Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/30/2012 (2 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 (2 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for February 2015
General Intention:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Missionary Intention: That married people who are separated may find welcome and support in the Christian community.



Comments


More Politics & Policy

Abercrombie & Fitch's 'looks policy' under fire for stark employee discrimination of Muslim girl Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Abercrombie & Fitch faces yet another lawsuit for potential discrimination. The hip clothing store has previously been under fire for lack of racial diversity in both employment and advertisement and for limited sizing choices. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING REPORT: Social Security card in hand, illegal immigrants can claim back tax benefits Watch

Image of Lawmakers have expressed distress that amnestied illegal immigrants could be potentially rewarded for illegal work.

By Catholic Online (NEWS CONSORTIUM)

Workers living and employed here illegally appear to be on a fast track to join the American dream. According to a Congressional Research Service, or CRS, memo, those illegal immigrants able to obtain Social Security Numbers and work permits due to President ... continue reading


NOT SO FAST! Net neutrality to get onceover before approval Watch

Image of Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new net neutrality rules set for a vote later this week.

By Catholic Online (NEWS CONSORTIUM)

The hotly debated "Net Neutrality" - which will determine how the 21st Century's preferred mode of communication and information - is not a sure thing, just yet. Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new ... continue reading


Democrats can dish it out - but are now shying away from Obamacare penalties Watch

Image of As those taxpayers discover the penalty they owe, they will already be racking up a new, higher penalty for 2015.

By Catholic Online (NEWS CONSORTIUM)

It looks like Democrats can dish it out, but can't take it. One of the stipulations of health care reform, or "Obamacare" was those who chose not to enroll had to pay a penalty come tax time. Now, as millions begin to file their taxes, Democrats are having ... continue reading


Human Tide: Texas' porous border allows thousands to flood in from Mexico Watch

Image of Speaking out on CBS's

By Catholic Online (NEWS CONSORTIUM)

Porous borders - one where demarcations are hazy and ill-defined, allowing people to cross over into another country without proper accounting, was one of the reasons for the Ebola crisis in East Africa. There exists a similar situation between the United ... continue reading


'Terror threat' from American right-wing extremists discussed at summit Watch

Image of The mastermind behind the Alfred P. Murrah building bombing attack, Timothy James

By Catholic Online (NEWS CONSORTIUM)

Domestic terrorism in the United States has long been an ongoing concern. The White House held a "Countering Violent Extremism" summit last week to talk about "extremist ideologies that radicalize." The summit did not address radical Islam in particular, but ... continue reading


Is Obama corrupt? Contracts for amnesty being pushed at 'full-throttle pace' by Department of Homeland Security Watch

Image of The population of potential requesters for the president's deferred action will be

By Catholic Online (NEWS CONSORTIUM)

Despite a federal court's decision to halt President Obama's amnesty order, the White House continues to award multi-million-dollar contracts to firms to process millions of illegal immigrants. LOS ANGELES, CA (Catholic Online) - The population of potential ... continue reading


Blackwell and Morrison: Obama's ISIS Policy - Above US Only Sky Watch

Image of With the murders this week of twenty-one Coptic Christians on the beach in Libya, the world has seen an example of the cruelty and barbarism. The Obama administration regularly denies it has anything to do with Islam.

By Ken Blackwell and Bob Morrison

With the murders this week of twenty-one Coptic Christians on the beach in Libya, the world has seen an example of the cruelty and barbarism. The Obama administration regularly denies it has anything to do with Islam. Islam must change. The world cannot survive ... continue reading


Ron Paul issues dire warning: Secession is happening Watch

Image of

By Abigail James (NEWS CONSORTIUM)

The time is here, the United States' may soon be no more. According to former Republican presidential candidate and congressman, Ron Paul, the states will stop listening to federal laws. LOS ANGELES, CA (Catholic Online) - "I would like to start off by talking about ... continue reading


Coptic Chrsitians and the White House Watch

Image of Coptic Christians belong to a Catholic rite, in communion with Rome.

By Sr. Joan L. Roccasalvo, C.S.J. (CNA)

Pope Francis has called them martyrs, the twenty-one Coptic Christians executed in Libya.  "Jesus, help me," were the last words of one of the Egyptian migrant workers, all of whom were trying to eke out a living for their families. This mass butchery was carried ... 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, Ezekiel 18:21-28
21 'If the wicked, however, renounces all the sins he ... Read More

Psalm, Psalms 130:1-2, 3-4, 5-6, 7-8
1 [Song of Ascents] From the depths I call to you, ... Read More

Gospel, Matthew 5:20-26
20 'For I tell you, if your uprightness does not ... Read More

Saint of the Day

Saint of the Day for February 27th, 2015 Image

St. Leander of Seville
February 27: St. Leander of Seville, Bishop (Feast - February 27th) Leander ... 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