Obama: "Let's extend the middle class tax cuts right now"

President speaks about taxes and the deficit

Negotiations on what to do about expiring Bush tax cuts and looming across-the-board spending cuts set by law to happen at the end of this year are well underway, the so-called "fiscal cliff". It is a manufactured crisis - a political gambit made by House Republicans last year to force the permanent extension of tax cuts for the richest 2% of taxpayers and deep cuts to Medicare, Medicaid, and Social Security.

Last week, having won re-election in which his pledge to let expire tax giveaways to those making more than $250,000 a year was a central part of the campaign, President Obama delivered an economic address in the White House, and he drew a clear line in the sand for budget negotiations.

"I'm not gonna ask students and seniors and middle class families to pay down the entire deficit while people like me making more than $250,000 aren't asked to pay a dime more in taxes. I'm not going to do that."

Click here to watch President Obama discuss growing the economy and reducing the deficit: