President Barack Obama is using Twitter to encourage people to participate in the debate regarding the looming fiscal cliff to press the members of the Congress to act immediately to address the issue.
The White House created the hashtag #My2K as an avenue for Americans to continue their conversations regarding potential tax rate increase for the middle class due to the scheduled expiration of the Bush era tax cuts.
According to the White House, the hashtag #My2K represents that the middle class will be burdened with a tax increase of $2,200 if the Congress will allow the Bush era tax cuts for the middle class to expire. President Obama is hoping that the middle class will join the conversation on the tax debate to compel the Congress to make the right decision.
One of Obama’s supporters wrote: “#My2K ensures I can purchase better food, pay my bills on time, have a bit left over to buy spend to help out economy.”
On the other hand, some people are also using the #my2K hashtag to voice out their criticism against the Obama administration. One of the detractors wrote, “Don’t take more $$ until you cut back on wasteful spending! Let’s start from the top! Cut back on your frivolous spending.”
President Obama is expected to deliver a speech and to hold an event to promote the preservation of the tax cuts for families earning $250,000 or less on Wednesday. The President will also meet the top executives of companies at the White House to discuss the issue on fiscal cliff. The President is expected to push his objective to the members of the Congress to support a tax increase for the wealthy on Friday.
Last week, the White House Council of Economic Advisors warned that the overall economic growth of the United States will decline by 1.4 percent if the legislators fail to make a deal and to prevent the automatic spending cuts and tax increases effective January 1 next year. The White House said the sequestration would cause consumer spending to slowdown and drop by $200 billion by 2013.