Content Tagged As fiscal_cliff

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  • US economy adds 155K jobs, rate stays at 7.8 pct.

    January 4, 2013 3:13 PM

    WASHINGTON - The U.S. job market proved resilient in December despite fears that the economy would tumble over the fiscal cliff. The Labor Department reports employers added 155,000 jobs, roughly matching the solid but unspectacular monthly pace of the past two years. The gains were not enough to reduce unemployment... more »
  • Farm bill extension is evidence of lost clout

    January 3, 2013 5:13 PM

    WASHINGTON - A patchwork extension of federal farm programs passed as part of a larger "fiscal cliff" bill keeps the price of milk from rising but doesn't include many of the goodies that farm-state lawmakers are used to getting for their rural districts. House and Senate Agriculture Committee leaders who... more »
  • Fiscal cliff averted but taxes rise for all Play Video

    January 2, 2013 5:57 PM

    BATON ROUGE - Lawmakers reached a deal last night in Washington, averting the fiscal cliff, which included tax hikes for the middle class. The deal did not include an extension of the payroll tax cut. Beginning January 1st, one tax went up for everyone. It's a two percent increase... more »
  • Moody's pressures Congress to deal with deficit

    January 2, 2013 3:42 PM

    WASHINGTON- Moody's Investors Service says Congress must go beyond its deal this week and come up with a plan to shrink the budget deficit if it wants to keep the U.S. government's top credit rating. The credit rating agency says in a statement that it expects lawmakers in the coming... more »
  • Louisiana delegation split on fiscal cliff vote

    January 2, 2013 11:00 AM

    BATON ROUGE - Louisiana's delegation was divided as Congress agreed to a compromise to avert the so-called "fiscal cliff" of middle-class tax increases and spending cuts. While Democratic Sen. Mary Landrieu and Republican Sen. David Vitter supported the legislation, most of the state's U.S. House delegation opposed it. Democratic Rep.... more »
  • Obama in Hawaii, fiscal cliff standoff behind him

    January 2, 2013 10:51 AM

    HONOLULU - President Barack Obama is back in Hawaii for vacation after a tense, end-of-the-new-year standoff with Congress over the fiscal cliff. The president arrived early Wednesday morning, local time, after an overnight flight aboard Air Force One. He was rejoining his family for a holiday break after having returned... more »
  • Congress approves deal to avoid 'fiscal cliff'

    January 1, 2013 10:45 PM

    WASHINGTON - 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... more »
  • House will vote on Senate-passed 'cliff' bill

    January 1, 2013 8:17 PM

    WASHINGTON - Republicans are dropping their demands for additional spending cuts and will hold a House vote on whether to give final congressional approval to the Senate-approved compromise averting "fiscal cliff" tax increases and spending cuts. The House vote was expected Tuesday evening. A decision by the Republican-run House to... more »
  • Dems want House vote on Senate-passed 'cliff' deal

    January 1, 2013 2:42 PM

    WASHINGTON - House Democratic leaders are pressing Speaker John Boehner to let the House vote on the Senate-approved bipartisan compromise that would avert much of the impact of the so-called fiscal cliff. Following a nearly three-hour private meeting Tuesday between Vice President Joe Biden and House Democratic lawmakers, Minority Leader... more »
  • GOP leader Cantor opposes Senate 'cliff' bill

    January 1, 2013 2:39 PM

    WASHINGTON - The No. 2 Republican in the House leadership says he opposes a Senate-passed measure to avert the so-called fiscal cliff. Virginia Rep. Eric Cantor told reporters after a two-hour closed-door meeting Tuesday with his GOP lawmakers that he did not support the bill. He said House leaders were... more »
  • Bill to avert fiscal cliff heads to House

    January 1, 2013 8:38 AM

    WASHINGTON - Now in the spotlight, House Republicans plan a closed-door meeting today to decide their next move after the Senate overwhelmingly approved compromise legislation avoiding a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies. The Senate endorsed the legislation early... more »
  • Boehner: No decision on accepting 'cliff' pact

    December 31, 2012 10:51 PM

    WASHINGTON - House Speaker John Boehner and his leadership team say they need to review a Senate pact that would increase taxes on incomes exceeding $400,000 before deciding to schedule a vote on the measure or try to change it. In a joint statement late Monday, House GOP leaders promised... more »
  • Congress gets a raise as country goes over cliff

