The tax cut battle shapes up.
New York Times reports that President Obama will call today for a one-year extension of Bush tax cuts only to those with taxable incomes of less than $250,000. Some top Democrats want to make the cap $1 million. Republicans, of course, want all the wealthy to benefit from the tax cuts forever. They've been so successful at lifting job creation, after all.
Bottom line: More deadlock.
Speaking of the economy and the loss of middle income jobs, if you're looking for a real downer this morning, read this.