President Obama Makes it Clear: ‘No Extension for Tax Cuts’

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President Obama made it absolutely clear that there will be no extensions for the tax breaks from the Bush-era for the wealthy.

“President Obama has been clear about his position and it has not changed,” White House press secretary Jay Carney said. “We should not extend and he will not extend the … Bush-era tax cuts for the wealthiest two percent of the American people.”

  

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Gene Sperling, the White House National Economic Council director, said, “There is no reason that we as a country should not be able to come together on a balanced grand compromise.”

Some of the top Democrats in Congress backed Obama regarding his decision. “We agree with the administration that Republicans should not risk a tax hike on the middle class on January 1 by insisting that millionaires and billionaires get a tax break too,” said Brian Fallon, a Senate Democratic leadership spokesman.

On the other side of things, Republicans increased their efforts asking for an extension of the income tax cuts that were first started when George W. Bush was in office. While on CNN Tuesday, former President Bill Clinton said, “I don’t have any problem with extending all of it now.” Clinton went on to say that making the tax cuts for the wealthiest in the country permanent would be a mistake.