    December 31, 2012 10:28 PM

    Washington DC - While the country braces for the fiscal cliff, congress will prepare of pay raises. On Thursday the President signed an executive order ending long time pay freezes for federal employees. It ushers in raises for the Vice President, congress, and circuit and district court judges. The VP... more »
  • Deal reached on fiscal cliff

    December 31, 2012 8:32 PM

    WASHINGTON- The Associated Press reported late Monday evening, a deal was reached on taxes and other items involved in the so-called "fiscal cliff." The AP sites a Democratic aid. The report said the White House and the GOP reached a deal. Further details have not been released.... more »
  • House won't vote before midnight on 'cliff' deal

    December 31, 2012 3:21 PM

    WASHINGTON - The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff." House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day. President Barack Obama and Senate Republican... more »
  • McConnell: 2 sides close on 'fiscal cliff' deal

    December 31, 2012 2:06 PM

    WASHINGTON- Senate Minority Leader Mitch McConnell says he and the White House have agreed on preventing tax hikes that the "fiscal cliff" will trigger after midnight. And he says they are very close to an overall deal that would also prevent budget-wide spending cuts. The Kentucky Republican did not provide... more »
  • Progress seen in last-minute 'fiscal cliff' talks

    December 31, 2012 8:45 AM

    WASHINGTON - Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming 'fiscal cliff' ahead of a midnight deadline. A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals... more »
  • List: No love for 'fiscal cliff,' 'spoiler alert'

    December 31, 2012 8:21 AM

    DETROIT - Spoiler alert: This story contains words and phrases that some people want to ban from the English language. "Spoiler alert" is among them. So are "kick the can down the road," ''trending" and "bucket list." A dirty dozen have landed on the 38th annual List of Words... more »
  • Obama says immediate action needed on fiscal cliff

    December 28, 2012 5:10 PM

    WASHINGTON - 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. If Congress can't... more »
  • Senate leaders in last-ditch fiscal cliff talks

    December 28, 2012 4:36 PM

    WASHINGTON - The Senate's top Democrat and Republican say they're entering last-minute talks with the White House aimed at avoiding the fiscal cliff. Majority Leader Harry Reid and GOP leader Mitch McConnell gave the relatively upbeat assessment after the duo and top House leaders had what McConnell called a "good"... more »
  • Obama invites congressional leaders to cliff talk

    December 27, 2012 11:18 PM

    WASHINGTON - With the "fiscal cliff" clock winding down, President Barack Obama will meet with congressional leaders at the White House on Friday. The last-minute gathering will apparently attempt to reach a compromise to avoid a year-end across-the-board tax increases and deep spending cuts. Word of the meeting came after... more »
  • House to return to session Sunday evening

    December 27, 2012 2:37 PM

    WASHINGTON- The House will be back in session Sunday evening as the "fiscal cliff" looms, threatening across-the-board tax increases and spending cuts with the new year. Officials said the Republican leadership informed the GOP rank and file of the plan to meet during a conference call Thursday. It is unclear... more »
  • Still no movement on fiscal cliff

    December 27, 2012 8:02 AM

    WASHINGTON - President Barack Obama will be back in Washington this morning, after a brief holiday vacation in Hawaii. The president and lawmakers are running out of time to work out an agreement to stave off the across-the-board tax increases and budget cuts that are set to take effect next... more »
  • Obama cuts vacation short as 'fiscal cliff' looms

    December 26, 2012 6:43 AM

    HONOLULU - President Barack Obama is cutting short his traditional Christmas holiday in Hawaii, planning to leave for Washington on Wednesday evening as he and lawmakers consider how to prevent the economy from going over the so-called fiscal cliff. Obama was expected to arrive in Washington early Thursday, the White... more »
  • Don't be fooled by January pay -- higher taxes loom

    December 24, 2012 1:07 PM

    WASHINGTON- Even if the "fiscal cliff" can't be avoided, workers probably won't feel the full brunt of the tax hikes in their paychecks right away. The IRS has delayed releasing income tax withholding tables for 2013. So employers are planning to withhold income taxes at the 2012 rates, at least... more »
  • Lawmakers see 'fiscal cliff' deal as elusive

    December 24, 2012 8:11 AM

    WASHINGTON - Lawmakers say it'll be time to get back to work when they and President Barack Obama return to Washington on Thursday following the Christmas holiday. Time is running out to avert the fiscal cliff of tax increases and domestic program cuts in January, and some members of... more »
  • Christmas shoppers still spend despite looming Fiscal Cliff deadline Play Video

