Obama May Extend Tax Cuts for Rich

The Obama administration has signaled that a pending agreement could extend a Bush-era tax cut that benefits high-income Americans.

President Barack Obama's senior adviser David Axelrod said the agreement would be the only way to ensure that lower tax rates for middle-income Americans continue.

In an interview with the Huffington Post earlier this week, Axelrod emphasized that Obama did not want to “trade away security for the middle class.”

Separately, White House Spokesman Amy Brundage voiced concerns over the prospect of making the high-income tax cuts permanent, saying that Obama was trying to broker a deal with congressional leaders.'

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