Bloomberg News

Obama Urges Public Pressure on Congress to Back Economic Plans

February 28, 2012

Feb. 21 (Bloomberg) -- President Barack Obama said public pressure was vital in getting Congress to extend a temporary payroll tax cut for workers and expanded unemployment benefits. He said voters now should push lawmakers to act on his proposals to help struggling homeowners and raise taxes on millionaires.

“This got done because of you, because you called, you e- mailed, you tweeted your representatives” to get them to act, Obama said of the payroll tax cut at an event meant to highlight U.S. workers who will benefit. “My message to Congress is don’t stop here. Keep going.”

Obama lobbied for his proposal to let homeowners who owe more on their mortgages than their houses are worth and are current on their payments save $3,000 per year through refinancing into lower-interest loans guaranteed by the Federal Housing Administration.

He also renewed his call for Congress to pass legislation that would ensure taxpayers with incomes of $1 million or more pay a minimum rate of 30 percent, a measure known as the Buffett rule after billionaire investor Warren Buffett, who originated the idea last year.

Republicans have rejected Obama’s proposals, with House Speaker John Boehner calling them a rehash of earlier plans that won’t improve the economy.

The Senate and the House of Representatives cleared the $145 billion payroll package on Feb. 17, and the White House said Obama plans to sign it into law later this week.

In addition to extending a two-percentage-point tax cut for workers, the measure will continue expanded unemployment benefits and avoid a cut in doctors’ Medicare reimbursements through the end of this year. The provisions would have expired at the end of the month if Congress hadn’t acted.

--With assistance from Steven Sloan, Richard Rubin and Kathleen Hunter in Washington. Editors: Joe Sobczyk, Mark McQuillan.

To contact the reporters on this story: Margaret Talev in Washington at mtalev@bloomberg.net; Roger Runningen in Washington at rrunningen@bloomberg.net

To contact the editor responsible for this story: Steven Komarow at skomarow1@bloomberg.net


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