Obama: Average Americans Could Lose $40 Per Paycheck

President reads letters of Americans outlining what $40 means to their budgets.
3:00 | 12/22/11

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Transcript for Obama: Average Americans Could Lose $40 Per Paycheck
If your family making about 50000 dollars a year. This is a tax cut that amounts to about a thousand dollars a year. That's about forty bucks out every picture. It may be that there are some folks in the house who. Refuse to vote for this compromise because they don't think met forty bucks is a lot of money. But anyone who knows what it's like to stretch -- budget. Knows that at the end of the week or at the end of the month. Forty dollars to make all the difference in the war. And that's why we thought we bring. Your voices into this debate. So many of these debates in Washington. End up being. Portrayed as which party is winning. Which party is losing. But. What we have to remind ourselves is. This is about people. -- -- the American people. And whether they win. It's not about a contest. Between. Politicians. Sought Tuesday. We asked folks to tell us what would -- be like. To lose forty dollars. Your paycheck every. And I have to tell you that the response. Has been overwhelming we haven't seen anything like this before over 30000 people have written -- so far. As many as 2000. Every hour. We're still hearing from fox. I want to encourage everybody -- Been paying attention to this to keep sending your stories to White -- dot -- and share them on Twitter and sure the month FaceBook. The responses we've gotten so far have come from Americans of all ages and Americans of all backgrounds from every corner of the country. Some of the folks who responded are on stage would -- here today. And they should remind every single member congress. What's at stake. In this debate. Let me just give -- a few samples. Joseph from New Jersey. Talked about how he would have to sacrifice. The occasional -- night -- -- dollars. He said I'm quoting my sixteen year old twins will be out of -- -- All -- this. Richard from -- our -- to tell us that having an extra forty dollars and -- check buys enough heating oil to keep his family warm. For three nights. In his words. -- quote. If someone doesn't think the twelve gallons of heating oil -- important I invite them to spent three nights in an unheated home. Or you can believe me when I say that it makes a difference. -- from Wisconsin told us about driving more than 200 miles each week. To keep his father in law company in a nursing home. Forty dollars out of his paycheck would mean he'd only be able that make three trips instead of four. We heard from -- teacher named Claire from here in DC who goes to thrift store every week and uses her own money to buy pencils and books. For fourth grade class. Once while she sport is on science or art supplies. Losing forty dollars she says would mean she couldn't do that anymore. Brothers forty dollars means -- out with a child whose home for Christmas. A new pair of shoes. A tanker gas. A charitable donation. These are the things that are at stake for millions of Americans. They matter to people a lot.

This transcript has been automatically generated and may not be 100% accurate.

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