Friday's White House event marks the beginning of a public campaign by Obama to temporarily extend current rates or to find a long-term compromise that avoids the scheduled rate increase.
Obama has proposed linking the rates to the financial markets. The Republican-controlled House passed a similar plan last week. But the differences between Obama's proposal and the House bill prompted a White House veto threat.
Obama's plan, unlike the Republican proposal, would lock in the rates for borrowers. The Republican plan would set a cap.
Obama mounted a campaign last year to extend the rates for one year.
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