Obama to urge end to Bush tax cuts

WASHINGTON – President Barack Obama will argue personally today against extending the Bush-era income tax cuts for the nation’s wealthiest families even for a year or two, White House officials said Tuesday – a message aimed at wavering Democrats who have been swayed by arguments that the economy is too weak to raise anyone’s taxes.

In a speech scheduled for delivery this afternoon in Cleveland, Obama will restate his long-held position that the nation cannot afford to extend tax cuts for the wealthiest 2 percent of families, White House officials said.

The officials added that Obama would not threaten to veto any compromise which extends the upper-bracket cuts, a position that has gained ground in recent weeks among moderates in both the House and Senate. But congressional sources said they were told to expect the president to try to stiffen Democratic spines in expectation of a showdown over income tax rates before the November midterm elections.

“President Obama will make a strong case for permanently extending tax cuts for the middle class. But the president will make clear that he opposes the Republican plan to extend tax cuts for the top 2 percent, which would add $700 billion to the deficits over the next decade,” said White House spokeswoman Jennifer Psaki.

Enacted in 2001 and 2003, the tax cuts were written to expire this year. Republicans want to extend them all, but Obama has long argued that the cuts should be extended only on family income under $250,000 a year.

In addition to restating his position on the tax cuts, Obama plans today to unveil more than $180 billion in fresh spending and business tax breaks – aimed at boosting both the nation’s economic recovery and the political prospects of congressional Democrats facing the wrath of recession-weary voters in November.