He made an appeal to the public to pressure Congress, arguing that similar efforts late last year to extend a payroll tax cut resulted in congressional passage.
"When the American people speak loudly enough, lo and behold, Congress listens," he said.
While expressing confidence that he and Congress could strike a bargain for a "framework in the coming weeks,"
Obama says we need to "approach this problem with the middle-class in mind."
The president is urging the public to pressure Congress through social media, pointing to (hashtag)My2K on Twitter — a reference to the estimated $2,200 tax increase a typical middle-class family of four would see if the Bush tax cuts expire.
The president is also meeting with corporate executives at the White House on Wednesday and then traveling to Pennsylvania on Friday to push for upper income bracket earners to pay higher tax rates. It's part of a campaign to pressure Republicans in Congress to support raising taxes on the wealthy.