President Obama later today will announce a large tax increase on those Americans making over $250,000 a year. The Romney campaign is saying that this is Obama's "response to even more bad economic news."

"President Obama’s response to even more bad economic news is a massive tax increase," Romney campaign spokesman Andrea Saul said in a statement. "It just proves again that the President doesn't have a clue how to get America working again and help the middle class. The President's latest bad idea is to raise taxes on families, job creators, and small businesses. Almost half a million fewer Americans are working today than the day Barack Obama took office, and we've just come through the worst job creation quarter in two years. Unlike President Obama, Governor Romney understands that the last thing we need to do in this economy is raise taxes on anyone. He has a plan to permanently lower marginal rates, help middle-class Americans save and invest, and jumpstart economic growth and job creation."

The "bad economic news" the Romney campaign is referring to is Friday's job report, which showed that the unemployment rate remains at 8.2 percent and that only 80,000 jobs were created last month.

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