Obama urges immediate tax cut extension for middle class

WASHINGTON (AFP) - US President Barack Obama urged Congress on Saturday to immediately extend a tax cut for middle-class Americans, arguing the move would give 98 per cent of families and 97 per cent of small businesses the certainty that would lead to faster economic growth.

"This is something we all agree on," the President said in his weekly radio and Internet address. "Even as we negotiate a broader deficit reduction package, Congress should extend middle-class tax cuts right now.

"It's a step that would give millions of families and 97 per cent of small businesses the peace of mind that will lead to new jobs and faster growth."

On Friday, Mr Obama invited top Republican and Democratic leaders to the White House next week for talks focused on averting the so-called fiscal cliff.