He took special note of reports that some Republicans have expressed a willingness to extend the current expiring tax rates for households earning less than $250,000. Conservative Oklahoma GOP Rep. Tom Cole told GOP colleagues in a private meeting on Tuesday that it's better to extend tax cuts for 98 percent of taxpayers than engage in a prolonged fight that risks increasing taxes on everyone. Cole is a longtime GOP loyalist and a confidant of House Speaker John Boehner, R-Ohio.
"I'm glad to see, if you've been reading the papers lately, that more and more Republicans in Congress seem to be agreeing with this idea that we should have a balanced approach," Obama said, noting that the Senate has already passed legislation to extend current rates to those middle class taxpayers.
"The Democrats in the House are ready to vote for that same bill today," he said. "If we can get a few House Republicans to agree as well, I'll sign this bill as soon as Congress sends it my way. I've got to repeat: I've got a pen. I'm ready to sign it."
He made an appeal to the public to pressure Congress, arguing that similar efforts late last year to extend a payroll tax cut resulted in congressional passage.
"When the American people speak loudly enough, lo and behold, Congress listens," he said.
While expressing confidence that he and Congress could strike a bargain for a "framework in the coming weeks,"
Obama says we need to "approach this problem with the middle-class in mind."
The president is urging the public to pressure Congress through social media, pointing to (hashtag)My2K on Twitter a reference to the estimated $2,200 tax increase a typical middle-class family of four would see if the Bush tax cuts expire.
The president is also meeting with corporate executives at the White House on Wednesday and then traveling to Pennsylvania on Friday to push for upper income bracket earners to pay higher tax rates. It's part of a campaign to pressure Republicans in Congress to support raising taxes on the wealthy.