On Fox News Sunday, David Axelrod told Chris Wallace that he would be returning to Chicago in early 2011 to begin preparation for Barack Obama's 2012 re-election bid.

Axelrod also talked about Obama's opposition to a permanent extension of Bush's tax cuts, especially for the wealthy. The White House has said that extending the middle-class tax cuts is necessary.

"Let me repeat what the president’s position is. We have to extend these middle-class tax cuts. Absolutely have to do that. We should do that permanently. … We cannot afford to go the additional step and permanently cut taxes primarily for millionaires and billionaires at a cost of $700 billion for the next ten years alone," he said.

Read the rest of this story on the Washington Post.