Obama to push extension of middle-class tax cuts

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Associated Press

Posted on July 9, 2012 at 12:06 PM

WASHINGTON (AP) — Mitt Romney isn't waiting to hear President Barack Obama latest pitch to extend tax cuts for the middle class.

The Republican presidential candidate's campaign is blasting it already, saying it will amount to a "massive tax increase."

Obama plans to call on Congress to pass a one-year extension of Bush-era tax cuts for households making less than $250,000 a year. The tax cuts are due to expire at the end of the year for everyone. The president opposes extending the tax cuts for Americans with higher incomes, while Romney has said he supports extending the expiring cuts for all income earners.

Obama campaign adviser Robert Gibbs says the move will help the economy grow "from the middle class out." But, Gibbs tells NBC that "millionaires and billionaires" don't need a tax cut.

Romney spokeswoman Andrea Saul says the plan shows "the president doesn't have a clue how to get America working again."

%@AP Links

150-v-34-(Mark Smith, AP White House correspondent)--President Obama is launching a drive today to extend Bush-era tax cuts for the poor and middle class for another year. AP White House Correspondent Mark Smith reports. (9 Jul 2012)

<<CUT *150 (07/09/12)>> 00:34

155-a-17-(Robert Gibbs, adviser to President Barack Obama's re-election campaign, in interview)-"in this economy"-Obama campaign adviser Robert Gibbs says the country needs to make some tough economic choices. ((note cut length)) COURTESY: NBC's "Today" show ((mandatory on-air credit)) (9 Jul 2012)

<<CUT *155 (07/09/12)>> 00:17 "in this economy"

154-a-16-(Robert Gibbs, adviser to President Barack Obama's re-election campaign, in interview)-"middle class families"-Obama campaign adviser Robert Gibbs says millionaires and billionaires don't need a tax cut. ((note cut length)) COURTESY: NBC's "Today" show ((mandatory on-air credit)) (9 Jul 2012)

<<CUT *154 (07/09/12)>> 00:16 "middle class families"

153-a-09-(Robert Gibbs, adviser to President Barack Obama's re-election campaign, in interview)-"there next year"-Obama campaign adviser Robert Gibbs says the president's plan to extend the Bush tax rates for the middle class is an effort to provide them a level of economic certainty. COURTESY: NBC's "Today" show ((mandatory on-air credit)) (9 Jul 2012)

<<CUT *153 (07/09/12)>> 00:09 "there next year"

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