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Why Obama wants to keep Bush tax cuts for another year

President Obama will call for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year. Will House Republicans support this extension?

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President Barack Obama speaks in the East Room of the White House in Washington in June. Obama will announce at 11:50 a.m. Monday that he wants to extend the Bush tax cuts.

(AP Photo/Carolyn Kaster, File)

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President Barack Obama will call on Monday 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 Jan. 1.
Obama, a Democrat, will make the request in a 11:50 a.m. EST statement at the White House.
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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