Mitch McConnell
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U.S. Attorney General Eric Holder said on Tuesday he had ordered the FBI to open a criminal probe in a growing scandal over the Internal Revenue Service's targeting of conservative political groups.
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*White House and Senate agree to New Year's Eve deal. WASHINGTON, Dec 31- The United States was headed over the "fiscal cliff"- at least temporarily- at midnight on Monday as time was running out for lawmakers to back a last-minute deal between the White House and Senate leaders to avert severe tax increases and spending cuts.
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*Slender hope for Congress to avoid milk price surge. WASHINGTON, Dec 31- Republican leaders in the U.S. House of Representatives and Senate refused to go along with a farm-state plan to avert the "dairy cliff" on Monday, the last day to act before retail milk prices may begin climbing toward $7 a gallon.
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WASHINGTON, Dec 31- A possible deal between Senate Republican leader Mitch McConnell and Vice President Joe Biden to avert the "fiscal cliff" would include a two-month delay in automatic federal spending cuts that were due to begin this week, Republican Senator John McCain said on Monday.
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WASHINGTON, Dec 31- The United States looked on track to tumble over the "fiscal cliff" at midnight on Monday, at least for a day, as lawmakers remained reluctant to back last-minute efforts by Senate leaders to avert severe tax increases and spending cuts.
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*S&P 500 ends 2012 up 13.4 percent. NEW YORK, Dec 31- U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations.
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NEW YORK, Dec 31- Wall Street rallied on Monday and global equities finished their best year in the last three as U.S. lawmakers closed in on a deal to avoid a budget crisis that many fear could cripple the world economy in 2013..
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NEW YORK, Dec 31- U.S. stocks closed out the last trading day of the year on a high note on Monday after comments from President Barack Obama and Senate Republican leader Mitch McConnell pointed to a near resolution of the "fiscal cliff" negotiations. The Nasdaq Composite Index climbed 59.20 points, or 2.00 percent, to 3,019.51.
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Dec 31- Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come- again.
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NEW YORK, Dec 31- Brent crude rose on Monday, closing 2012 up for the fourth straight year after geopolitical threats to production offset worries about flagging oil demand.
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NEW YORK, Dec 31- U.S. stocks extended gains, with the Nasdaq rising 2 percent and the Dow climbing more than 1 percent in the afternoon, after comments from President Barack Obama and Senate Republican leader Mitch McConnell indicated a "fiscal cliff" deal was close. The Dow Jones industrial average gained 152.05 points, or 1.18 percent, to 13,090.16.
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WASHINGTON, Dec 31- U.S. Senate Republican leader Mitch McConnell said on Monday that agreements with Democrats have been reached on all of the tax issues in an emerging "fiscal cliff" deal, and the Senate should not delay in passing these.
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WASHINGTON, Dec 31- U.S. Senate leaders were hammering out a last-minute deal to avoid the "fiscal cliff" on Monday, but it was still unclear if rank-and-file lawmakers would back the agreement, particularly those in the Republican-led House of Representatives.
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*Brent crude oil heads for record annual average over $111/ bbl. *U.S. Congress continues budget/fiscal negotiations. Negotiations involving Vice President Joe Biden and Senate Republican leader Mitch McConnell appeared to offer the last hope for avoiding across-the-board tax increases and federal budget cuts triggered at the start of 2013..
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Any resolution in the tug-of-war over taxes and spending cuts forged in the Senate would need to win approval in the House of Representatives and the outcome in that chamber was uncertain.
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NEW YORK, Dec 31- U.S. stocks were set for a flat open on the last trading day of the year on Monday as political leaders in Washington struggled to find a bipartisan agreement that would keep the United States from going over the "fiscal cliff."
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"I believe investors will show their displeasure" at the lack of progress in Washington, said Mohannad Aama, managing director at Beam Capital Management, an investment advisory firm in New York. Democratic and Republican leaders in the Senate had hoped to clear the way for swift action on Sunday.
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Democratic and Republican leaders in the Senate had hoped to clear the way for swift action that would avert sweeping tax increases and spending cuts due to kick in on Tuesday.
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WASHINGTON, Dec 30- Efforts to prevent the U.S. economy from tumbling over a "fiscal cliff" stalled on Sunday as Democrats and Republicans remained at loggerheads over a deal that would prevent taxes for all Americans from rising on New Year's Day.
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A sticking point appeared to be a Republican proposal floated late on Saturday, which would slow the growth of Social Security retirement benefits in an effort to narrow trillion-dollar budget deficits. Many Democrats, including Reid, have said Social Security should not be touched.
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WASHINGTON, Dec 30- The chances of a deal to prevent the U.S. economy from tumbling over a "fiscal cliff" remained uncertain on Sunday as lawmakers haggled over how to prevent taxes for all Americans from rising on New Year's Day.