Obama To Seek Tax Cut Extension For Annual Incomes Under $250K

(Reuters) -- President Barack Obama will call for a one-year extension of Bush-era tax cuts for families earning less than $250,000 per year, according to a White House official, seeking to spare the economy the impact of taxes going up on Jan. 1.

Obama, a Democrat, will make the request in a 11:50 a.m. statement at the White House on Monday.

Republicans in Congress are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone, including higher earners.

Obama has pushed what he calls tax fairness in his campaign for reelection on Nov. 6, repeatedly urging Congress to make the tax cuts permanent for families making less than $250,000 per year. His Republican challenger, Mitt Romney, has suggested Congress wait to act until January, when he hopes to take office.

The tax cuts enacted by Obama's Republican predecessor, George W. Bush, will expire at the end of the year.