Washington D.C. (Examiner) — President Obama may be away on a trip to India, but he is still making news on the domestic front back home. Today the White House released the President’s weekly address. In the address, President Obama makes clear that he favors an extension of the middle-class tax cut before they expire next January. However, the President said he could not support the $700 billion deficit which would be creating by extending all the Bush tax cuts for the wealthy. Watch the video of the President’s address by clicking to the left.
The President’s stance on the tax cuts extension differs greatly from that of Republicans, who have said they will only allow an extension of all the Bush tax cuts. Until the new Congress is sworn in the Democrats still control both chambers of Congress. The “lame duck” Congress has a number options when they reconvene in mid-November. Those options include:
(1) Do nothing and leave the issue for the new Congress in January. Under that scenario all Americans would be taxed at higher rates starting January 1, 2011.