money.cnn.com / By Emily Jane Fox / December 30, 2012: 4:12 PM ET
For middle class Americans, there may be no escaping higher taxes, come January.
President Obama is trying to push through legislation to keep broader middle class income taxes from rising by Monday night. But they may still have to pay at least 2% more in payroll taxes.
That’s because the government had temporarily lowered the payroll tax rate in 2011 to 4.2% from 6.2%, in an [...]
Gold traders are the most bullish in four months as U.S. lawmakers near a deadline for budget talks, at a time when hedge funds are cutting bets on higher prices.
Fifteen of 19 analysts surveyed by Bloomberg expect prices to rise next week and one was bearish. A further three were neutral, making the proportion of bulls the highest since Aug. 24. Investors bought 60 percent more this year through gold- [...]
The Federal Reserve will amplify record accommodation tomorrow by announcing $45 billion in monthly Treasury buying that will push its balance sheet almost to $4 trillion, according to a Bloomberg survey of economists.
Forty-eight of 49 economists predict the Federal Open Market Committee will purchase Treasurys to bolster an existing program to buy $40 billion in mortgage bonds each month. The panel pledged in October to continue that plan until [...]
Over two million people will stop receiving jobless benefits immediately if Congress doesn’t make a #fiscalcliff deal:
WASHINGTON (KGO) — Millions of unemployed Americans have another reason to worry about “fiscal cliff” budget talks that seek to avoid looming tax increases and dire spending cuts come January.
About 2.1 million people will stop receiving jobless benefits immediately if Congress doesn’t reauthorize federal unemployment insurance programs by year’s end. Another 1 million [...]
“The next 70 point move in the S&P 500 will be down, not up…”
From Peter L. Brandt:
Caveat: I am a chartist – I sniff fairy dust.
Caution: I am a trader, not an analyst. My going-in assumption on every trade is that I will be wrong and take a loss.
The charts would suggest that this week’s rally in stocks will soon run its course – that the next 70 point move [...]
London Gold Market Report
from Ben Traynor
Tuesday 20 November 2012, 07:30 EST
Euro Holding Gains Despite France Downgrade, Indian Banks Banned from Lending for Gold Purchases
SPOT MARKET prices for buying gold traded above $1730 an ounce throughout Tuesday morning in London, up 1% for the week so far, while the Euro also held onto gains made yesterday despite news that a second ratings agency this year has downgraded France.
Gold rose by more than $20 [...]
Budget Talks: If President Obama wants to get a deficit deal done to avoid the fiscal cliff, his biggest challenge won’t be Republicans, but his own hard-core left-wing supporters.
Two days after the election, Obama’s favorite economist, Paul Krugman, set the tone for the intransigent left in a column titled: “Let’s not make a deal.” Boiled down, his advice to Obama was this: Don’t give in to any Republican demands, even [...]
The House voted Thursday to override steep cuts to the Pentagon’s budget mandated by last summer’s debt deal and replace them with spending reductions to food stamps and other mandatory social programs.
While doomed in the Senate and opposed by the White House, the legislation, which would reduce the deficit by $243 billion, is a Republican marker for post-election budget talks with the White House.
Members approved the Sequester Replacement Reconciliation Act [...]
WASHINGTON (AP) — A breakdown in high-stakes budget talks in Congress could threaten plans for a missile defense shield in Europe.
Congressional negotiators have shown little sign they will be able to meet Wednesday’s deadline for reducing the deficit by $1.2 trillion over 10 years. If they fail to agree, a new law mandates cuts throughout the federal government, including a big slice of the defense budget.
While it is not known [...]
1) Hiring grinds to halt in August, U.S. data show
Payroll counts in June and July were revised lower by a cumulative 58,000. Payrolls rose a revised 20,000 in June and by 85,000 in July.
The average workweek for August edged down by six minutes to 34.2 hours.
Average hourly earnings on the month fell 0.1% to $23.09. Economists had been expecting a 0.1% gain. Earnings are up 1.9% in [...]
A White House gambit to clinch a grand bargain with House Republicans on the debt ceiling ran into trouble Thursday when Senate Democrats decried any attempt to forge a deal without guaranteed new tax revenues.
Reports of an impending deal, coming just 11 days before an Aug. 2 deadline to raise the $14.3 trillion federal debt limit, quickly consumed Capitol Hill and brought immediate denials from House Republicans and the White [...]
