Latest 'Fiscal Cliff' News
A list of the most recent stories about Fiscal Cliff.
Projected lower deficit could slow any budget deal
The good news is the budget deficit for the current year is projected to come in well below what was estimated just a few months ago. The bad news for deficit hawks is that the development could further curb the already slowing momentum for a budget pact this year. A ...
Trio of troubles threatening Obama's second term
President Barack Obama seemed to lose control of his second-term agenda even before he was sworn in, when a school massacre led him to lift gun control to the fore. Now, as he tries to pivot from a stinging defeat on that issue and push forward on others, the president ...
Dems, GOP talk up deficit reduction, but don't act
Liberals' loud objections to White House proposals for slowing the growth of huge social programs make it clear that neither political party puts a high priority on reducing the deficit, despite much talk to the contrary. For years, House Republicans have adamantly refused to raise income taxes, even though U.S. ...
Obama seeks deal, proposes cuts to Social Security
Seeking an elusive middle ground, President Barack Obama is proposing a 2014 budget that embraces tax increases abhorred by Republicans as well as reductions, loathed by liberals, in the growth of Social Security and other benefit programs. The plan, if ever enacted, could touch almost all Americans. The rich would ...
Dow closes at highest level of year, nears record
The Dow rose to its highest close of the year, putting it within 1 percent of its record. Stocks gained after impressive results from two big consumer brands. The Dow Jones industrial average closed up 47.46 to 14,018.70 Tuesday. That is 146 points from its record close of 14,164.53 set ...
Congress sends bill to Obama averting govt default
Congress sent President Barack Obama drama-free legislation on Thursday raising the debt ceiling, averting a government default and putting off the next tax-and-spending clash between the White House and Republicans until later in the year. The measure cleared the Senate on a vote of 64-34 after winning House approval late ...
Poll: Californians upbeat over future, budget plan
Californians are more optimistic about the future of the state than at any time since before the recession and are giving high marks to Gov. Jerry Brown's budgeting approach after voters approved higher taxes to help balance the state budget, according to a poll released Wednesday. The Democratic governor's job ...
S&P closes above 1,500 for 1st time since 2007
Passing another milestone on the nation's long journey back from the Great Recession, the Standard and Poor's 500 index closed above 1,500 for the first time in more than five years Friday after a wave of good earnings reports. It took scores of incremental gains, several stalled rallies and a ...
Obama demands quick action to raise debt limit
President Barack Obama demanded on Monday that lawmakers raise the nation's $16.4 trillion federal debt limit quickly, warning that "Social Security benefits and veterans' checks will be delayed" if they don't and cautioning Republicans not to insist on cuts to government spending in exchange. "They will not collect a ransom ...
Wary of cost, Brown commits state to health reform
Gov. Jerry Brown says he's firmly committed to making national health care reform work in California, but he also is wary of potential costs that could affect state spending for years to come. In releasing his budget for the coming fiscal year last week, Brown pledged to be a reliable ...
Why do I have a smaller paycheck this year?
Even with Congress and President Obama reaching an 11th-hour deal to prevent the country from going over the much-hyped “Fiscal Cliff,” the New Year has brought an increase in taxes for all American families — and for many that means an almost immediate reduction in take-home pay. We checked in ...
Stocks sink, pulling S&P 500 down from 5-year high
Investors started the week on a cautious note, pulling the Standard & Poor's 500 index down from the five-year high it reached Friday. The move lower on Monday is likely the result of traders taking some winnings off the table after the stock market's surge last week, said Sam Stovall, ...
US job market shrugs off fears of 'fiscal cliff'
The U.S. job market proved resilient in December despite fears that a budget impasse in Washington would send the economy over the fiscal cliff and trigger growth-killing tax hikes and spending cuts. Employers added 155,000 jobs last month, roughly matching the solid but unspectacular monthly pace of the past two ...
More fiscal clashes loom as new Congress opens
A new Congress opened for business Thursday to confront long-festering national problems, deficits and immigration among them, in an intensely partisan and crisis-driven era of divided government. "The American dream is in peril," said House Speaker John Boehner, re-elected to his post despite a mini-revolt in Republican ranks. Moments after ...
New tax law packed with breaks for businesses
Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles. In all, more than 50 temporary tax ...
Top Republican keeps job as new US Congress opens
The top Republican in Washington was narrowly re-elected to his powerful job as the new Congress opened for business, despite a mini-revolt in his own party over the "fiscal cliff" deal and a bruising fight over Superstorm Sandy recovery legislation. The 113th Congress welcomed dozens of new members Thursday to ...
Cliff averted, it's on to the next fiscal crisis
Onward to the next fiscal crisis. Actually, several of them, potentially. The New Year's Day deal averting the "fiscal cliff" lays the groundwork for more combustible struggles in Washington over taxes, spending and debt in the next few months. President Barack Obama's victory on taxes this week was the second, ...
Obama, NY and NJ lawmakers press for Sandy aid
Republicans and Democrats from New York and New Jersey lashed out at House Speaker John Boehner on Wednesday for pulling legislation on Hurricane Sandy aid, demanding that he reverse course and allow a vote as their constituents continue to struggle with the aftermath of the devastating storm. President Barack Obama ...
Congress OKs cliff deal, signaling future fights
Congress' excruciating, extraordinary New Year's Day approval of a compromise averting a prolonged tumble off the fiscal cliff hands President Barack Obama most of the tax boosts on the rich that he campaigned on. It also prevents House Republicans from facing blame for blocking tax cuts for most American households, ...
Markets rally after US 'fiscal cliff' deal
Markets breathed a huge sigh of relief Wednesday after U.S. lawmakers reached a budget agreement that will stop hundreds of billions of dollars in automatic tax increases and spending cuts that risked plunging the world's biggest economy into recession. Stocks around the world started 2013 with hefty gains as investors ...
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