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foxnews.com With momentum building toward the completion of a draft immigration bill, Republican lawmakers — even one at the center of the talks — are urging Senate leaders to slow the process down to avoid making “fatal” mistakes. Advocates for a comprehensive immigration reform bill were jubilant over the weekend after representatives for big business and labor agreed on a framework for allowing low-skilled workers into the country. Sen. Chuck Schumer, [...] Senate Democrats plan to draft a budget blueprint that calls for significantly higher taxes on the wealthy, oil and gas companies and corporations doing business overseas, reopening a battle over taxes Republicans had hoped to lay to rest with the “fiscal cliff.” For nearly four years, Senate leaders have ducked their legal duty to craft a comprehensive budget framework. Now, however, Democrats see the budget process as “a great opportunity” to [...] Governor Working On Deal That Would Go After Assault Weapons, Magazines by Patrick A. Heller, NY CBS Local: A deal to give New York one of the toughest gun control laws in the nation is being negotiated by Gov. Andrew Cuomo, who, sources said Tuesday, is hoping to announce the plan Wednesday during his State of the State speech in Albany. Cuomo hopes to jump-start the 2013 legislative session with a big deal that [...] 
MARKETS TANK ON FISCAL CLIFF FREAKOUT
Like yesterday, markets seemed to move on every fiscal cliff headline. Unlike yesterday, stocks tanked.
First the scoreboard: Dow: 12,938, -158.2, -1.2 percent
OBAMA: ‘The Hour For Immediate Action Is Here, It Is Now’ President Barack Obama called on Senate leaders to come to a bipartisan agreement to avert the year-end fiscal cliff following a meeting with [...] Charlotte-based Continental Tire the Americas picked Sumter, S.C., for its huge new tire plant, touching off a political storm in North Carolina. N.C. Gov. Bev Perdue and N.C. State Senate leaders traded tweets and news releases today, each charging the other with spoiling the 1,700-job deal for the Tar Heel state. Perdue blames the Senate for losing the project to South Carolina by failing to approve incentives the [...] From Washington Post: Senate leaders announced a bipartisan agreement Monday evening that would keep government agencies funded until Nov. 18, potentially ending a contentious dispute over how to pay for disaster funds. The Senate is expected to approve its version of the temporary spending bill Monday evening. Under the deal, the Federal Emergency Management Agency will be able to begin drawing down $2.65 billion when the [...] By Robert Schroeder, MarketWatch WASHINGTON (MarketWatch) — The Senate voted Friday night to set aside a House-passed bill that would raise the U.S. debt limit and cut the deficit, paving the way for a vote on Senate Democrats’ own measure and intense compromise talks as the clock ticked toward a potential government default next week. The House bill passed 218-210 earlier Friday, after Republican leaders [...] By MANU RAJU First came the Biden talks. When those blew up, the Obama-Boehner talks took center stage. And when that failed, the McConnell-Reid talks looked promising. And after they faltered, the Obama-Boehner talks tried to find a new life. Now it’s all come down to the Boehner-Reid-Pelosi-McConnell talks to solve the debt crisis. Notably absent? The president. That’s not to say Saturday’s congressional takeover went well. In a [...] by ZH Following a resumption of the “failed” debt ceiling discussion as of 11 am this morning, John Boehner has just released the following broad statement: “As I said last night, over this weekend Congress will forge a responsible path forward. House and Senate leaders will be working to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the [...] With the July 4 holiday behind us, it’s now 27 days until D-day, with the “D” standing for default, which the Obama Administration assures us the federal government will do on its debts unless Congress increases the nation’s $14.3 debt ceiling before then. Where do things stand? Pretty much where they did before the holiday, except now there’s even less time. President Obama gave reporters a status report [...] OVER the past week, there has been an uptick in fretting over the outcome of the debt-ceiling negotiations. House Republican Eric Cantor bailed on the negotiations, and a spate of public sniping broke out, generating fears that Republicans and Democrats are farther from an agreement than had been imagined. Bargaining has now been kicked upstairs to the president, who will meet with Senate leaders to try [...] From WSJ: With time running short to reach a deal to avoid a government default, President Barack Obama met privately Monday with Senate leaders in hopes of resolving an impasse over whether to include tax increases in a deficit-reduction agreement. The White House argued that the deficit can’t be significantly cut without eliminating tax breaks for certain wealthy individuals and companies, while Republicans said doing so would [...] Joe Biden (left) and Jack Lew arrive for budget talks with Senate leaders Wednesday. | AP Photo Budget talks came to life Wednesday but not without tension between the White House and Senate Democrats, worried that the administration was too quick to agree to $33 billion in spending cuts to try to move Speaker John Boehner toward what remains a very uncertain deal. Vice President Joe Biden and [...] The US has initiated dispute settlement proceedings in the WTO regarding Chinese trade policies. The US Trade Representative (USTR) challenged China’s imposition of countervailing duties on certain US steel products, and the difficulty that US firms have in getting access to the Chinese market in payment card services. |
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