'LUMP OF COAL': President Barack Obama urged Congress to pass an extension of tax cuts for middle class families, saying a tax increase would amount to a "lump of coal" for Americans over the holiday.
SELLING SOLUTION: The president traveled to a toy factory in suburban Philadelphia to sell his solution to the so-called fiscal cliff. He said Republicans should extend existing Bush-era tax rates for households earning $250,000 or less, while allowing increases to kick in for the wealthy.
NOT HIGHER RATES: Republicans have said they are open to new tax revenue but that spending cuts must be more significant.
- Politics & Government
- Budget, Tax & Economy
- President Barack Obama