    December 22, 2012 5:36 PM

    BATON ROUGE - Holiday shoppers were out today despite current talks from Washington on potential tax increases. Kelli Bagwell said she is aware of how close the nation is to teetering to the fiscal cliff, but she is not going to let it ruin her holiday season. "I'm getting... more »
  • 'Fiscal cliff' leaves Boehner a wounded speaker

    December 22, 2012 10:14 AM

    WASHINGTON - John Boehner is a bloodied House speaker following the startling setback his own Republican troops dealt him in their "fiscal cliff" struggle with President Barack Obama. There's plenty of internal grumbling about the Ohio Republican, especially among conservatives, and lots of buzzing about whether his leadership post is... more »
  • Obama says he is 'ready and willing' to get deal

    December 21, 2012 10:20 PM

    WASHINGTON (AP) - President Barack Obama says he is "ready and willing" to get a big package done to deal with the "fiscal cliff" and says there's no reason not to protect middle-class Americans from tax increases. Obama says he spoke Friday with House Speaker John Boehner and met with... more »
  • Boehner on averting fiscal cliff: 'God only knows'

    December 21, 2012 9:33 AM

    WASHINGTON - House Speaker John Boehner says he's still open to talks with President Barack Obama on avoiding the double economic hit of automatic tax hikes and spending cuts but he needs Obama to compromise more. Boehner spoke to reporters Friday morning, hours after his rank-and-file Republicans handed him... more »
  • No vote in DC on taxes, fiscal cliff

    December 20, 2012 11:04 PM

    WASHINGTON (AP) - Unable to round up enough support, House Republicans abruptly put off a vote Thursday night on legislation allowing tax rates to rise for households earning $1 million and up, complicating attempts to avoid a year-end fiscal cliff that threatens to send the economy into recession. In a... more »
  • Boehner plans vote on backup proposal

    December 19, 2012 1:28 PM

    WASHINGTON - As the country continues to creep closer to the so-called "fiscal cliff," House Speaker John Boehner is planning a vote on his backup proposal tomorrow. "Plan B," as it's called, would block tax increases from being triggered Jan. 1 on everyone but those whose incomes exceed $1 million.... more »
  • Sources: New Obama offer moves toward Boehner

    December 17, 2012 6:37 PM

    WASHINGTON - President Barack Obama has proposed a deficit-reduction package to House Speaker John Boehner that would increase the top tax rates on taxpayers earning more than $400,000, cut more spending from health care programs and add $200 billion more in spending cuts over 10 years to his earlier offer.... more »
  • Obama, Boehner meeting at the White House

    December 17, 2012 10:46 AM

    WASHINGTON - A White House official says President Barack Obama and House Speaker John Boehner are meeting at the White House to discuss the pending fiscal cliff and deficit reduction. The meeting comes as Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in... more »
  • Hope for college graduates Play Video

    December 13, 2012 5:10 PM

    BATON ROUGE- Thousands of students from LSU and Southern Univeristy will be walking across the stage Friday to receive their diplomas. As those students make the walk across stage things are looking good for them on the other side. In Novermber, the U.S. economy added over 100,000 jobs,... more »
  • Obama, Boehner to meet on 'fiscal cliff'

    December 13, 2012 3:14 PM

    WASHINGTON - The White House says President Barack Obama will meet with House Speaker John Boehner later Thursday at the White House amid negotiations on the "fiscal cliff." The meeting comes as Boehner has accused Obama of dragging out negotiations on any agreement to avoid a series of wide-ranging tax... more »
  • Pelosi says time running out for fiscal cliff deal

    December 13, 2012 10:45 AM

    WASHINGTON - House Democratic Leader Nancy Pelosi says a deal must be reached "in the next couple of days or the very beginning of next week" to avoid the fiscal cliff of automatic tax hikes and spending cuts. The California Democrat criticized Republican House leaders for sending lawmakers home on... more »
  • Leading conservative says Obama will win tax fight

    December 13, 2012 10:08 AM

    WASHINGTON - A leading conservative who's resigning from the Senate is predicting that President Barack Obama will win the battle over raising taxes. South Carolina Republican Jim DeMint calls it "a political trophy" within Obama's grasp. He says, quote, "The president's proposal is not a plan, it's not a... more »
  • Boehner: Differences remain in fiscal cliff talks

