President Barack Obama says letting Bush era tax cuts expire at the end of the year for the middle class would be a "blow to the economy" and said those decade-old tax rates should be extended for households making less than $250,000 a year.
Obama was campaigning Tuesday in the battleground of Iowa a day after renewing his call for letting taxes go up on wealthier taxpayers. He reiterated his call for protecting 98 percent of taxpayers from higher taxes. Republicans want the tax cuts extended for all taxpayers.
Romney, campaigning in Grand Junction, Colo., called Obama the "outsourcer-in-chief," hitting back at Obama charges that as private equity executive Romney helped send jobs to China and elsewhere. Romney branded Obama an "extreme liberal" who is trying to raise taxes on businesses.