President Obama, preempting a more sweeping proposal from congressional Republicans, is expected to push Monday for an extension of the Bush-era tax cuts for middle-class families only.
An Obama campaign official confirmed the plan to Fox News. The president will call for a one-year extension of the tax cuts for households making less than $250,000 a year — and will call for the rates to expire for everyone making more than that.
The announcement is a challenge to GOP presidential candidate Mitt Romney and congressional Republicans, who will be negotiating for an extension of the Bush tax rates for everyone. Those rates expire at the end of the year.