The Obama administration on Wednesday backed a plan that would temporarily eliminate spending cuts disrupting U.S. air travel, while lawmakers in Washington scrambled to avoid blame.
President Obama blamed Republicans' refusal to close `wasteful' loopholes for the automatic budget cuts going into effect Friday, and said Americans will get through the crisis.
President Obama will meet Friday with the top leaders in the House and Senate, hours past the deadline for averting automatic budget cuts, to discuss how to proceed on divisive tax-and-spend issues.
The Senate's senior Democrat and Republican reached a tentative agreement to impose modest limits on the filibuster, the delaying tactic that minority parties have long used to kill legislation and was immortalized in the film "Mr. Smith Goes to Washington."
Senate Minority Leader Mitch McConnell and House Democratic leader Nancy Pelosi are clashing over the prospect of another round of tax increases on the wealthy.
Rep. John Boehner was re-elected House speaker on Thursday as the 113th Congress ushered in the new and the old -- dozens of eager freshmen determined to change Washington and the harsh reality of another stretch of bitterly divided government.
New Jersey Gov. Chris Christie blasted fellow Republican John Boehner and the GOP-controlled House on Wednesday, saying he was disgusted that Congress failed to approve emergency aid for victims of Superstorm Sandy.
A bipartisan furor erupted after House Republican leadership decided to allow the current term of Congress to end without holding a vote on aid for victims of Superstorm Sandy.
The United States averted economic calamity on Tuesday when lawmakers approved a deal preventing huge tax hikes and spending cuts that would have pushed the world's largest economy off the "fiscal cliff" into recession.
The Senate approved the "fiscal cliff" deal in a late-night vote. House GOP leaders said, "The House will honor its commitment to consider the Senate agreement if it is passed." The House meets on New Year's Day.
Republican Sen. Bob Corker told CNBC on Monday he expects a deal to avoid the "fiscal cliff" would be worked out before the midnight deadline.
The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.
An annoyed President Obama said it was "mind boggling" that Congress has been unable to fix the "fiscal cliff." Then dispatched Senate Majority Leader Harry Reid, a Democrat, and Minority Leader Mitch McConnell, a Republican, on a mind-boggling mission: coming up with a bipartisan bill to break the stalemate - in about 48 hours.
President Obama makes a statement on the fiscal cliff, with CNBC's Melissa Lee and the Money In Motion traders.
Democratic and Republican sources involved in negotiations reported some progress Friday toward a potential deal averting the "fiscal cliff" ahead of an afternoon summit at the White House between President Barack Obama and congressional leaders.
President Obama will meet with congressional leaders on Friday in a last-ditch effort to avert a fiscal crisis. The NYT reports.
The program known as TAG, launched to support liquidity and bank stability, was killed thanks to infighting and the calculated indifference of the mega-banks.
"I think the market is going to punish us for our failure to act, and it may be the only thing to get us to act," said Rep. Peter Welch, (D-VT), discussing some of the issues preventing lawmakers from reaching a "fiscal cliff" agreement.
Treasury Secretary Timothy Geithner on Wednesday notified Congress that the U.S. is going to hit the debt ceiling on New Year's Eve.
Sen. Harry Reid, (D-NV) says the Republicans have wasted a week as the U.S. gets closer to going over the "fiscal cliff."