President Obama to make statement on economy Friday

WASHINGTON Nov 8 (Reuters) - Newly re-elected President Barack Obama will make a statement on the economy on Friday, the White House said.

The president is likely to discuss looming tax increases and government spending cuts -- the so-called fiscal cliff -- that would go into effect unless Congress acts to prevent them. He is due to make the statement from the East Room of the White House.

Obama, who defeated Republican challenger Mitt Romney on Tuesday in a race in which strengthening a sluggish economy was a major theme, is not expected to put forward a new or specific plan.

Instead, he is more likely to urge Congress to tackle pressing issues.