Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/30/2012 (3 years 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 (3 years 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'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Politics & Policy

FBI investigating Gov. McAuliffe, Clinton Foundation for Chinese ties Watch

Image of Virginia Gov. Terry McAuliffe is under FBI investigation for accepting illegal campaign contributions.

By David Drudge (CALIFORNIA NETWORK)

The FBI is investigating Virginia Gov. Terry McAuliffe on the grounds that he accepted illegal campaign contributions. There is overlap between his donors and donors to the Clinton campaign. Investigators have discovered that a Chinese politician made a particularly ... continue reading


American Steel v. China's Production - There is no such thing as free trade Watch

Image of American steel jobs have drastically fallen (iisssc).

By Kenya Sinclair (CALIFORNIA NETWORK)

As American steel production falters, China has begun efforts to dump its excess steel at slashed prices. LOS ANGELES, CA (Catholic Online) - According to Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, and Chuck Schmitt, president of SSAB ... continue reading


'Shame, shame, shame': House Democrats boo Republicans Watch

Image of House Republicans halt the hostile amendment in its tracks (EPA).

By Catholic Online (NEWS CONSORTIUM)

Chaos erupted as the US House of Representatives refused to pass an amendment meant to strip away religious freedom and protections for religious contractors and those who work with the federal government. LOS ANGELES, CA (Catholic Online) - When House Democrats ... continue reading


Judge SPANKS Obama's attorneys who LIED to the court! Watch

Image of Judge Andrew Hanen shut down Obama's attorneys for lying.

By David Drudge (CALIFORNIA NETWORK)

An angry federal judge has ordered Justice Department attorneys to take annual ethics classes for lying. The lies told by Justice Department attorneys tricked 26 states into filing a lawsuit against the administration. LOS ANGELES, CA (California Network) - U.S. ... continue reading


Bill Clinton, America's favorite rapist? Watch

Image of Thew family that rapes together, destroys women's rights and justice together.

By David Drudge (CALIFORNIA NETWORK)

As Hillary Clinton declares herself the presumptive nominee of the Democratic party amid the cheers of millions of millennial supporters, few people seem to remember that her husband, Bill Clinton, is an accused serial rapist. And far from being a supporter of women' ... continue reading


YES! Oklahoma votes to outlaw abortion! Watch

Image of The Oklahoma legislature has voted to end abortion in their state.

By Marshall Connolly (CALIFORNIA NETWORK)

Oklahoma has outlawed abortion! The state legislature has passed a bill that would criminalize the procedure, except to save the life of the mother. The bill will now go to the governor for signing. LOS ANGELES, CA (Catholic Online) - The final decision will be up to ... continue reading


'It's a suicide mission': Mitt Romney will not launch campaign Watch

Image of Mitt Romney will not launch a third-party presidential campaign.

By Kenya Sinclair (CALIFORNIA NETWORK)

Former Massachusetts governor and former Republican presidential nominee Mitt Romney has announced plans to halt all recruitment for a third-party presidential campaign. LOS ANGELES, CA (Catholic Online) - According to Yahoo! News, Romney initially attempted to recruit ... continue reading


Obama 'Hope' Street Artist calls out President as failure Watch

Image of Street artist Shepard Fairey admitted his disappointment in US President Barack Obama.

By Kenya Sinclair (CALIFORNIA NETWORK)

Street artist Shepard Fairey, who created the iconic "Obama Hope" poster, has jumped on board the Bernie Sanders train and claims US President Barack Obama did not meet expectations. LOS ANGELES, CA (Catholic Online) - According to Info Wars, Fairley stated Obama went ... continue reading


Bernie Sanders is all but out, which makes him more relevant than ever before Watch

Image of Will Bernie Sanders run as a third party candidate? His campaign says no.

By David Drudge (CALIFORNIA NETWORK)

It's super unlikely that the Sanders campaign can win the Democratic nomination, short of any deus ex machina event, but that doesn't mean he plans to quit. In fact, Sanders is just getting started. LOS ANGELES, CA (California Network) - Last night, Hillary Clinton ... continue reading


'What about OUR kids?': Obama creates jobs for refugees Watch

Image of US President Barack Obama set aside a $21 million budget to create summer jobs for America's youth (wallpapercave).

By Kenya Sinclair (CALIFORNIA NETWORK)

School is nearly out and summer is upon us. Students and the unemployed will be hired for summer jobs while vacationers spur the economy. Everyone is hiring and the Obama administration is doing its part as well, with a budget of $21 million to create jobs nationwide ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Daily Reading for Thursday, May 26th, 2016 HD Video
  • Prayer to Holy Michael the Archangel HD Video
  • Benedict XVI to make public appearance?
  • Daily Readings for Wednesday, May 25, 2016
  • Nun fatally attacked in South Sudan
  • St. Mary Magdalene de Pazzi: Saint of the Day for Wednesday, May 25, 2016
  • Goodbye El Nino! Hello La Nina! What does this mean for the Atlantic ...

Daily Readings

Reading 1, First Peter 1:18-25
18 For you know that the price of your ransom from the futile way of life ... Read More

Psalm, Psalms 147:12-13, 14-15, 19-20
12 Praise Yahweh, Jerusalem, Zion, praise your God.13 For he ... Read More

Gospel, Mark 10:32-45
32 They were on the road, going up to Jerusalem; Jesus was walking on ... Read More

Saint of the Day

Saint of the Day for May 25th, 2016 Image

St. Mary Magdalene de Pazzi
May 25: It would be easy to concentrate on the mystical ... Read More