Statement by NSC Spokesman Tommy Vietor on Deputy National Security Advisor McDonough’s Travel to Colombia and Honduras

Deputy National Security Advisor Denis R. McDonough will travel to Bogota, Colombia November 26-27 and to Honduras November 27-28.  In Colombia, Mr. McDonough will co-chair a meeting of the U.S.-Colombia High-Level Strategic Security Dialogue with Colombian Minister of Defense Juan Carlos Pinzon and Colombian Foreign Minister María Angela Holguín.  He will be accompanied by senior Administration officials, including Principal Deputy Under Secretary of Defense Kathleen Hicks, Assistant Secretary of State William R. Brownfield, and representatives from the Joint Chiefs of Staff and the Department of Justice.  While in Colombia, Mr. McDonough plans to meet with President Juan Manuel Santos and other senior Colombian officials.  In Tegucigalpa, Honduras, Mr. McDonough will conduct meetings with President Porfirio Lobo, members of his cabinet, and civil society representatives to discuss citizen security, human rights and economic development efforts between the United States and Honduras.

Statement by the Press Secretary on the Visit of Prime Minister Borissov of Bulgaria

President Obama will host Prime Minister Boyko Borissov at the White House on Monday, December 3.  The President welcomes the opportunity to discuss a broad range of bilateral and regional issues during their Oval Office meeting, including Bulgaria’s leadership in NATO and its valuable contributions to the International Security Assistance Force (ISAF) in Afghanistan.  The President also looks forward to receiving updates on Bulgaria’s investigation into the July 18, 2012 terrorist attack in Burgas and ongoing rule of law and judicial reforms.

On Cyber Monday the White House Releases New Report on the Impact of Middle-Class Tax Cuts on Retailers and Consumer Spending

Report Details Consequences if Congress Fails to Extend Middle-Class Tax Cuts
 

WASHINGTON, DC – As we move into the holiday shopping season, the White House released a report from the National Economic Council and the Council of Economic Advisers called The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers. This report provides new analysis on the impact to retailers and consumer spending if Congress fails to act to avoid taxes going up on 98 percent of Americans at the end of the year. 

This report is embargoed until 6am ET. The link to the full report can be found HERE.
 
The President believes Democrats and Republicans should come together to renew middle-class tax cuts so families and businesses have more certainty at this critical time for our economy.  If Congress acts, every American will get a tax break on their first $250,000 of income, and income taxes won’t go up for 98 percent of American families and 97 percent of small businesses. The President believes we must take a balanced approach to reduce our deficit, that’s why he has laid out a $4 trillion deficit reduction plan that asks the wealthy to pay a little more and preserves the investments we need to grow the economy.  The President has already signed $1.1 trillion in spending cuts and he looks forward to working with Democrats and Republicans on a balanced approach to further reduce our deficit. This is an important moment not just to avoid the fiscal cliff—but to lay the groundwork for an economy that will support a healthy middle class, restore economic certainty, and lead to long-term job growth.
 
If Congress doesn't act, middle-class families will see their income taxes go up on January 1st. The typical middle-class family will see their taxes go up by $2,200 next year, negatively impacting businesses and retailers across the nation.  The President has called on Congress to take action and stop holding the middle class and our economy hostage over a disagreement on tax cuts for households with incomes over $250,000 per year.

Summary of White House Report: The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers

President Obama is committed to growing our economy from the middle out by ensuring a strong, secure, and thriving middle-class.  That’s why his top priority is promoting jobs and growth while reducing our deficit in a balanced and responsible way.

Since taking office, President Obama has repeatedly cut taxes for middle-class families to make it easier for them to make ends meet.  A typical family making $50,000 a year has received tax cuts totaling $3,600 over the past four years – more if it was putting a child through college.

Now we face a deadline that requires action on jobs, taxes and deficits by the end of the year. If Congress fails to act, every American family’s taxes will automatically go up - including the 98 percent of Americans who make less than $250,000 a year and the 97 percent of small businesses that earn less than $250,000 a year.  A typical middle-class family of four would see its taxes rise by $2,200.

While the President is committed to working with Congress to reach compromises on areas of disagreement, there is no reason to delay acting where everyone agrees: extending tax cuts for the middle-class. There is no reason to hold the middle-class hostage while we debate tax cuts for the highest income earners.

