The Obama White House has released a new report arguing that without extending the Bush tax cuts for the middle class (and raising them on high-income Americans), people won't be getting everything on their Christmas list this year.
The White House released a report Monday that argues that failing to extend tax cuts for the middle class would reduce consumer spending by $200 billion — four times the amount holiday shoppers spent on Black Friday weekend in 2011.
The report was released on "Cyber Monday," a move the White House hopes will add attention to its argument that Congress should approve extending Bush-era tax rates on households with annual income below $250,000 while raising taxes on those with higher income.
It is intended to add pressure on congressional Republicans, who have opposed raising any tax rates.
"As we approach the holiday season, which accounts for close to one-fifth of industry sales, retailers can’t afford the threat of tax increases on middle-class families," the White House said in an email Monday.
The new report comes as lawmakers return to Washington this week to begin negotiating a deal to avoid the looming “fiscal cliff.”