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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 tentative agreement between the White House and Senate GOP leader Mitch McConnell would raise taxes by about $600 billion over 10 years. Here are highlights of the plan.
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.
On the Senate floor, Minority Leader Mitch McConnell says Republicans will listen to anything President Obama proposes, but they won't approve any "blank checks" to get a deal on the "fiscal cliff."
Last month's dreams of a "grand bargain" of tax hikes and spending cuts seem long gone and a stop-gap that puts everything off for a while but resolves nothing is now the most promising alternative.
In a fresh offer aimed at resolving the "fiscal cliff" standoff, President Barack Obama seeks $1.2 trillion from higher tax revenues, including higher rates on those earning more than $400,000 a year.
President Barack Obama is not ready to accept a new offer from the Republicans to raise taxes on top earners in exchange for major cuts in entitlement programs, a source said late on Saturday.
President Barack Obama and his Republican opponents in Congress enter a crucial week in the "fiscal cliff" impasse with more than just differences over taxes to bridge.
Republican lawmakers took a firm stand on Wednesday against an Obama administration proposal that would make it easier for the president to increase the nation's debt limit.
WASHINGTON, Nov 2- After the Nov. 6 elections, urgent tax and spending issues must be addressed, forcing Washington's power players to make some tough decisions before the end of the year. Regardless of who wins the Nov. 6 presidential election, Obama will be in the White House during the final months of 2012 when the ``fiscal cliff'' must be dealt with.
WASHINGTON, Nov 1- A U.S. government agency has withdrawn a report that challenged Republican ideas about taxes and economic growth- an action that drew fire from Democrats who accused it on Thursday of bowing to political pressure.
WASHINGTON, Oct 28- The United States runs the risk of a recession far deeper than many investors and policymakers may think if lawmakers fail to avert looming tax hikes and cuts to public spending.
WASHINGTON, Oct 24- President Barack Obama says he's confident that if re-elected he will secure within six months a deficit-reduction deal with Republicans equivalent to the ``grand bargain'' he failed to achieve last year. After the newspaper complained in a blog, the White House relented and released a transcript of the interview on Wednesday.
But Jay Carney, the president's press secretary, said it was only a restatement of his long-held position that the cuts were ``never meant to be implemented'' and that Obama is confident Congress will avoid them. ``First of all, the sequester is not something that I've proposed,'' he said. ``It is something that Congress has proposed.
WASHINGTON, Oct 23- President Barack Obama caught Capitol Hill by surprise with his comment that automatic spending cuts looming in January ``will not happen,'' kindling hope among Democrats but doubt among Republicans that he has a viable plan to replace them.
As the presidential election campaign grinds into November, Republican and Democratic lawmakers are busily hammering their own pitons into the fiscal cliff — staking out routes that could either force compromise or snap the economy’s safety lines.
Speaker John Boehner says the House will vote Friday on a GOP bill preventing interest rates on federal student loans from doubling this summer. But the legislation will be paid for by cutting money from President Barack Obama's health care overhaul law.
The Republican presidential primary has practically been decided with an “almost-certain nominee,” Sen. Mitch McConnell said Thursday.
President Obama is set to deliver his annual State of the Union address Tuesday night, but he shouldn’t expect a lot of Republican cooperation. Republicans aren’t interested in doing more things that don’t work, says Senate Minority Leader Mitch McConnell.
Sen Mitch McConnell, Senate Republican Leader, (R-KY) discusses what he hopes to hear from President Obama in his State of the Union address, and whether he expects divisiveness to continue in Congress.