President Obama speaks to the American people from a busy factory floor in Pennsylvania about the urgent need to pass the middle class tax cuts, which will give families and businesses preparing for the holidays the certainty they need going into the New Year. Democrats and Republicans must come together to pass one thing that everyone agrees on—extending income tax cuts for 98 percent of American families and 97 percent of small businesses, and there is no reason to wait. The President urges Congress to take action to help grow our economy and strengthen the middle class.

"It’s unacceptable for some Republicans in Congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest Americans. And if you agree with me, then I could use your help. Let your congressman know what $2,000 means to you. Give them a call. Write them an email. Or tweet them using the hashtag “My2K.” That’s My2K."

This is the third straight week that President Obama takes his case for middle-class tax cuts, and tax hikes on the rich, straight to the American people in his weekly address.

Obama explains:

"The most pressing decision has to do with your taxes. See, at the end of the year, middle-class tax cuts are set to expire. And there are two things that can happen.

First, if Congress does nothing, every family will see their income taxes automatically go up at the beginning of next year. A typical middle class family of four will see their income taxes rise by $2,200. We can’t let that happen. Our families can’t afford it, and neither can our economy.

The second option is better. Right now, Congress can pass a law that would prevent a tax hike on the first $250,000 of everybody’s income. Everybody. That means that 98% of Americans and 97% of small businesses wouldn’t see their income taxes go up at all. And even the wealthiest Americans would get a tax cut on the first $250,000 of their incomes."

That's right, Congress can do that right now this very moment...if they felt like it.

"The Senate has already passed a bill to keep income taxes from going up on middle-class families. Democrats in the House are ready to do the same thing. And if we can just get a few House Republicans on board, I’ll sign this bill as soon as Congress sends it my way."

Obama finished his weekly address with a direct call to action, and makes clear exactly how much money is at stake:

"Let your congressman know what $2,000 means to you. Give them a call. Write them an email. Or tweet them using the hashtag “My2K.” That’s My2K."

A full transcript of the President's weekly address is available here.