    December 12, 2012 1:41 PM

    WASHINGTON - Talks between the White House and House Speaker John Boehner on a deal to avoid the "fiscal cliff" continue out of the public eye. But public statements from lawmakers suggest a deal is not close. Boehner himself says "serious differences" remain between him and President Barack Obama. The... more »
  • Fiscal cliff threatens federal aid for home heat

    December 12, 2012 1:37 PM

    PORTLAND, Maine - Poor and elderly Americans who rely on aid from the federal government to heat their homes stand to get less help this year if Congress and the White House fail to figure out a way to avoid the combination of tax increases and automatic spending cuts known... more »
  • Lieberman urges compromise in final Senate speech

    December 12, 2012 1:34 PM

    WASHINGTON - Retiring Sen. Joe Lieberman in his final Senate floor speech is urging Congress to put partisan rancor aside and reach across party lines to break Washington's gridlock. The Democrat-turned-independent from Connecticut said Wednesday that strong bipartisan leadership is needed to solve the nation's most pressing problems such as... more »
  • House GOP press Obama for balanced fiscal deal

    December 12, 2012 9:54 AM

    WASHINGTON - House Republican leaders are pressing President Barack Obama to come up with plan they can accept for spending cuts and tax revenue to avoid the so-called "fiscal cliff" of automatic tax hikes and budget reductions. Speaker John Boehner tells reporters at a Capitol Hill news conference that... more »
  • Reid: 'Extremely difficult' to solve fiscal cliff

    December 11, 2012 2:18 PM

    WASHINGTON - The Senate's top Democrat says "it's going to be extremely difficult" to pass legislation to address the so-called fiscal cliff before Christmas, but adds there's still a chance it can be done. Majority Leader Harry Reid commented Tuesday amid a souring mood in Washington over negotiations to forestall... more »
  • Senate GOP leader calls on Dems to spell out cuts

    December 11, 2012 10:23 AM

    WASHINGTON - The Senate Republican leader is calling on President Barack Obama and Democrats to spell out where they would cut government spending as part of any deal to avoid the so-called "fiscal cliff." Sen. Mitch McConnell complained on Tuesday that Obama has spent his time talking about raising tax... more »
  • Obama 'won't compromise,' but holds back on GOP criticism

    December 10, 2012 3:26 PM

    REDFORD, Mich. - President Barack Obama says he "won't compromise" on his demands that the wealthiest Americans pay more in taxes. However, Obama held back from directly criticizing Republicans for opposing his tax plans, perhaps signaling that private negotiations over the "fiscal cliff" are showing progress. Obama and Boehner met... more »
  • Obama tax plan no small deal to small businesses

    December 10, 2012 2:47 PM

    WASHINGTON - Congressional budget experts say President Barack Obama's plan to raise taxes on top earners will have only a small impact on the economy. Don't tell that to the 940,000 small business owners who will pay more. All together, they will account for more than half the $1.3 trillion... more »
  • Fiscal cliff stalemate spurs anxiety in states

    December 10, 2012 12:35 PM

    JEFFERSON CITY, Mo. - A potential plunge over the federal "fiscal cliff" is causing anxiety for many state officials - not only because of prospective federal funding cuts, but because of the confusion surrounding the ongoing stalemate in Washington. The longer the White House and Congress remain at odds, the... more »
  • Boehner: No progress in fiscal cliff talks

    December 7, 2012 10:28 AM

    WASHINGTON - House Speaker John Boehner says there's been no progress in negotiations on how to avoid the fiscal cliff of tax hikes and spending cuts and called on President Barack Obama to come up with a new offer. Boehner told reporters outside his Capitol Hill office Friday that the... more »
  • Obama, Boehner speak by phone on fiscal cliff

    December 5, 2012 4:37 PM

    WASHINGTON - President Barack Obama and House Speaker John Boehner discussed the fiscal cliff Wednesday in a telephone call. It followed several days of political sparring over steps to prevent a year-end series of tax increases and spending cuts. The call raises the possibility that negotiations will soon resume between... more »
  • White House asks agencies to plan for fiscal cliff

    December 5, 2012 4:06 PM

    WASHINGTON - The White House budget office has asked federal agencies to calculate more than $100 billion in spending cuts that would go into effect in January if Congress and the Obama administration fail to reach agreement to avert the looming fiscal cliff. White House press secretary Jay Carney said... more »
  • Sen. Coburn latest to suggest he could support higher tax rates

