Obama presses Congress again to pass his tax plan

(AP) Obama presses Congress again to pass his tax plan
WASHINGTON
President Barack Obama is prodding Congress to "skip the unnecessary drama" and pass his proposal to extend Bush-era tax cuts to families earning less than $250,000 a year but not for those who earn more.

In his weekly radio and Internet address, Obama denounces what he calls "needless delays" and "partisan posturing."

He has been pushing the idea hard all week, but congressional Republicans aren't buying it.

Obama says that will "hold the vast majority of Americans and our entire economy hostage."

In the Republican address, Sen. Rob Portman of Ohio says Obama's proposal would punish many small business owners who report business profits as personal income.

He says that raising taxes on job creators "makes about as much sense as cutting off the water supply during a drought."

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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