Just two weeks after he seconded Treasury Secretary Tim Geithner’s dire warnings about the August 2 deadline to raise the U.S debt ceiling, House Majority Leader Eric Cantor walked out of the budget talks aimed at reaching a bipartisan compromise over deficit reduction. Like Arizona GOP Senator Jon Kyl, Cantor shifted the burden to Speaker John Boehner, Senate Minority Mitch McConnell and President Obama to [...]
By CARRIE BUDOFF BROWN & DAVID ROGERS
President Barack Obama called congressional leaders back to the White House for another round of budget talks Monday, telling them during a testy meeting Sunday that they will gather daily until a deal is reached, Democratic and Republican officials said.
In a bid to take his case to voters, the president also will hold a press conference Monday morning, the White [...]
President Obama has canceled a vacation to Montana scheduled this weekend, local police confirm to Fox News. The first family was slated to visit Whitefish, Montana from July 8-10.
“He was coming in for a brief vacation, this was all before the budget crisis hit, we were gearing up until last Friday, and then heard from Secret Service it was canceled,” Whitefish Police Chief Bill Dial [...]
(Reuters) – After weeks of impasse, President Barack Obama and top congressional leaders are aiming for “something big” as they resume budget talks on Thursday to avert an imminent default.
With Republicans showing new flexibility on taxes, Democrats say Obama will push negotiators to double their target to $4 trillion (2.5 trillion pounds) in budget savings over 10 years.
That would be an ambitious goal, but [...]
Democratic Gov. Mark Dayton and Republican leaders restarted budget talks Tuesday for the first time since Minnesota’s government shut down five days earlier, but with no progress to speak of the focus shifted from the Capitol to a courtroom where recipients of government money pleaded for their services to continue.
Dayton, House Speaker Kurt Zellers and Senate Majority Leader Amy Koch met for about an hour [...]
WASHINGTON — Obama administration officials are offering to cut tens of billions of dollars from Medicare and Medicaid in negotiations to reduce the federal budget deficit, but the depth of the cuts depends on whether Republicans are willing to accept any increases in tax revenues.
Administration officials and Republican negotiators say the money can be taken from health care providers like hospitals and nursing homes [...]
Debt Deal Must Come by Mid-July to Avert Default, Officials Say
Just a few headlines:
Pa. universities board boosts tuition for 2011-12?
Nothing Works in June as Stocks, Bonds, Commodities Drop on Slowdown Signs
Fed’s Balance Sheet Expands To $2.869 Trillion In Latest Week?
Greece to Receive Up to $124 Billion in New EU, IMF Financing
Greece Fights Debt with $71 Billion Yard Sale
Pentagon costs rising fast, CBO warns
Debt Deal Must Come by Mid-July to Avert [...]
The No. 3 Republican leader in the House took President Obama to task Friday, claiming he should put the golf clubs down and get directly involved in the budget talks with Congress.
“He’s got to get off the golf course and he’s got to get engaged,” Rep. Kevin McCarthy (R-Calif.) said.
“He has a responsibility as a leader,” McCarthy said.Although he referred to the president’s golf game, McCarthy did [...]
Associated PressHouse Majority Leader Eric Cantor
WASHINGTON—U.S. House and Senate Republican negotiators said they were pulling out of the bipartisan budget talks headed by Vice President Joe Biden for now because the group has reached an impasse over taxes that only President Barack Obama and Speaker John Boehner could resolve.
House Majority Leader Eric Cantor (R., Va.), in an interview after a negotiating session he described [...]
First thing this week, the United States will have hit its $14.3 trillion congressionally-mandated borrowing limit and the federal government will be running on fumes.
While the treasury says it can continue funding Uncle Sam’s $3.8 trillion annual spending spree by tapping into what is effectively an emergency credit card — borrowing from government worker retirement funds and cutting off federally-backed state and local bond programs [...]
May 5 (Reuters) – U.S. House Republican Leader Eric Cantor said he told bipartisan talks on the U.S. deficit that tax hikes were off the table as far as the Republican-run House of Representatives was concerned.
“The House has taken a firm position against anything having to do with increasing taxes or raising tax rates,” Cantor said on Thursday after the first session of budget talks with other lawmakers and Vice [...]
They swept into power on a wave of popular enthusiasm less than a year ago, but it’s not so easy being a Tea Party Congressman these days.
Members of the House and Senate are back in their districts this week and they’re getting an earful from their constituents who are telling them to stand firm on spending cuts and resist calls to raise the debt ceiling.
In a [...]