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President Barack Obama is calling for a one year extension of the Bush tax cuts for families earning less than $250,000 a year, while reiterating his opposition to extending the tax cuts for the wealthiest two percent of Americans.

“I’m not proposing anything radical here,” Obama argued from the East Room of the White House on Monday afternoon. “We all say that we should extend tax cuts for 98 percent of the people…so we should all agree to extend the tax cuts for the middle class.”

Republicans oppose Obama’s plan, insisting that all of the Bush tax cuts — including the breaks for those who earn more than $250,000 annually — must be extended. In his remarks, Obama stressed that the debate over extending tax cuts for the wealthy shouldn’t stop Congress from acting to extend the middle class tax cuts.

“Let’s not hold the vast majority of Americans and our entire economy hostage while we debate the merits of another tax cut for the wealthy,” Obama said.

“At the beginning of the last decade, Congress passed trillions of dollars in tax cuts that benefited the wealthiest Americans more than anybody else. And we were told that it would lead to more jobs and higher incomes for everybody and that prosperity would start at the top, but then trickle down,” he continued. “And what happened? The wealthy got wealthier, but most Americans struggled.”

“We don’t need more top-down economics. We’ve tried that theory. That’s why I believe it’s time to let tax cuts for the wealthiest Americans, folks like myself, to expire,” Obama added.

Video of President Obama’s full remarks is below, courtesy of MSNBC:

Visit msnbc.com for breaking news, world news, and news about the economy

Obama’s announcement is certain to set off a contentious Congressional debate, which may pivot the campaign from jobs to taxes. The latter is far more favorable ground for the president; as Obama noted in his speech, “poll after poll” shows that a majority of Americans agree with his position.

Extending the middle class tax cuts would also help America avoid the so called “fiscal cliff” on January 1st, when the tax cuts are set to expire at the same time as the deep automatic spending cuts agreed to in the 2011 debt ceiling deal take effect.

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Jimmy Kimmel Discuss baby Formula Shortage

Image Via YouTube

Jimmy Kimmel opened by weighing in on the national shortage of baby formula, which has left many parents scrambling for solutions. “I don’t know – I’m sure the ivermectin and bleach people could figure this out for us,” Kimmel quipped. “Just mix you up some Gatorade and some baby powder, throw in some breakfast sausage and it blends it up real good, the baby should be fine."

He made sure to point out, however, the utter hypocrisy of our right-wing Supreme Court majority forcing women to have babies in times of massive economic insecurity. You know, like a freaking shortage of baby formula! But hey, it's all about worshipping the fetus and hating the actual child for these Taliban Republicans.

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