DID YOU KNOW THAT; 'Obama draws battle lines over middle-class tax cuts?'
CBS News has confirmed that President Obama will call on Congress Monday to pass a temporary, one-year extension of the Bush-era tax cuts for people who make less than $250,000 a year.
The tax cuts are set to expire on January 1. With Monday's announcement, the president is hoping to show voters a very clear difference between himself and Mitt Romney.Video: Can Obama buck economy to win 2nd term?
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The White House started to lay the framework for its tax cut argument on Sunday by arguing that President Obama wants to help the middle class, while Romney and the Republican Party are interested primarily in helping the rich.
Senior Obama campaign adviser Robert Gibbs told CNN's "State of the Union" on Sunday that Romney and his GOP allies would, "take the Bush tax cuts - which disproportionately impact millionaires and billionaires - and add to them. Their primary aim is give tax breaks to the very wealthy."
But Republican leaders are trying to paint a very different picture. They support extending all of the tax cuts for middle and upper class families.
In 2001, Congress narrowly passed the Bush tax cuts - effective for only 10 years. When the time came, President Obama and Congress cut a deal to extend the cuts for two more years. That deal runs out at the start of next year. A congressional report says if the tax cuts and a series of automatic budget cuts all take place at once when the calendar flips to 2013, it could send the economy into another recession.
"We have got the fiscal cliff coming at the end of the year," Sen. Mitch McConnell (R.-Ky.) told CNN's "State of the Union" on Sunday. "What we ought to be doing is extend the current tax rates for another year."
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