Today we're trying out something new -- White House White Board, in which one of our key players on the White House team will cut through the political back-and-forth you hear every day and break down an issue affecting American families into simple, understandable terms. Today, Austan Goolsbee, the new Chair of the Council of Economic Advisers here at the White House, tackles the tax cut fight and what it means that Congressional Republicans are "holding middle class tax cuts hostage" as the President has said:

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Key points and links: