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Obama Will Try for a One Year Extension of the Bush Tax Cuts

“(Reuters) – President Barack Obama will call for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on January 1.

Obama, a Democrat, will make the request in a 11:50 a.m. statement at the White House on Monday.

Republicans in Congress are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone, including higher earners.”

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