    December 5, 2012 4:04 PM

    WASHINGTON - Another Republican is breaking ranks with party leaders on the issue of tax rates. Senator Tom Coburn of Oklahoma says he could support President Barack Obama's demand for an increase in tax rates at upper income levels, as part of a comprehensive plan to cut federal deficits. Coburn... more »
  • 'Fiscal cliff' offers hint at more defense cuts

    December 5, 2012 7:51 AM

    WASHINGTON - House Republicans' "fiscal cliff" counteroffer to President Barack Obama hints at billions of dollars in military cuts on top of the nearly $500 billion that the White House and Congress backed last year, and even the fiercest defense hawks acknowledge that the Pentagon faces another financial hit. ... more »
  • Obama addresses CEOs, Native American leaders

    December 5, 2012 7:25 AM

    WASHINGTON - President Barack Obama speaks to business leaders Wednesday morning amid the debate over how to avoid the fiscal cliff. Obama also plans to answer questions from members of the Business Roundtable, an association of chief executive officers of leading U.S. companies. The group has been urging... more »
  • Obama: No fiscal cliff deal without higher rates

    December 4, 2012 12:35 PM

    WASHINGTON - President Barack Obama says there will be no deal to avert the "fiscal cliff" unless Republicans drop their opposition to raising tax rates on the wealthiest Americans. However, Obama is signaling flexibility on where the rates eventually wind up. Obama says he knows he won't get everything that... more »
  • Governors ask for flexibility in fiscal cliff deal

    December 4, 2012 11:52 AM

    WASHINGTON - A bipartisan group of governors says they sought assurances from President Barack Obama that any cuts in spending to address the looming "fiscal cliff" would not shift the financial burden onto states. They say they want flexibility from the federal government on mandated programs to allow them to... more »
  • White House rejects GOP fiscal cliff counteroffer

    December 3, 2012 4:47 PM

    WASHINGTON - The White House is rejecting a Republican counteroffer aimed at averting the "fiscal cliff," saying it does not meet what the White House calls "the test of balance." White House communications director Dan Pfeiffer says the GOP proposal would lower tax rates for the wealthy and stick the... more »
  • GOP proposes new 'fiscal cliff' offer to Obama

    December 3, 2012 2:16 PM

    WASHINGTON - House Republicans negotiating with President Barack Obama on avoiding the so-called fiscal cliff are proposing to increase the eligibility age for Medicare and to lower cost-of-living hikes in Social Security benefits. The proposal is a response to Obama's offer last week to hike taxes by $1.6 trillion over... more »
  • Dollar coins could save country billions Play Video

    November 30, 2012 5:37 PM

    BATON ROUGE- An idea to exchange dollar bills for dollar coins is resurfacing as the country debates how to trim the budget. While the coins would cost more to mint than bills, they would last decades longer than paper money. The switch could save the federal government nearly $4.4... more »
  • Obama, Boehner seem far apart on fiscal cliff

    November 30, 2012 3:51 PM

    HATFIELD, Pa. - President Barack Obama and House Speaker John Boehner don't sound close to a deal to avoid that "fiscal cliff" of tax hikes and spending cuts due to hit in January. Boehner says negotiations are going "almost nowhere" right now. He says Obama's proposal to avoid the fiscal... more »
  • Obama to paint Republicans as obstacles to a deal

    November 30, 2012 7:47 AM

    WASHINGTON - During his visit to the Philadelphia area today, President Barack Obama is planning on insisting on higher taxes for the top two percent of earners. That's according to White House officials, who say Obama will cast Republicans as an obstacle to a deal that would avoid the "fiscal... more »
  • Republicans accused Democrats of moving closer to the 'cliff'

    November 29, 2012 1:28 PM

    WASHINGTON - Republican congressional leaders are accusing Democrats of moving the nation closer to the "fiscal cliff," by refusing to outline possible spending cuts. After a meeting with Treasury Secretary Tim Geithner today, House Speaker John Boehner said there'd been "no substantive progress" -- and no "specific plan for cutting... more »
  • Source: Obama officials, lawmakers set for talks

    November 28, 2012 1:08 PM

    WASHINGTON - An administration official says two of President Barack Obama's top negotiators on the "fiscal cliff" will meet separately on Thursday with leading lawmakers. The sessions are seen as an important step in determining how the government will avoid a year-end package of tax increases and spending cuts that... more »
  • Congress returns, effort to avert tax hikes and spending cuts resumes

