A failure by Congress to extend tax cuts on the middle class in the next 48 hours and avert the fiscal cliff will likely hurt the economy and financial markets, President Barack Obama said Sunday.
There are just two days remaining to avert the tax increases.
Senate leaders have been working on a possible bipartisan deal that could pass both the Senate and the House.
âWe donât yet see an agreement,â Obama said, in an interview with NBCâs âMeet the Press.â
Higher taxes on the middle-class would depress consumer spending and âhurt our economy badly,â Obama said.
âIt is going to be very hard for the economy to sustain its current growth trends if, suddenly, we have a huge bite taken out of the average Americanâs paycheck,â Obama said.
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