Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/30/2012 (1 year ago)

Catholic Online (www.catholic.org)

Obama warns that failure to reach agreement will result in nation's biggest ever tax increase

The clock is ticking towards Tuesday, the first day of the New Year of 2013 - and with it, U.S. President Barack Obama has sternly warned lawmaker that if hard decisions are not made before then, the nation will go over the dreaded "fiscal cliff," leading to the nation's largest ever

President Obama told reporters that that his offers to Republicans 'have been so fair that a lot of Democrats get mad at me,' citing a proposal he made to House Speaker John Boehner to reduce cost-of-living increases for Social Security beneficiaries.

President Obama told reporters that that his offers to Republicans "have been so fair that a lot of Democrats get mad at me," citing a proposal he made to House Speaker John Boehner to reduce cost-of-living increases for Social Security beneficiaries.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/30/2012 (1 year ago)

Published in Politics & Policy

Keywords: Fiscal cliff, Republicans, Democrats, budget deal, President Obama


LOS ANGELES, CA (Catholic Online) - The president spoke on news program as congressional negotiators burrowed into their offices to stop the U.S. economy from hitting a major crisis.

The biggest tax increases ever to hit the American public could take only a day to implement. Some lower taxes are scheduled to expire on the last day of the year.

Obama told reporters that that his offers to Republicans "have been so fair that a lot of Democrats get mad at me," citing a proposal he made to House Speaker John Boehner to reduce cost-of-living increases for Social Security beneficiaries.

Republican Senator Lindsey Graham in the meantime on another news program that chances for a small "fiscal cliff" deal in the next 48 hours were "exceedingly good" and that Obama had "won." However, Democrats and Republicans still remained at loggerheads on Sunday.

"There are still serious differences between the two sides," Senate Democratic Leader Harry Reid said.

Democrats said Republicans were proposing to slow future cost of living increases for Social Security recipients, which Republicans have declined to confirm.

Both Democrats and Senate Republicans worked on Saturday on a possible compromise that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to kick in next week.

The approximately $500 billion value of the revenue increases would represent a historic hike when taken together, a one-two punch that could send the U.S. economy back into recession.

One congressional aide close to the talks said that most of what was being discussed late on Saturday would provide temporary patches to the "fiscal cliff" dilemma.

"They continue to go round and round," the aide said of the negotiations, with ideas constantly in flux.

Speaking on the condition of anonymity, the source said negotiators were discussing the possibility of putting off for a few months the $109 billion in automatic spending cuts due to start this week on Wednesday.

These cuts would be divided equally between military and non-military programs. There are widespread concerns that they could cause severe disruptions inside federal agencies if allowed to occur.

Talk of a temporary delay earlier this week in the spending cuts was met with derision by some congressional aides.

The extension of the low-income tax rates first put in place under Republican former President George W. Bush would also be on a temporary basis, probably another year, the aide said.

No deal had been reached on the most difficult question: Democrats' demand that upper-income earners, i.e. having tax rates go up for households making more than $250,000 a year.

Republicans have long opposed this plan, but have recently signaled a willingness to go along with a higher threshold. A $400,000 figure has been suggested over the past several days.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Politics & Policy

The Immigration Conflagration and the Dangers of a Benevolent Dictator

Image of

By Keith A. Fournier

There is no question that comprehensive immigration reform is needed. Most people acknowledge this as a fact. However, the truth is President Obama could have participated in such reform, and he knows it, by working with the 114th Congress which will soon be sworn ... continue reading


Running out the door, Republicans too busy with Thanksgiving to address laws Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

With Thanksgiving turkeys dancing in their heads, many Republican lawmakers are running out the door in lieu of considering a plethora of new legislation. Republican members have discussed resolutions of disapproval and censure. One unnamed lawmaker was ... continue reading


The TOP 10 list of countries where slavery is most prevalent. DO YOU BENEFIT FROM SLAVERY? You might be shocked! Watch

Image of Poor Haitians are commonly enslaved by wealthier family members.

