fiscal cliff

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2 More Republicans Shrug Off Norquist&#39;s Tax Pledge
2 More Republicans Shrug
Off Norquist's Tax Pledge
talk show roundup
Nov 25, 2012 11:44 AM CST

2 More Republicans Shrug Off Norquist's Tax Pledge

'The world has changed,' says Rep. Peter King

(Newser) - Following Sen. Saxby Chambliss' dismissal of Grover Norquist's anti-tax pledge, two more Republicans followed suit today. While discusing fiscal cliff negotiations, Sen. Lindsey Graham said on This Week that he would "violate the pledge for the good of the country—only if Democrats will do entitlement reform."...

Obama Kicks Off Fiscal Cliff Talks

Boehner, Obama to be main movers and shakers in negotiation

(Newser) - Barack Obama officially kicked off fiscal cliff talks today, hosting a meeting with John Boehner, Nancy Pelosi, Harry Reid, and Mitch McConnell at the White House, the Washington Post reports. Americans "want to see that we are focused on them, not on our politics here in Washington," the...

Obama: I Don't Know of Any Classified Leaks in Petraeus Mess

President also defends Susan Rice in press conference

(Newser) - President Obama has wrapped up his first press conference since the election, with, surprise, surprise, the David Petraeus scandal and the fiscal cliff at the top of the agenda, reports the AP . But he also made headlines with a strong defense of UN ambassador Susan Rice. The full transcript is...

Obama Playing Hardball on Taxes

He plans to seek $1.6TR extra from wealthy, corporations

(Newser) - President Obama is telling GOP leaders to read his lips: Some new taxes. The president plans to play hardball in budget negotiations with an opening figure of $1.6 trillion in tax hikes for corporations and the wealthy, the Wall Street Journal reports. The figure is far more than Republicans...

Romney's Idea on Taxes May Save the Day

His proposal to cap deductions by a fixed dollar amount is in play

(Newser) - What a difference an election makes: Democrats are suddenly getting behind an idea pitched by Mitt Romney as a way out of the fiscal cliff mess, reports the New York Times . On the trail, Romney floated the notion of putting a cap on income tax deductions at a fixed dollar...

Even a Short Plunge Off Fiscal Cliff Will Hurt
Even a Short Plunge Off Fiscal Cliff Will Hurt
OPINION
Nov 13, 2012 1:06 PM CST

Even a Short Plunge Off Fiscal Cliff Will Hurt

It's foolish to shrug off the dangers: Neil Irwin

(Newser) - It's widely accepted at this point that a protracted fall over the fiscal cliff will send the country plunging back into recession . But what if, as is far more likely, lawmakers blow the deadline by just a few weeks? Conventional wisdom suggests it wouldn't be so bad, that...

Lame-Duck Congress Back as Fiscal Cliff Looms

Postal Service, Sandy relief may also be on agenda

(Newser) - Congress is back in Washington today, bracing for battle over how to avoid the fiscal cliff. Legislators have seven weeks to hit on a deal, with tax cut extensions taking center stage, notes Reuters . But analysts warn that "the longer it takes the president and Congress to negotiate a...

Obama Will Take Budget Pitch to the People

Will attempt to rally public support for his compromise

(Newser) - President Obama learned some hard lessons during last year's debt ceiling talks, and he's heading into the new round to avoid the fiscal cliff determined to take his case to the people. Rather than "hunkering down" with congressional leaders behind closed doors for weeks—a strategy that...

Feinstein: No Link Between Petraeus' Fall, Benghazi

Politicians suspicious of FBI role, plan to investigate

(Newser) - The election might be over, but the talk shows must go on and in case you hadn't heard, David Petraeus had an affair and quit his job as CIA chief, causing much gnashing of teeth and many protestations of shock—shock!—on your television dial. Without further ado,...

Possible Fiscal Cliff Savior: Semantics

Wealthy can pay more, even if tax rates don't rise

(Newser) - It sure sounds like President Obama and John Boehner are at loggerheads when it comes to a deal to avert the fiscal cliff: Obama insists the richest Americans must pay more in taxes, while Boehner says the House will never approve a rate increase. But therein lies the wiggle room:...

