Obama: 'The hour for immediate action is here'

This transcript is automatically generated

Good afternoon everybody.

-- past couple months I've been working with leaders of both parties to try and forge and agreement.

It would grow our economy and shrink the deficit.

Balance plan that would cut spending a responsible way.

But also ask for the wealthiest Americans to pay a little more and above all protect our middle class and everybody striving to get into the middle class.

I still want to get this done.

That's the right thing to do for our families.

For businesses and for our entire economy.

But the hour for immediate action is here.

It is now.

We're now the point where in just four days every American's tax rates are scheduled to go by wall.

Every American's paycheck.

Will get.

Considerably small.

And that would be the wrong thing to do.

For our economy it would be bad for middle class families.

And it would be bad for business is that this friend depend on.

Family spending.

Fortunately congress can prevent it from happening if they act right now.

I just had a good and constructive discussion here the white house with the senate and house leadership about how to prevent.

This tax -- on the middle class and I'm optimistic we may still be able to reach an agreement that can pass both houses in time.

The senators Reid and McConnell.

Are working on such an agreement.

As we speak.

But.

If an agreement isn't reached in time.

Between senator Reid.

And senator McConnell.

Then I will urge senator Reid to bring it to the floor a basic package for an up or down vote.

When the protects the middle class from an income tax hike.

Extends the vital lifeline of unemployment insurance to two million Americans looking for a job.

And lays the ground work for future cooperation.

Or more economic growth.

And deficit reduction.

Just like -- -- -- I believe such proposal could pass both houses with a bipartisan majorities.

As long as those leaders allow it to actually come to -- If -- members of the house or the senate want to vote no they can't.

What we should let everybody vote.

That's the way this is supposed to work if you can get a majority in the house and you get a majority in the senate -- -- bill passed a bill.

So the American people are watching what we do here.

Obviously their patience.

Is already think this is deja Vu all over again.

America wonders why it is that in this town for some reason you can't get stuff done.

In an organized.

Timetable.

-- -- living always have to wait till last -- -- -- now at the last minute.

And the American people are not gonna have any patience for -- politically self inflicted wound to our economy.

Not right now.

The economy is growing but sustaining that trend is going to require elected officials to do their jobs.

The housing market is recovery but that could be impacted.

If folks are seeing smaller paychecks.

The unemployment rate is the lowest it's been since 2000 tonight.

But already you're seeing businesses and consumers start to hold back.

Because.

Of the dysfunction -- they -- in Washington.

Economists.

Business leaders.

All think there were poised to grow in 2013.

As long as politics in Washington don't get in the way of America's progress.

So we've got to get this done.

As want to repeat.

We had a constructive meeting today.

Senators Reid and McConnell are discussing a potential agreement.

Where we get a bipartisan.

Bill out of the senate forward in the house and done in a timely fashion so that we met.

The December 31 deadline.

But given how things have been working in this town.

We always have to wait and see until it actually happens.

The one thing the American people should not have to wait and see is some sort of action so if we don't see an agreement.

Between the two leaders in the senate.

I expect a bill to go on the floor and -- asked senator -- to do this put -- bill on the floor.

That make sure that taxes on middle class families don't go up.

That unemployment insurance is still available for two million people.

And that lays the ground work been for additional.

Deficit reduction and economic growth steps that we can take in the new year but let's not miss this deadline that's the bare minimum that we should be able to get -- And it shouldn't be that hard since Democrats and Republicans both say they don't want to see.

Taxes go up on middle class families.

I.

I just have to repeat.

You know outside of Washington nobody understands how it is that this seems to be a repeat -- Over and over him.

Ordinary folks they do their jobs.

-- -- -- They sit down and made discuss things -- Things happen.

If there disagreements they sort through the disagreements.

The notion America.

Our elected leadership can't do the same thing is mind boggling to -- The needs to stop.

So.

I'm modestly optimistic that -- agreement can be achieved.

Nobody is gonna get a 100% of what they want.

Well let's make sure.

That middle class families in the American economy and in fact the world economy aren't adversely impacted because.

People can do their jobs.

Thank you very much -- president yeah.

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Obama: 'The hour for immediate action is here'

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