    November 26, 2012 5:05 PM

    WASHINGTON - Efforts to avoid the "fiscal cliff" have resumed in Washington following the long holiday weekend. Congress and President Barack Obama have until the end of the year to avoid tax increases and automatic spending cuts. White House and congressional aides say Obama spoke separately over the weekend with... more »
  • White House warns impending 'cliff' could hurt holiday spending

    November 26, 2012 3:16 PM

    WASHINGTON - As Washington gets back to work on avoiding the automatic spending cuts and tax hikes that would take effect in January, White House economists are warning that the uncertainty facing U.S. taxpayers could cause consumers to rein in their spending during the current holiday season. The report... more »
  • Buffett urges Congress to raise taxes on wealthy

    November 26, 2012 10:33 AM

    OMAHA, Neb. - Billionaire Warren Buffett is again calling for higher taxes on the "ultra-rich" and he's urging Congress to compromise on spending cuts and tax increases. Buffett expressed his views on fiscal policy in an opinion article Monday in The New York Times. In the article, Buffett mocked the... more »
  • Stocks open lower on new fiscal cliff warning

    November 26, 2012 10:29 AM

    NEW YORK - Stocks are opening lower after a warning from White House economists dampened what had been a huge weekend for retailers. Shoppers flooded stores in record numbers over the weekend, according to the National Retail Federation. The organization said 247 million shoppers visited stores and shopping websites during... more »
  • Stocks open lower on new fiscal cliff warning

    November 26, 2012 9:57 AM

    NEW YORK - Stocks are opening lower after a warning from White House economists dampened what had been a huge weekend for retailers. Shoppers flooded stores in record numbers over the weekend, according to the National Retail Federation. The organization said 247 million shoppers visited stores and shopping websites... more »
  • Bernanke warns Congress to avoid "fiscal cliff"

    November 20, 2012 12:25 PM

    WASHINGTON - Federal Reserve Chairman Ben Bernanke (bur-NANG'-kee) is warning Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the "fiscal cliff" will take effect in January. Speaking... more »
  • Fiscal talks under way, Obama heads to SE Asia

    November 16, 2012 2:52 PM

    WASHINGTON - President Barack Obama is about to head off to Southeast Asia to showcase a foreign policy achievement in Myanmar and reinforce the U.S. role as a counterweight to China. The four-day trip beginning Saturday will provide a brief break from dicey fiscal negotiations and a national security sex... more »
  • Buffett says fiscal cliff won't trigger recession

    November 14, 2012 3:28 PM

    OMAHA, Neb. - Investor Warren Buffett says there won't be a recession if Congress can't resolve the so-called fiscal cliff before the automatic tax increases and spending cuts take effect in January. Buffett told CNN on Wednesday that the U.S. economy is very resilient, and it won't collapse if lawmakers... more »
  • Obama: US can't afford across-the-board tax hike

    November 14, 2012 12:58 PM

    WASHINGTON - President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less. Obama says he is confident that he and Congress can reach an agreement that... more »
  • Senate GOP leader: Obama should offer deficit plan

    November 13, 2012 3:28 PM

    WASHINGTON - Senate Republican Leader Mitch McConnell says it's up to President Barack Obama to present a deficit reduction plan rather than a campaign slogan to Congress. The Kentucky Republican said that like House Speaker John Boehner, he is ready to support new revenue as part of a deal that... more »
  • Labor heads say Obama backs them on 'fiscal cliff'

    November 13, 2012 12:47 PM

    WASHINGTON - Labor leaders say President Barack Obama remains committed to preserving tax cuts for middle class families and ensuring that the wealthiest Americans pay more in taxes. The leaders of labor unions met with Obama Tuesday to discuss ways of averting the so-called "fiscal cliff" and find consensus on... more »
  • Deficit talks will test GOP focus on tax rates

    November 12, 2012 4:16 PM

    WASHINGTON - Republican leaders say the government can raise tax "revenues" without raising tax "rates." But they have yet to detail how they would pursue it. The distinction might mean little to Americans who end up with larger tax bills even if their tax rates don't change. This politically tricky... more »
  • Congress faces agenda of unfinished business