Obama: Wealthy Must Pay More in Taxes

But he wants to extend tax cuts for everyone else

(Newser) - President Obama laid out the broad outlines of his plan for a deal to avoid the fiscal cliff today, and he struck two familiar themes: He wants lawmakers to freeze tax rates for the middle class and below, but he thinks the Bush tax cuts should expire for the wealthiest...

Forget the &#39;Grand Bargain&#39;
 Forget the 'Grand Bargain' 
Paul Krugman
Nov 9, 2012 11:52 AM CST

Forget the 'Grand Bargain'

Paul Krugman doesn't think it's time for Obama to give in to GOP blackmail

(Newser) - Republicans still hold the House (even though Democrats appear to have gotten more votes in this election), so everyone is now wondering how far the triumphant President Obama should go to placate them and avoid the fiscal cliff. "My answer is, not far at all," writes Paul Krugman...

CBO: Fiscal Cliff Will Bring 9.1% Unemployment

We need less cliff, more 'gradual slope,' suggests forecast

(Newser) - It's not so much a surprising conclusion as a reminder of what's at stake: The Congressional Budget Office warned today that a failure to head off the fiscal cliff at year's end will probably lead to a new recession next year along with a jump in the...

Boehner to Obama: Let's Make a Deal

He's willing to accept 'new revenue' but not higher tax rates

(Newser) - It seems like a start anyway. John Boehner and the White House are at least talking about talking in regard to a deal to avoid the fiscal cliff , reports the Wall Street Journal .
  • Boehner: “For purposes of forging a bipartisan agreement that begins to solve the problem, we’re
...

What&#39;s Next, Obama?
 What's Next, Obama? 
OPINION ROUNDUP
Nov 7, 2012 2:42 PM CST

What's Next, Obama?

Obama's 2nd term: fiscal cliffs, tax hikes, climate change, and Iran

(Newser) - Now that we know who'll be at the helm, the big question is what will the next four years look like? Here's a roundup of how some think President Obama's second term could or should shape up:
  • Not surprisingly, there's lots of chatter about Obama's
...

Stocks, Dollar Plunge After Obama Win
 Dow Plunges 300+
 on Obama Win 
MARKETS
Nov 7, 2012 10:43 AM CST

Dow Plunges 300+ on Obama Win

Fiscal cliff worries loom

(Newser) - Wall Street wasn't exactly cheering over President Obama's reelection. Stocks have been positively plunging all morning, with the Dow down 338 points, the S&P falling 37, and the Nasdaq dropping 79 as of 11:30am. With Washington's makeup essentially unchanged, investors were worried about the oncoming...

Looming Challenge: 'Avert the Cliff'

But is anyone willing to compromise?

(Newser) - Election 2012, check. Next up: the "fiscal cliff." We're fewer than 60 days away from what could be one of the largest tax hikes in US history—as the clock ticks down, will anyone in Washington be willing to compromise? As the Washington Post explains, Democrats may...

We&#39;re Already Feeling the Fiscal Cliff
 We're Already 
 Feeling the 
 Fiscal Cliff 
new report
Oct 26, 2012 7:40 AM CDT

We're Already Feeling the Fiscal Cliff

Report says threat has cost US 1M jobs this year

(Newser) - We're not supposed to go over the "fiscal cliff"—an array of budget cuts and tax hikes that could cut $500 billion out of the economy—until January. But the US is already feeling the effects of the impending budget uncertainty, a report by the National Association...

The Payroll Tax Cut Is Doomed
 The Payroll Tax Cut Is Doomed 
Oct 1, 2012 2:34 PM CDT

The Payroll Tax Cut Is Doomed

No matter who wins in November

(Newser) - No matter who wins in November, your taxes are probably going up next year. That's because Congress has basically no interest in extending the payroll tax holiday that was so hotly contested earlier this year, the New York Times reports. Negotiators are fixated on the so-called "fiscal cliff,...

Moody's Threatens to Downgrade US

It's worried about the looming 'fiscal cliff'

(Newser) - Moody's Investors Service said today it would likely cut its "Aaa" rating on US government debt, probably by one notch, if federal budget negotiations fail. If the highly partisan Congress does not reach a budget deal, about $1.2 trillion in spending cuts and tax increases will automatically...

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