In a press conference this afternoon, President Obama called for an extension on payroll tax cuts as well as unemployment benefits. The President said he wants congressmen to pass an extension on the payroll tax cut and unemployment insurance before they leave for holiday recess.

"We cannot play games with unemployment insurance when we still have an unemployment rate that is way too high," Obama stressed. "This isn't just something that I want. This isn't just a political fight. Independent economists, some of whom have in the past worked for Republicans, agree that if we don't extend the payroll tax cut and we don't extend unemployment insurance, it will hurt our economy. The economy won't grow as fast and we won't see hiring improve as quickly ... It'll hurt all of us. And it will be a self-inflicted wound."

Some 160 million Americans would see their paychecks shrink if Congress fails to extend the payroll tax cut, costing the average family about $1,000 next year.