Tag: economy
Obama and lawmakers are talking, but they aren’t close to a ‘fiscal cliff’ deal
Listen closely and you can hear the sounds of a “fiscal cliff” deal NOT coming together. The first week of the lame-duck Congress brought multiple pledges of bipartisan cooperation from President Obama and congressional Republican and Democratic leaders. But there has been very little – if any – movement in the two sides’ positions, which, in fact, may be hardening prior to the serious negotiating sessions expected to begin after Thanksgiving.
Get ready for the lame-duck session of Congress
The 112th Congress reconvenes Nov. 13 with nothing less than the fate of the U.S. economy on the line.
In play in November and December: the expiring Bush tax cuts, an expanding alternative minimum tax poised to capture more and more middle class taxpayers, the expiring payroll tax cut that has been a boon to middle class households during the recession, cuts in physician reimbursements under Medicare, and the looming budget “sequestration,” which will automatically cut just under $50 billion in federal spending beginning in January and $500 billion over 10 years.




