Tax Cuts, Tax Breaks | featured news

President Obama told Americans on Monday he wants Congress to extend tax cuts for the country's middle class while letting them rise on high income earners. As he attempts to turn voters' attention from the stagnant unemployment numbers — now standing at 8.2% — and limp economic recovery, Obama spoke at the White House as he made an opening campaign pitch for continuing middle class tax relief.

President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.

GOP plan to extend array of tax breaks would raise deficits unless dramatic spending cuts are made.