“Right now, middle-class tax cuts are set to expire at the end of the year. Time is running out,” Obama said in his weekly address released Saturday. “If Congress does nothing, every family in America will see their income taxes automatically go up on Jan. 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,” Obama warned.
Obama said plunging over the fiscal cliff — the looming combination of across-the-board tax hikes and spending cuts set to automatically kick in on Jan. 1 — would hurt families and damage the economy.
“That’s one principle I won’t compromise on,” Obama said. Ultimately, he said, he ran on these issues during the fall election — and won.