By Catholic Online (NEWS CONSORTIUM)

Last week it was announced that some 36 million people around the world live in slavery, a number that is higher than at any time in history. While most Americans feel that slavery is a distant problem, which has little or no effect on their lives, the sad fact is that ... continue reading


Raking in the dough: Obamacare 'architect' worth millions Watch

Image of Jonathan Gruber has a lucrative connection with the Department of Health and Human Services.

By Catholic Online (NEWS CONSORTIUM)

Jonathan Gruber's good fortune would make lots of college students change their majors to economics. The Massachusetts Institute of Technology, along with his firm Gruber Microsimulation Model has raked in millions. Gruber's chief function is estimating the ... continue reading


Why have Republicans betrayed us to the most anti-life president in history? Mark Levin has an idea Watch

Image of Mark Levin is a Constitutional scholar and commentator.

By Catholic Online (NEWS CONSORTIUM)

Two weeks ago, the American people spoke and sent a message to Obama that we did not approve of his style of leadership. Americans gave control of both the House and Senate to Republicans with a clear mandate to put a stop to the rule of the most anti-life, ... continue reading


Reaping what is sown: No immigration reform hurt Democrats in midterms, former president Clinton says Watch

Image of Speaking in an interview with POLITICO's Mike Allen, Clinton was celebrating the 10-year anniversary weekend of the opening of his presidential library in Little Rock.

By Catholic Online (NEWS CONSORTIUM)

A lack of action may have cost President Obama and the Democratic Party big time, former President Bill Clinton says. The Republican victory at midterms earlier this month may have been the result of a lack of action on immigration reform. Clinton says that ... continue reading


'Mook Mafia' said to be heading Hillary Clinton's run for president Watch

Image of Mook is a word used to describe an underling or person with limited intelligence who does as he was told by higher-ups.

By Catholic Online (NEWS CONSORTIUM)

As coined in the 1974 Martin Scorsese film, "Mean Streets," "mook" is the term used by Italian Americans used to denote a "loser." In later years, mook became known as a word used to describe an underling or person with limited intelligence who did as he was ... continue reading


United Nations takes United States to task for legalizing marijuana Watch

Image of The United Nations is taking some states in the United States for legalizing or decriminalizing marijuana use. The U.N. anti-narcotics chief says that these measures are not in concert with international drug conventions.

By Catholic Online (NEWS CONSORTIUM)

The United Nations is taking some states in the United States for legalizing or decriminalizing marijuana use. The U.N. anti-narcotics chief says that these measures are not in concert with international drug conventions.  LOS ANGELES, CA (Catholic Online) ... continue reading


Federal health care officials scramble to bring health care Web site up to snuff Watch

Image of Throttling would detect overloads sooner and be more efficient than the one long online line federal officials devised last winter. This led to the dreaded

By Catholic Online (NEWS CONSORTIUM)

While the Obama administration is confident that HealthCare.gov is far more adept this time around in time for open enrollment, there are signs that officials are drawing up contingency plans for any eventuality. These plans will hopefully readily address the ... continue reading


California's Willie Brown advises Hillary Clinton not to bother with presidential run - you will Lose Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Serving two terms as the mayor of San Francisco, longtime Democrat and California politician has some sage words of advice for Hillary Clinton when it comes to a presidential run in 2016: Don't bother, as you won't win. LOS ANGELES, CA (Catholic Online) - ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Revelation 11:4-12
4 These are the two olive trees and the two lamps in ... Read More

Psalm, Psalms 144:1, 2, 9-10
1 [Of David] Blessed be Yahweh, my rock, who trains ... Read More

Gospel, Luke 20:27-40
27 Some Sadducees -- those who argue that there is no ... Read More

Saint of the Day

Saint of the Day for November 22nd, 2014 Image

St. Cecilia
November 22: In the fourth century appeared a Greek religious romance on the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter