"If Congress does nothing, every family in America will see their taxes automatically go up at the beginning of next year—starting January 1st, every family in America will see their taxes go up. A typical middle-class family of four would see its income taxes go up by $2,200.

"$2,200 out of people's pockets. That means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. It means a tougher choice between paying the rent and paying tuition. And middle-class families just can't afford that right now."

—President Obama at the White House earlier today

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