    November 12, 2012 2:36 PM

    WASHINGTON - Congress returns Tuesday to a crowded agenda of unfinished business overshadowed by the urgent need for President Barack Obama and lawmakers to avert the economic double hit of tax increases and automatic spending cuts. One week after the elections, Republicans and Democrats face a daunting task in a... more »
  • Stocks slip as worries about fiscal cliff return

    November 12, 2012 12:19 PM

    NEW YORK - Stocks are slipping in midday trading on Wall Street, erasing an early gain, as investors again turn their focus to the approaching "fiscal cliff." Trading was light. The federal government and U.S. bond trading were closed for Veterans Day. Huge government spending cuts and tax increases are... more »
  • Baton Rouge residents weigh in on potential fiscal cliff crisis Play Video

    November 10, 2012 6:33 PM

    BATON ROUGE - Some people admitted they really weren't sure what the fiscal cliff was, but those that did said they've been following the situation closely. "Well all young people are struggling particularly my college friends." Says Simone Laroussini. President Barack Obama's budget control act will start on... more »
  • Obama: Wealthy must see higher taxes under plan

    November 9, 2012 12:33 PM

    WASHINGTON - President Barack Obama says raising taxes on wealthiest Americans must be part of deficit reduction plan but says he is "open to compromise" and "new ideas." Obama says he will refuse to accept any approach that "isn't balanced." Obama says in his first public comments since the election... more »
  • Boehner says debt limit should be part of talks

    November 9, 2012 10:54 AM

    WASHINGTON - House Speaker John Boehner says any deal to avert the so-called fiscal cliff should include lower tax rates, eliminating special interest loopholes and revising the tax code. Speaking to reporters Friday, the Ohio Republican insisted that changing the tax code and making it more efficient would lead to... more »
  • Obama will ask Congress to act

    November 9, 2012 9:36 AM

    WASHINGTON - Will he stand tough, or offer a compromise? Democrats and Republicans are waiting to see what kind of tone President Barack Obama will set as he talks today about the approaching "fiscal cliff" and the need to work out a deal with Congress to avoid automatic tax... more »
  • Fiscal cliff would spark recession

    November 8, 2012 7:32 PM

    A report says the so-called fiscal cliff would send the economy back into recession and cause a spike in the unemployment rate to above 9 % by next fall. The analysis by the Congressional Budget Office says the combination of automatic tax increases and spending cuts would reduce the deficit... more »
  • Congress: Fiscal cliff cuts would mean recession

    November 8, 2012 3:50 PM

    WASHINGTON - Congressional budget experts are offering a dire analysis of what would happen to the economy if the "fiscal cliff" of tax increases and spending cuts can't be averted. The report from the Congressional Budget Office says the economy would go back into recession, with the jobless rate jumping... more »
  • Pres. Obama faces challenges in next term Play Video

    November 7, 2012 6:47 PM

    BATON ROUGE - Today in Baton Rouge, there was a lot of talk about President Barack Obama's re-election and what will come with his next four years in office. Voters like Rhonda Sharris said even though the same man's in the White House, changes must be made. "You... more »
  • House speaker says he'll consider tax increase

    November 7, 2012 6:02 PM

    WASHINGTON - House Speaker John Boehner is offering to pursue a deal with a victorious President Barack Obama that will include higher taxes "under the right conditions" to help reduce the nation's staggering debt and put its finances in order. Boehner tells reporters a day after the president's clear re-election... more »
  • Biden: Dems ready to compromise on 'fiscal cliff'

    November 7, 2012 4:29 PM

    WASHINGTON - Vice President Joe Biden says he and President Barack Obama are anxious to move forward on a bipartisan solution to the looming "fiscal cliff" that could force tax increases and across-the-board spending cuts next year. Biden told reporters Wednesday the real question is what Republicans in Congress will... more »
  • Obama must work with status-quo Congress to avert financial crisis

    November 7, 2012 11:24 AM

    WASHINGTON - With a second term ahead of him, President Barack Obama faces the urgent task of working with Congress to address an impending financial crisis that economists say could send the country back into recession. Automatic tax increases and across-the-board spending cuts known as the "fiscal cliff" are set... more »
  • Fitch Ratings warns Obama must get deficit deal

    November 7, 2012 10:54 AM

    WASHINGTON - Fitch Ratings says President Barack Obama must pivot off his re-election victory and quickly forge an agreement with Congress to prevent a series of tax increases and spending cuts that kick in next year. The credit rating agency issued a news release Wednesday - hours after Obama won... more »

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