Courtesy of CNN
President Barack Obama just officially announced his plan to extend the Bush-era tax cuts only for people making less than $250,000 per year, setting off what is certain to be a protracted battle in Washington over how to avoid the impending fiscal cliff. Despite the fanfare surrounding the announcement, the President didn’t reveal any new policy plans or proposals, but rather renewed his calls for Congress to let the Bush tax cuts expire for Americans earning more than $250,000 a year.
However, this morning did mark the first time that the President has couched his position on taxes in starkly political terms. Obama all but admitted that it will be impossible for Democrats and Republicans to reach an agreement on the Bush tax cuts before the November election, signaling that his administration won’t be willing to muddle through a deal with Republicans on the fiscal cliff and is prepared to take a hardline on the Bush tax cuts, at least until after the election.
“The debate on the tax cut for the wealthiest Americans will be decided by the next election,” he said. “My opponent will fight to keep them in place; I will fight to end them.”
In the meantime, Obama argued, Congress should pass the tax cut extension that both parties agree upon:
“So my message to Congress is this: Pass a bill extending the tax cuts for the middle class & I’ll sign it tomorrow,” he said. “When that’s done, we can have the debate over whether to extend the tax cuts on wealthier Americans, and we’ll deal with that after the election.”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.