Joe Baca: “When President Obama took office, he inherited a $1.2 trillion deficit, two wars, the recession and mounting job losses…”

“When President Obama took office, he inherited a $1.2 trillion deficit, two wars, the recession and mounting job losses that pushed our economy to the brink. Since then, we have made steady progress towards recovery and have laid the groundwork to create new jobs. But during these tough times, we must act decisively to extend tax relief for middle class families. If Congress does not act soon, 98 percent of Americans will face a tax increase in January 1. For the typical middle class family, this means the loss of $2,000 next year. Two thousand means an awful lot to middle income families. Republicans must stop holding these tax cuts for the middle class hostage. I state, Republicans must stop holding these tax cuts for the middle class hostage. Extending the tax cut for the rich will not create jobs and stimulate the economy, but it will add--I state, it will add--$700 billion to our national deficit--$700 billion to our national deficit. The time for simply saying ``no'' is over. Let's work together to create jobs.”