1. Middle Class

    Obama: Extend Tax Cuts

    PITTSBURGH, PA - JULY 06: U.S. President Barack Obama speaks at a campaign event on the College of Fine Arts Lawn at Carnegie Mellon University July 5, 2012 in Pittsburgh, Pennsylvania. The Obama campaign wrapped up its "Betting On America" bus tour through Northern Ohio and Western Pennsylvania on Friday. The president continued to highlight his administration's efforts to improve the economy by creating manufacturing jobs and rescuing the American auto industry while taking swings at the presumptive Republican presidential nominee, former Massachusetts Gov. Mitt Romney. (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla / Getty Images

    President Obama called on Congress to pass a one year extension of Bush-era tax cuts just for Americans making under $250,000 a year. "Those tax cuts for the wealthiest Americans are also the tax cuts that are least likely to promote growth," he said during a ceremony at the White House, Monday. "We don't need more top down economics. We have tried that theory. We have seen what happened. We can't afford to go back to it." House Republicans want to keep the tax cuts in place permanently for both middle- and upper-income Americans, and congressional Democrats such as Nancy Pelosi and Chuck Schumer have been pushing to extend them to anyone earning up to $1 million. Obama’s initiative to extend them for just one year and just to those in the middle class is an effort on his part to make Republicans’ demands look unreasonable, though it will likely do little to break through the gridlock that already exists in Congress.

    Read it at The New York Times