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.» Read More
WASHINGTON, Jan 7- Prospects for a 2013 overhaul of the U.S. tax code have faded after last week's "fiscal cliff" fight, with Democrats still pushing to raise more government revenue by closing tax breaks and Republicans arguing that the tax debate is over.
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.
The White House warned Friday that Congress should avoid "playing with dynamite" in what's shaping up as the next "cliff" battle -- increasing the nation's debt ceiling.
WASHINGTON, Jan 4- It began so optimistically. On Nov. 16, after their first "fiscal cliff" session with President Barack Obama, the four leaders of Congress had stood in the driveway of the White House shoulder-to-shoulder for what is a rare photo these days, Republicans and Democrats together, smiling.
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.
WASHINGTON, Dec 31- The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, Obama administration officials said on Monday.
WASHINGTON, Dec 31- The White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" that would delay harsh spending cuts by two months, an Obama administration source said on Monday. The source said Democratic Senate Majority Leader Harry Reid and House of Representatives Minority Leader Nancy Pelosi had signed off on the deal.
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.
WASHINGTON, Dec 28- President Barack Obama and congressional leaders agreed on Friday to make a final effort to prevent the United States from going over the "fiscal cliff," setting off intense bargaining over Americans' tax rates as a New Year deadline looms.
*White House meeting ends, no public comments. None of the participants made statements to the media immediately after the summit at the White House ended.
WASHINGTON, Dec 28- President Barack Obama was not planning to make a new offer to avert the tax increases and spending cuts that loom on Jan. 1 at a White House meeting with congressional leaders on Friday, a source familiar with the meeting said. Obama believes his plan would pass with a majority in both the House of Representatives and the Senate, the source said.
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.
Congress and President Barack Obama are gearing up for a last-ditch attempt to avoid $600 billion in tax increases and spending cuts that could halt progress in the U.S. economy, which lately has been showing signs of gaining ground.
*Obama to meet congressional leaders at White House. *House of Representatives convenes Sunday on fiscal crisis. "Hopefully, there is still time for an agreement of some kind that saves the taxpayers from a wholly, wholly preventable economic crisis," Mitch McConnell, the top Republican in the Democratic-controlled Senate, said on the Senate floor.
WASHINGTON, Dec 27- President Barack Obama will host a meeting on Friday with the four top congressional leaders, a White House aide said on Thursday, as the president and lawmakers rush to break a deadlock over the so-called fiscal cliff days before a year-end deadline.
WASHINGTON, Dec 27- The outcome of the "fiscal cliff" debate will be decided in four days, with just a handful of powerful leaders in Washington calling the shots, for better or for worse. *Barack Obama, Democratic president: Reelected last month, the former Democratic U.S. senator from Illinois campaigned on the need to raise taxes on high-income Americans.
"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.