Delivering a statement on the economy from the White House on Friday, President Obama urged Congress to extend Bush-era tax cuts on the middle class "right now," while talks on a broader deficit reduction package continue with top Republicans.
"If Congress fails to make an agreement...everybody's taxes will automatically go up on January 1st," Obama said.
"All we need is action from the House," Obama added. "I've got the pen. I'm ready to sign the bill right away."