President Obama has renewed his spat with Republicans over the Bush-era tax cuts, calling on Congress to approve a one-year extension only for those making under $250,000 a year. Speaking at the White House, Obama said the tax cuts for the wealthiest Americans should expire.

President Obama: “I believe it’s time to let the tax cuts for the wealthiest Americans — folks like myself — to expire. I’m calling on Congress to extend the tax cuts for the 98 percent of Americans who make less than $250,000 for another year. Let’s not hold the vast majority of Americans and our entire economy hostage while we debate the merits of another tax cut for the wealthy. We can have that debate. We can have that debate, but let’s not hold up working on the thing that we already agree on.”

Republicans are planning to vote on preserving the tax cut for the wealthiest in the coming weeks, a move the White House says would draw a veto.