President 'campaigning' over tax debate?
Panel discuss Obama's 'fiscal cliff' approach
- Duration 10:52
- Date Nov 28, 2012
Panel discuss Obama's 'fiscal cliff' approach
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This transcript is automatically generated
Fox News alert the president is going to deliver those remarks on what on his plans for middle class tax cuts listen and make sure but he understands this debate is not just about numbers.
A set of major decisions.
That are gonna affect millions of families all across this country.
In very significant ways.
And their voices the voices of the American people.
Have to be part of this debate.
And so I asked some front of mind here that to join me some some folks.
From here in the area.
Our ultimate goal is an agreement that gets our long term deficit under control in a way that is fair.
That kind of -- would be good for our businesses.
Could be good for our economy.
It would be good for our children's future and I believe that both parties can agree.
On a framework that does that in the coming weeks.
Back -- hope is to get this done before Christmas.
The place where we already have in theory at least complete agreement.
Is on middle class taxes.
As I've said before we've got two choices.
If congress does not.
Every family in America will see their taxes automatically go up at the beginning of next year.
Starting January 1 every family in America we'll see their taxes go.
A typical middle class family of four would see its income taxes go up by 2200 dollars.
Point 200 dollars out of people's pockets.
That means less money for buying groceries.
Less money for filling prescriptions less money for buy diapers.
It means a tougher choice between paying the rent and paying tuition.
And middle class family just can't afford that right now.
By the way businesses can't afford it either.
Yesterday I sat down with some small business owners who stressed this point that economists predict that if taxes go up on the middle class next year.
Consumers will spend nearly 200 billion dollars less on things like cars and clothes and furniture.
And that obviously means.
Your customers that cuts into business profits that makes business is less likely to invest and hire which means fewer jobs.
And that can drag our entire economy down.
-- the good news is there's a better option.
Right now as we speak.
Congress can pass a law that would prevent a tax hike on the first 250000.
Dollars of everybody's income.
And that means.
That 98% of Americans and 97%.
Of small businesses wouldn't -- their income taxes go up by a single dot.
98% of Americans.
Ninety some percent of small businesses would not see their income taxes go up by single -- Even the wealthiest Americans.
Would still get a tax cut on the first 250000.
Dollars of their income.
So it's not -- folks who make more than 250.
Are getting a tax break through they're getting a tax break on the first -- just like everybody else.
Families and small businesses would therefore be able to enjoy some peace of mind heading into Christmas and here heading into the new year.
And it would give us more time.
That next year to work together on a comprehensive plan to bring down our deficits.
To streamline our tax system to do it in a balanced way.
Including asking the wealthiest Americans -- pay a little more so that we can still invest in things like education and training in science and research.
I I know some of this may sound familiar to you because we talked a lot about this during the campaign.
This shouldn't be a surprise to anybody.
This was a major debate.
In the presidential campaign and -- congressional campaigns all across the country and a clear majority of Americans.
I just Democrats.
But also a lot of Republicans a lot of independents.
Agree that we should have a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class -- And I'm glad to see.
If you've been read the papers lately that more and more Republicans in congress.
Seem to be agreeing with this idea that we should have a balanced approach so.
If both parties agree we should not raise taxes on middle class families.
Let's begin our work what were we -- great.
The senate -- passed a bill that keeps.
Income taxes from going up on middle class -- -- Democrats in the house.
Are -- ready to vote for that same bill today.
If we can get a few house Republicans to agree as well.
All sign this bill as soon as congress sends it my way got to repeat I've got to pet.
-- -- So my point here today is to say -- let's approach.
We live the middle class in mind.
The folks were behind me.
And the millions of people all across the country who they represented.
-- American people are watching what we do.
Middle class families folks who was working hard to get into the middle class they're watching what we do right now.
If there's one thing that I've learned.
When the American people speak loudly enough.
Lo and -- congress listens.
It -- -- -- mayor remember that a year ago.
During our last big fight to protect middle class families.
Tens of thousands of working Americans called.
And tweeted it and -- the representatives.
Asking them to do the right back and sure enough it worked.
The same thing happened earlier this year when college students across the country stood up and demanded that congress keep rates low on -- student walls.
Congress got the message loud and clear and they made sure that interest rates on student loans did not go up.
So the lesson is that when enough people got involved.
We are pretty good track record actually make him.
And that's important because -- is our biggest challenge yet and it's one that we can only meet together.
-- it in the interest of making sure that everybody makes their voices -- last week we asked people to tell us.
What would -- 2000 dollar tax like.
Mean to them.
Some families told us it would make it more difficult for them to send their kids to college.
Others said it would make it tougher for them to cover the cost of prescription drugs some said it would make it tough for them to make the mortgage.
When lion who's here from Newport News -- when -- -- She just wants to see some cooperation in Washington she wrote let's show the rest of the world that were adults.
And living in a democracy we can solve our problems.
By working together.
So that's what this -- all about and that's why it's so important that as many Americans as possible.
Send a message that we need to keep moving forward.
So today I'm asking congress to listen to the people who sent us here to serve.
I'm asking Americans all across the country to make your voice heard.
-- members of congress what a 2000 dollar tax hike would mean to you.
Call your members of congress write them an email.
Posted on their FaceBook walls.
You can tweet it using the hash tag it might to okay.
Not Y two -- and -- to get.
We figure that would make -- a little easier to remember.
And and I want to assure the American people I'm doing my part I'm sitting down with CEOs.
And sitting down -- labor leaders.
I'm talking the leaders in congress.
You know -- up.
I am ready and able and willing and excited.
To go ahead and get this issue resolved.
In a bipartisan fashion.
Says that American families American businesses have some certainly going into next year and we can do it in a balanced and -- way but our first job.
Is to make sure the taxes on middle class family don't go up and -- we all theoretically agree on that.
We should go ahead and get that done.
We get that done.
The other stuff just go out.
In light of just sort of spreading this message I'm going to be visiting Pennsylvania on Friday to talk.
With the folks in a small business there that are trying to.
Make sure that they're filling.
Their Christmas orders.
And I'll go anywhere and I'll do whatever it takes to get this done it's too important for Washington.
To screw this up.
Now the time for us to work on what we all -- to which is let's keep middle class taxes -- that's what our economy needs.
That's what the American people deserve.
And if we get this part of it right.
Then a lot of the other issues surrounding deficit reduction -- a fair and balanced responsible way are going to be a whole lot easier and if we get this wrong.
The economy is gonna go south.
It's going to be much more difficult for us to balance.
Our budgets and deal -- our deficits because.
If the economy is not strong.
That means more money is going out and things like unemployment insurance and -- money's coming in terms of tax receipts -- -- just.
Actually makes our deficit worse so we really need to get this right I can only do it with the help of the American people.
So -- What was that -- my two K.
-- previews -- take my two K or email.
You know post on -- member congress is FaceBook walls didn't do what it takes to communicate a sense of urgency we don't have a lot of time.
Got a few weeks to get this thing but.
We could get it done tomorrow.
-- I don't think we're gonna get done tomorrow.
But I tell if if everybody here.
Goes out of their way to it two.
Make their voices heard and spread the word to your friends your family your coworkers your neighbors.
Then I am confident we will get it done and we will put America.
On the right track not just for next year but for many years to come.
Thank you very much -- about.