Remarks of President Barack Obama
The White House
December 8, 2012
Hello, everybody. Over the last few weeks, there's been a lot of talk about deadlines we're facing on jobs and taxes and investments. But with so much noise and so many opinions flying around, it can be easy to lose sight of what this debate is really about. It's not about which political party comes out on top, or who wins or loses in Washington. It's about making smart decisions that will have a real impact on your lives and the lives of Americans all across the country.
Right now, middle-class tax cuts are set to expire at the end of the year. Time is running out. And there are two things that can happen.
First, if Congress does nothing, every family in America will see their income taxes automatically go up on January 1st. A typical middle-class family of four would get a $2,200 tax hike. That would be bad for families, it would be bad for businesses, and it would drag down our entire economy.