Friday
December 15, 2017
Wednesday, December 26, 2012

Washington stirs to prevent 'fiscal cliff' as Obama heads home

Efforts to prevent the US economy from going over a "fiscal cliff" stirred back to life today with less than a week to go before potentially disastrous tax hikes and spending cuts kick in at the New Year.

In a sign that there may be a way through deadlock in Congress, Republican House of Representatives Speaker John Boehner urged the Democrat-controlled Senate to act to pull back from the cliff and offered to at least consider any bill the upper chamber produced.

US President Barack Obama will try to revive budget crisis talks - which stalled last week - when he returns to Washington tomorrow after cutting short his Christmas holiday in Hawaii.

But the White House and Republicans are still far apart, as hopes for legislation to prevent the economy from tumbling off the fiscal cliff switch to the Senate.

Democrats control a majority in that chamber but still need some support from Republicans across the aisle for a likely attempt to raise taxes on the wealthy.

A senior administration official told reporters traveling with Obama in Hawaii that senior Republican leaders in Congress, Senator Mitch McConnell and Boehner, should step up to head off the looming tax and spending hit.

"It's up to the Senate Minority Leader not to block a vote, and it's up the House Republican leader, the Speaker of the House ... to allow a vote," the official said.

Months of congressional gridlock on how reduce the deficit and rein in the nation's $16 trillion federal debt have begun to affect ordinary Americans.

Shoppers might have spent less this holiday season for fear of looming income tax increases and reports of lackluster retail holiday sales added to the urgency for a deal. US stocks fell today, dragged lower by shares of retail companies.

 

 

  • CommentComment
  • Increase font size Decrease font sizeSize
  • Email article
    email
  • Print
    Print
  • Share
    1. Vote
    2. Not interesting Little interesting Interesting Very interesting Indispensable
Tags:  Obama  US  fiscal crisis  





  • Comment
  • Increase font size Decrease font size
  • mail
  • Print

COMMENTS >

Comment




    ámbito financiero    ambito.com    Docsalud    AlRugby.com    

Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia