Tax Cuts
President Barack Obama on Saturday blamed Republicans for a standoff that could have Americans paying higher taxes in 2013, while a Senate Republican blasted Democrats for looking to raise taxes on businesses when the economy is struggling.
In his weekly radio and online address, Obama urged the Republican-controlled House of Representatives to extend Bush-era tax cuts for households earning $250,000 or under while letting tax reductions for wealthier Americans lapse. The Democratic-controlled Senate narrowly passed a version of the proposal this past week, but the Republican House was expected to reject it.
"Instead of doing what's right for middle-class families and small-business owners, Republicans in Congress are holding these tax cuts hostage until we extend tax cuts for the wealthiest Americans," the president said.
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