Statement by the Press Secretary on the House of Representatives Vote to Extend Tax Cuts

House Republicans tonight voted to extend the Bush tax cuts for the wealthiest few and shower millionaires and billionaires with a $1 trillion tax cut that will inevitably be paid for by gutting investments in critical programs needed to create jobs and strengthen the economy. At a time when we need to make tough choices to reduce the deficit, we can't afford another massive tax break for the wealthiest two percent of Americans. We've tried this approach, and it didn't grow the economy or strengthen the middle class. And we certainly can't afford to raise taxes on 25 million middle class families like the Republican plan would do. The President called for a bill that would extend tax cuts for 98% of Americans and ensure taxes don't go up by an average of $2,200 for the typical family at the beginning of next year. He will continue to call on Republicans in the House to stop holding the middle class tax cuts hostage and the House needs to follow the Senate's lead and get this done.