Fiscal Cliff | TOTALLY HITS RADIO

Tag Archive: fiscal cliff


AP

Financial markets around the world are celebrating the climactic New Year’s agreement to avert scheduled tax increases and budget cuts in the United States. But the party could be a short one.

While Congress’ action ended a stubborn stalemate and prevented the nation from going over a “fiscal cliff” and possibly tumbling back into recession, the terms of the bipartisan pact helped erect an even larger fiscal precipice.
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AP

Past its own New Year’s deadline, a weary Congress sent President Barack Obama legislation to avoid a national “fiscal cliff” of middle class tax increases and spending cuts late Tuesday night in the culmination of a struggle that strained America’s divided government to the limit.

The bill’s passage on a 257-167 vote in the House sealed a hard-won political triumph for the president less than two months after he secured re-election while calling for higher taxes on the wealthy.
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AP

Maneuvered into a political corner, House Republicans abandoned demands for changes in emergency legislation to prevent widespread tax increases and painful across-the-board spending cuts and cleared the way for a final, climactic New Year’s night vote.

The decision capped a day of intense political calculations for conservatives who control the House. They had to weigh their desire to cut spending against the fear that the Senate would refuse to consider any changes they made in the “fiscal cliff” bill, sending it into limbo and saddling Republicans with the blame for a whopping middle class tax increase.
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AP

Squarely in the spotlight, House Republicans prepared to meet Tuesday to decide their next move after the Senate overwhelmingly approved compromise legislation negating a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies.

In a New Year’s Day drama that climaxed in the middle of the night, the Senate endorsed the legislation by 89-8 early Tuesday. That vote came hours after Vice President Joe Biden and Senate Republican Leader Mitch McConnell of Kentucky sealed a deal.
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AP

Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the “fiscal cliff” was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 and individual income over $400,000 a year, increase the estate tax rate and extend unemployment benefits for one year.

“There are still issues left to resolve but we’re hopeful Congress can get it done,” Obama said at a campaign-style event at the White House. “But it’s not done.”
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cbsnews.com

President Barack Obama says “the hour for immediate action is here” on a deal to avert the fiscal cliff.

The president says he remains “optimistic” that an agreement can be reached in Congress before a looming year-end deadline to avoid tax increases and spending cuts.
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AP

President Barack Obama and House Speaker John Boehner met at the White House on Monday in hopes of continuing to make progress on a plan to deal with the “fiscal cliff.”

The meeting came after Boehner on Friday offered $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year. The House speaker is also offering a large enough extension in the government’s borrowing cap to fund the government for one year before the issue must be revisited – conditioned on President Barack Obama’s agreeing to the $1 trillion in cuts.
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AP

The White House “fiscal cliff” meeting between President Barack Obama and House Speaker John Boehner has ended with no immediate indication of progress from either side.

The two leaders met at the White House Thursday night for about an hour. They made no public comments following the sit-down, their second face-to-face meeting of the week.
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AP

A year-end deadline approaching, negotiations to avoid an economy-rattling “fiscal cliff” appeared at a standstill Monday. Republicans pressed President Barack Obama to name specific spending cuts he will support, while the White House insisted the GOP agree explicitly to raise tax rates on upper incomes.

At a campaign-style event in Michigan, Obama warned his listeners their taxes will rise on Jan. 1 without action by the Congress. “That’s a hit you can’t afford to take,” he declared.
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