Obama Says He’s Committed to Middle-Class Tax Cut Extension

Obama Says He’s Committed to Middle-Class Tax Cut Extension

By Julianna Goldman and Angela Greiling Keane

Nov. 14 (Bloomberg) -- President Barack Obama said he’s committed to extending tax cuts for middle-class Americans by the end of the year and indicated he’s willing to negotiate with Republicans an extension for the country’s highest earners.

“I believe it is a mistake for us to borrow $700 billion to make tax cuts permanent for millionaires and billionaires,” Obama told reporters aboard Air Force One on the return from a 10-day trip to Asia. “It won’t significantly boost the economy and it’s hugely expensive, so we can’t afford it.”

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“There are going to be some disagreements, there may be some need for compromise, but we should be able at least to get through the lame duck making sure that taxes don’t go up for middle class families starting Jan 1., that some of the key business provisions that can assure economic growth get done,” Obama said.

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“I want to hear from them how strongly they feel about it particularly given that they’re also saying they want to control the deficit and debt,” Obama said of Republicans. “If they feel very strongly about it, then I want to get a sense of how they intend to pay for it.”

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