WATCH LIVE: Obama announces middle-class tax cut extension plan

President Barack Obama called on Congress Monday to extend the tax cuts on the middle class implemented under former President George W. Bush. The plan calls for Bush tax cuts for those making less than $250,000 a year to be extended for another year, and comes as Congress returns from recess.

The administration told the New York Times that this proposal would cost the federal government $150 billion in revenue over the next year, however, letting the tax cuts for those making more than $250,000 a year would generate an estimated $850 billion over the next 10 years.

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