President Obama today urged Congress to pass a one-year extension of tax cuts for people making less than $250,000 a year. The President said if Congress doesn’t extend these middle-class tax cuts then it would be a big blow to working families and become a drag on the entire economy.
In addition, the President said it is time for tax cuts for the wealthiest Americans to expire.
The House Republicans are expected to make their own push this month for an extension of all Bush-era tax cuts, including reductions on wealthier income earners.