Let's Make a Deal: Obama Poised to Break Campaign Promise and Extend Tax Cuts

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Meanwhile, the Jan. 1 deadline is looming. If Congress does not take action, someone making $62,000 a year could see their taxes go up by $2,200 starting next month. Extending all the tax cuts, however, means someone making $10 million a year will keep $450,000 of their income, that could have gone to Uncle Sam.

It's a costly deal. None of the cuts are paid for -- over the next 10 years they will add nearly $4 trillion to the national debt.

Democrats tried Saturday to extend tax cuts only to the middle class, but Republicans rejected legislation to extend tax cuts for Americans earning less than $250,000 a year, as well as another proposal that would end tax breaks just for Americans earning more than $1 million.

"They are demanding that the wealthiest Americans get a tax cut that is a thousand times the size of the average American," Sen. Byron Dorgan, D- N.D., said Saturday on the Senate floor.

The spin game has already begun with Senate Democrats trying to paint Republicans as protecting the rich.

Sen. Claire McCaskill, D-Mo., said Republicans aren't worried about average Americans, "they're worried about people that can't decide which home to go to over the Christmas holidays."

"What they want to do is drive up the debt by $700 billion," Sen. Bernie Sanders, I-Vt., added.

Republicans are having none of it.

"We don't need a dog and pony show," Sen. Charles Grassley, R-Iowa, asserted.

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