Extending Middle Class Tax Cuts to Grow the Economy
November 10, 2012
President Obama says
that itís time for Congress to pass the middle class tax cuts for 98
percent of all Americans. Both parties agree that this will give 98
percent of families and 97 percent of small businesses the certainty
that will lead to growth, and so there is no reason to wait. On Tuesday,
the American people voted for compromise and action, and the President
calls on Congress to come together in that spirit to help create jobs
and strengthen our economy.
Weekly Address Transcript:
On Tuesday, America went to the polls. And the message you sent was
clear: you voted for action, not politics as usual. You elected us to
focus on your jobs, not ours.
Thatís why Iíve invited leaders of both parties to the White House next
week, so we can start to build consensus around challenges we can only
solve together. I also intend to bring in business, labor and civic
leaders from outside Washington to get their ideas and input as well.
At a time when our economy is still recovering from the Great Recession,
our top priority has to be jobs and growth. Thatís the focus of the plan
I talked about during the campaign. Itís a plan to reward businesses
that create jobs here in America, and give people access to the
education and training that those businesses are looking for. Itís a
plan to rebuild our infrastructure and keep us on the cutting edge of
innovation and clean energy. And itís a plan to reduce our deficit in a
balanced and responsible way.
This is even more important because at the end of this year, we face a
series of deadlines that require us to make major decisions about how to
pay down our deficit Ė decisions that will have a huge impact on the
economy and the middle class, now and in the future.
Last year, I worked with Democrats and Republicans to cut a trillion
dollarsí worth of spending, and I intend to work with both parties to do
more. But as I said over and over again on the campaign trail, we canít
just cut our way to prosperity. If weíre serious about reducing the
deficit, we have to combine spending cuts with revenue Ė and that means
asking the wealthiest Americans to pay a little more in taxes. Thatís
how we did it when Bill Clinton was President. And thatís the only way
we can afford to invest in education and job training and manufacturing
Ė all the ingredients of a strong middle class and a strong economy.
Already, Iíve put forward a detailed plan that allows us to make these
investments while reducing our deficit by $4 trillion over the next
decade. Now, Iím open to compromise and new ideas. But I refuse to
accept any approach that isnít balanced. I will not ask students or
seniors or middle-class families to pay down the entire deficit while
people making over $250,000 arenít asked to pay a dime more in taxes.
This was a central question in the election. And on Tuesday, we found
out that the majority of Americans agree with my approach Ė that
includes Democrats, Independents, and Republicans.
we need a majority in Congress to listen Ė and they should start by
making sure taxes donít go up on the 98% of Americans making under
$250,000 a year starting January 1. This is something we all agree on.
Even as we negotiate a broader deficit reduction package, Congress
should extend middle-class tax cuts right now. Itís a step that would
give millions of families and 97% of small businesses the peace of mind
that will lead to new jobs and faster growth. Thereís no reason to wait.
We know there will be differences and disagreements in the months to
come. Thatís part of what makes our political system work. But on
Tuesday, you said loud and clear that you wonít tolerate dysfunction, or
politicians who see compromise as a dirty word. Not when so many of your
families are still struggling.
Instead, you want cooperation. You want action. Thatís what I plan to
deliver in my second term, and I expect to find leaders from both
parties willing to join me.