Coming across on Twitter & CNN
Stay tuned for updates
Senior officials from both sides now confirm: $400,000 for individuals, $450,000 for families.
“Fiscal cliff” negotiators settle on income threshold for expiration of tax cuts on wealthiest Americans
Senior officials from both sides now confirm: $400,000 for individuals, $450,000 for families.
“Fiscal cliff” negotiators settle on income threshold for expiration of tax cuts on wealthiest Americans
President Obama will deliver a statement on the fiscal cliff. Follow WSJ live blog:
http://blogs.wsj.com/washwire/2012/12/31/live-blog-obama-speaks-on-fiscal-cliff-at-130-p-m/?mod=e2tw
BREAKING NEWS
AP Sources: ‘Fiscal cliff’ deal emerging
Obama: “agreement within sight but not done”
Obama: Deal avoids the cliff, but does little to tackle long-term. “With this Congress that was obviously a little too much to hope for.”
Obama: “We’re going to need to do more”
Obama: “My preference would have been to solve these problems in the context of a larger agreement”
Pres. Obama: Potential deal would make sure taxes don’t go up on middle class families, extend unemployment insurance, other tax credits
Pres Obama would have prefered a “grand bargain” to address taxes and deficits “but that was a little too much too hope for” with Congress.
DOW is dropping.
Obama: I’m willing to do more, but has to be balanced, responsible. Willing to reduce gov’t medical bills by reducing medical costs
Weird. Obama: “I’m going to be President for the next 4 years, I hope.”
Obama, on stuck in DC alone for New Year’s: “I can come to your house”
DJIA Nose Dives
http://marketdata.skynews.com/instrument_view.html?ID_NOTATION=324977
DEAL: NO CUTS!
The president made the remarks as negotiators moved closer to a deal Monday to cancel historic tax hikes for most Americans. But they were still hung up on spending, with Democrats resisting a Republican proposal to delay automatic spending cuts for just three months.
As Obama prepared to deliver remarks about the “fiscal cliff” at the White House, negotiators for the administration and McConnell (R-Ky.) appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks.
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The two sides also appeared to have reached consensus on unemployment benefits, with Republicans acceding to Democratic demands to keep benefits flowing to the long-term unemployed for another year. Medicare payments would not be cut for doctors next year, and the cost of preserving those programs would not be offset with other spending cuts.
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“You’re going to have to find some real spending cuts,” said Sen. Roy Blunt (R-Mo.). “You can’t just take this new tax revenue and say, ‘Well, we’ve got X number of dollars of new tax revenue, and that means we can spend that amount of money with no consequences.’ ”
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