Biden Says 'Wealthy Do Very Well,' Don't Need Tax Cut Extension

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Vice President Joe Biden added his voice to the administration's arguments for limiting the extension of the Bush-era tax cuts to the middle class, saying that keeping the lower rates would cost $1 trillion over 10 years and "the wealthy do very, very well, thank you."

The Senate is scheduled to vote Wednesday on extending all the Bush-era tax cuts, including those for the wealthy, but President Obama has vowed to veto an across-the-board extension.

"If Congress doesn't get this done there are going to be 114 million people, middle class families, see their wages, their taxes go up in effect cutting their wages," he argued in a rare conference call with reporters.

The West Wing issued a new review explaining why the president would veto the full extension.

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"We've always done well in this country when we've built from the middle out," the Vice President told reporters. "The poor have a way up and out, and the wealthy do very, very well, thank you."

Biden did not stick around to take reporters' questions on the call.

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