Right now, we’re poised to spend nearly $1 trillion more on what was supposed to be a temporary tax break for the wealthiest 2 percent of Americans.

from President Barack Obama – State Of The Union 2012 on Rap Genius

Meaning

The so-called “Bush tax cuts”, which Obama is railing against here, affected mostly the highest earners and, if extended, could add trillions to the national debt

In December 2010, Obama extended the cuts for two years, but hopes here to get Congress to end or repeal them

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