Obama's trillion-dollar timebomb

Obama says tax cuts should only be extended to families making less than $250,000.

STORY HIGHLIGHTS

• Bush-era tax cuts due to expire at end of year; Americans' taxes to rise sharply
• Tax cuts estimated to have cost U.S. government $1.7 trillion in revenue
• Many urging Obama to extend cuts to spur economic recovery
• Obama says cuts will only be extended for households earning less than $250,000

(CNN) -- There's a trillion-dollar timebomb in Washington that's been ticking for nearly 10 years and it's about to explode.
"We don't have more time for any more games," President Barack Obama said this week.

The countdown started with a sweeping set of tax cuts championed a decade ago by then-president George Bush.

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