the WHITE HOUSEPresident Barack Obama

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The White House
Office of the Press Secretary
For Immediate Release

Congressman Teague Backs Middle Class Tax Cut Framework

Constituents across southern New Mexico have shared with me their concerns about raising taxes at a time when the economy is still recovering.  I agree with them and that’s why I support the President’s proposal to extend tax-breaks for the middle-class, tax relief for small businesses and workers, and employment insurance for the jobless.

The bipartisan compromise negotiated by the President is not perfect, but allowing middle-class tax breaks to expire while we are still in this fragile economy will obstruct job creation and slow our economic growth.

I do have serious concerns about the long-term impact of extending the Bush tax cuts for wealthy Americans, but it is important to note that those extensions are temporary and just one part of a larger package that includes maintaining tax cuts for the middle class, a new payroll tax cut for working Americans, key tax cuts for small businesses to spur investment and job creation, an earned income and child credit for hardworking families, a higher education credit to help families send their kids to college, and an extension of unemployment insurance for Americans seeking work.

The bottom line is that extending these tax cuts is good for working families and for the small businesses that are creating jobs and putting New Mexicans back to work.

I call on the President and our Congressional leadership to put aside partisan politics and keep working towards the most fiscally responsible path that ensures we do not raise taxes on the American small businesses and workers that are the key to our economic recovery.