist it cannot be a part of a move to prevent the fiscal cliff.

“Most of all they want action. I tend to deliver, for them, in my second term,” Obama said.

“I expect to find willing partners in both parties to make that happen.”

“We can’t just cut our way to prosperity. If we’re serious about reducing the deficit, we have to combine spending cuts with revenue,” Obama said.

House Speaker John Boehner said he is willing to compromise but did not offer any details.

The year-end fiscal cliff involves $500-billion worth of automatic tax increases and government spending cuts. Tax rates would rise for nearly all Americans, Obama said.

“Everybody’s taxes will automatically go up on Jan. 1. Everybody’sThat makes no sense. That would be bad for the economy,” he said.

Lawmakers face a Jan. 2 deadline to forge an agreement.