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President Proposes Bush-Era Tax Cut Extension

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obama address 385 President Proposes Bush Era Tax Cut Extension

The middle class and the wealthiest Americans will get a two-year extension of Bush-era tax cuts under a proposal from President Obama. 

He said he was against extending tax cuts for the rich but added it became clear to him that Republicans would block an extension of any tax cuts unless it included cuts for the wealthiest Americans.  The deal also includes extending jobless benefits for 13 months.  Obama says he wants the proposed deal to be ironed out in Congress before they break for the Christmas holiday.

What is the political angle of the decision? How are Democrats reacting? KXNT Morning News looks into the matter with CBS News White House Correspondent Peter Maer.

How does this affect the average person? KXNT Morning News finds out by talking with Editor-At-Large for CBS MoneyWatch.com Jill Schlesinger.

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