08/02/2010 10:03 am ET Updated May 25, 2011

Bloomberg: Extend Bush Tax Cuts For Rich

Mayor Bloomberg backs extending the Bush tax breaks for the wealthy for a few more years, saying Sunday it will help the economy recover.

The cuts, for the 2% of Americans who earn more than $250,000, are set to expire at the end of the year, and a battle looms in Congress over whether to extend them or let them die. Democrats say letting them expire would add $681 billion to federal coffers over 10 years.