WASHINGTON, July 9 President Barack Obama will
call on Monday for a one-year extension of Bush-era tax cuts for
families earning less than $250,000 a year, according to a White
House official, seeking to spare the economy the impact of taxes
going up on Jan. 1.
Obama, a Democrat, will make the request in a statement at
the White House, said the official, who spoke on condition of
anonymity. Republicans in Congress, however, are unlikely to be
swayed, as they have consistently argued that the Bush tax cuts
should be extended for everyone.
Obama has made what he calls "tax fairness" a key feature of
his campaign for re-election on Nov. 6, repeatedly urging
Congress to make the tax cuts permanent for families making less
than $250,000 a year.
The tax cuts enacted by Obama's Republican predecessor,
George W. Bush, will expire on Jan. 1 without congressional
action, part of a so-called fiscal cliff that potentially could
hit the U.S. economy alongside deep automatic spending cuts.
Analysts warn the impact of rising taxes and lower federal
spending could tip the economy back into recession.
Representative Tom Price, a member of the House Republican
leadership, said earlier on the "Fox News Sunday" program that
the House would pass legislation before the end of July to
preserve the Bush tax cuts for another year.
Republicans control the House of Representatives and Obama's
fellow Democrats control the Senate.
Representative Xavier Becerra, a member of the House
Democratic leadership, said Democrats would not support any
measure that did not address the nation's fiscal challenges on a
"Those are bills to nowhere," Becerra said on "Fox News
Sunday," referring to the House Republicans' legislation to
extend the Bush tax cuts.