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Latest News Wires What does it mean to be 'middle class?'

President Obama and Mitt Romney have different definitions on what it means to be middle class. What does the term really mean?

Don Petersen/AP

In a recent speech, President Barack Obama referred to the "middle class" 14 times, defining it as a family that makes up to $250,000 a year. Republican challenger Mitt Romney has looked at it from the other direction, saying that someone who falls into poverty "is still middle class."