Speaking late this afternoon, President Obama urged members of Congress to find common ground and prevent taxes from going up for 98% of Americans on January 1st.
In 10 days, under current law, tax rates are scheduled to rise on most Americans. And even though Democrats and Republicans are arguing about whether those rates should go up for the wealthiest individuals, all of us—every single one of us—agrees that tax rates shouldn’t go up for the other 98% of Americans, which includes 97% of small businesses. Every member of Congress believes that. Every Democrat, every Republican. So there is absolutely no reason—none—not to protect these Americans from a tax hike. At the very least, let’s agree right now on what we already agree on. Let’s get that done.
I just spoke to Speaker Boehner and I also met with Senator Reid. In the next few days, I've asked leaders of Congress to work towards a package that prevents a tax hike on middle-class Americans, protects unemployment insurance for 2 million Americans, and lays the groundwork for further work on both growth and deficit reduction. That's an achievable goal. That can get done in 10 days.