Our economy can’t afford that right now. New analysis by the President’s Council of Economic Advisers (CEA) finds that:

• Allowing the middle-class tax rates to rise and failing to patch the Alternative Minimum Tax (AMT) could cut the growth of real consumer spending by 1.7 percentage points in 2013.  This sharp rise in middle-class taxes and the resulting decline in consumption could slow the growth of real GDP by 1.4 percentage points, which is consistent with recently published estimates from the Congressional Budget Office. 
   
• Faced with these tax hikes, the CEA estimates that consumers could spend nearly $200 billion less than they otherwise would have in 2013 just because of higher taxes.  This reduction of $200 billion is approximately four times the total amount that 226 million shoppers spent on Black Friday weekend last year.  As Figure 5 shows, this $200 billion reduction would likely be spread across all areas of consumer spending.

American consumers are the bedrock of our economy, driving more than two-thirds of the overall rise in real GDP over 13 consecutive quarters of economic recovery since the middle of 2009.  And as we approach the holiday season, which accounts for close to one-fifth of industry sales, retailers can’t afford the threat of tax increases on middle-class families.

President Obama and Congressional Democrats have proposed to extend all the income tax cuts that benefit families who make less than $250,000 per year.

The President has called on Congress to act now on extending all income tax cuts for 98 percent of American families and not to hold the middle-class and our economy hostage over a disagreement on tax cuts for households with incomes over $250,000 per year. The Senate has passed this bill and the President is ready to sign it.

Weekly Address: Wishing the American People a Happy Thanksgiving

WASHINGTON, DC—During this holiday season, President Obama gave thanks in his weekly address for all of the blessings we share as Americans, and expressed his gratitude to the brave men and women who are defending our freedom around the world.  As we come together to spend time with those we love, we also stand with those who are less fortunate this year, including our fellow Americans in the northeast who lost so much during the recent storm.  This Thanksgiving, friends, family, and community will gather in the spirit of unity and look out for those less fortunate – to pull each other up and move forward together.

The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, Thursday, November 22, 2012. 

Remarks of President Barack Obama
Weekly Address
The White House
November 22, 2012

On behalf of the Obama family – Michelle, Malia, Sasha and Bo – I want to wish everyone a very happy Thanksgiving.

For us, like so many of you, this is a day full of family and friends; food and football.  It’s a day to fight the overwhelming urge to take a nap – at least until after dinner.  But most of all, it’s a time to give thanks for each other, and for the incredible bounty we enjoy.

That’s especially important this year.  As a nation, we’ve just emerged from a campaign season that was passionate, noisy, and vital to our democracy.  But it also required us to make choices – and sometimes those choices led us to focus on what sets us apart instead of what ties us together; on what candidate we support instead of what country we belong to.

Thanksgiving is a chance to put it all in perspective – to remember that, despite our differences, we are, and always will be, Americans first and foremost. 

Today we give thanks for blessings that are all too rare in this world.  The ability to spend time with the ones we love; to say what we want; to worship as we please; to know that there are brave men and women defending our freedom around the globe; and to look our children in the eye and tell them that, here in America, no dream is too big if they’re willing to work for it.

We’re also grateful that this country has always been home to Americans who see these blessings not simply as gifts to enjoy, but as opportunities to give back.  Americans who believe we have a responsibility to look out for those less fortunate – to pull each other up and move forward together.

Right now, as we prepare to gather around our dinner tables, there are families in the northeast who don’t have that luxury.  Many of them have lost everything to Hurricane Sandy – homes, possessions, even loved ones.  And it will be a long time before life goes back to normal.

But in the midst of so much tragedy, there are also glimmers of hope.  Over the last few weeks, we’ve seen FEMA personnel, National Guard and first responders working around the clock in hard-hit communities.  We’ve seen hospital workers using their lunch breaks to distribute supplies.  Families offering up extra bedrooms.  The fire department advertising free hot showers.  Buses full of volunteers coming from hundreds of miles away.  Neighbors sharing whatever they have – food, water, electricity – and saying again and again how lucky they are to have a roof over their heads.

It would have been easy for these folks to do nothing – to worry about themselves and leave the rest to someone else.  But that’s not who we are.  That’s not what we do. 

As Americans, we are a bold, generous, big-hearted people.  When our brothers and sisters are in need, we roll up our sleeves and get to work – not for the recognition or the reward, but because it’s the right thing to do.  Because there but for the grace of God go I.  And because here in America, we rise or fall together, as one nation and one people.

That’s something to be grateful for – today and every day. 

So to all the Americans doing your part to make our world a better place – it is my privilege to serve as your President.  To all our servicemembers – it is my honor to be your Commander in Chief.  And from our family to yours, happy Thanksgiving.