Transcript for President Obama Talks Fiscal Cliff and the Economy Ahead
Hi everybody. For the past couple months I've been working with people in both parties with the help of business leaders and ordinary Americans. To come together around a plan to grow the economy -- record deficits. It's a balanced plan one that would protect middle class cut spending and a responsible way and ask the wealthiest Americans to pay a little more. And I'll keep working with anybody who's serious about getting a comprehensive plan like this but because the right thing to do for economic growth. Board now at a point where in just a couple of days the law says that every American's tax rates are going up. Every American's paycheck will get -- small. And that would be the wrong thing to do for economy. Would hurt middle class families and would hurt -- businesses that depend on your spent. And congress can prevent it from happening if they act now. Leaders in congress are working on -- way to prevent this tax hike on the middle class and I believe we may be able to reach an agreement that can -- both houses in time. If an agreement isn't reached on time. That all urged the senate to hold an up or down vote on a basic package that protects the middle class from an income tax hike. Extends vital unemployment insurance for Americans looking for job. And lays the ground work for future progress on more economic growth and deficit reduction. I believe such a proposal could -- both houses with a bipartisan majorities as long as these leaders allow -- to come to a vote. They still want to vote no and let tax hikes hit the middle class that's their brought. But they should let everybody else vote as well that's the way this post -- We just can't afford -- politically self inflicted -- work up. The economy is growing but keeping it that way means that folks -- sent to Washington have to do their jobs. The housing market is healing but -- that's all folks are seeing smaller paychecks. The unemployment rate is the lowest its been since 2008 but already families and businesses -- -- -- hold back. Because of the dysfunction they see in Washington. You meet your deadlines you meet your responsibilities every single day. The folks -- sent here to serve should do this. We cannot let Washington politics get in the way of America's progress. We've got to do what it takes to protect middle class grow this economy. And move our country for. Banks -- but.
This transcript has been automatically generated and may not be 100% accurate.