Barack Obama actually said...

If the Congress does nothing, the typical working family earning $50,000 will see its taxes go up by $1,000.

This is something that Democrats and Republicans agreed to last year with little fanfare, and it was good for the economy.

On Bill of Rights Day, we celebrate this proud legacy and resolve to pass to our children an America worthy of our Founders' vision.

I express my appreciation for the efforts the Chancellor and other European leaders are making to resolve the crisis.