|
US heads over fiscal cliff despite reported deal
Tuesday January 01, 2013 11:56:07 AM,
Arun Kumar, IANS
|
|
|
|
|
|
|
Washington: Missing a
midnight deadline the US headed over a so-called "fiscal cliff" -
a mix of $600 billion in automatic tax increases and spending cuts
- despite a last-minute deal between the White House and the
Republicans.
Leaders of the Democratic controlled Senate and the White House
struck a last-minute deal to avert the feared fiscal cliff that
can plunge the US economy back into a recession, but the
Republican House of Representatives went home long before
midnight.
Vice President Joe Biden, who became the Democratic point man in
the talks, headed to the Capitol Hill Monday night to pitch the
plan to fellow Democrats so that the House may pass it Tuesday
with retrospective effect before the tax increases and spending
cuts actually start to kick in.
CNN citing a source familiar with the deal said the Senate
proposal would put off the cuts for two months and keep the
expiring Bush-era tax cuts for individuals earning less than
$400,000 or couples earning less than $450,000. Taxes on inherited
estates over $5 million will go up, and that exemption will be
indexed for inflation.
Biden had been in negotiations with Republican Senate Minority
Leader Mitch McConnell since Sunday afternoon. Senate Majority
Leader Harry Reid and House Minority Leader Nancy Pelosi, both
Democrats, agreed to the plan in calls with President Barack Obama,
CNN reported citing a Democratic source.
Obama had chided lawmakers earlier Monday and warned that battles
over spending still loomed.
"They are close, but they're not there yet," Obama said. "And one
thing we can count on with respect to this Congress is that if
there is even one second left before you have to do what you're
supposed to do, they will use that last second."
In the House, there's little practical difference in settling the
issue Monday night versus Tuesday, CNN cited Republican sources as
saying.
But if House Republicans approve the bill Tuesday-when taxes have
technically gone up-they can argue they've voted for a tax cut to
bring rates back down, even after just a few hours, Republican
sources said. That could bring some more Republicans on board, CNN
said.
(Arun Kumar can be contacted at arun.kumar@ians.in)
|
|
|
|
Home |
Top of the Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
I |
|
|
|
|
More Headlines |
|
Nine killed during New Year celebrations |
|
Etihad Airways flies record 10.29 million
passengers |
|
Why Narendra Modi cannot be a National
Leader? |
|
Delhi gang-rape: Criminal case against Mail
Today |
|
Myanmar Muslims recount terrifying tale of
exodus |
|
IDB to finance projects worth $56mn in
various countries including India |
|
President to open Science Congress centenary
celebrations |
|
New Delhi's clubs cancel New Year
celebrations |
|
Lewd songs:
Stop Honey Singh concert - online petition spreads |
|
Direct cash transfer scheme rolls out in 20 districts Tuesday |
|
Make India liquor free, says VHP |
|
|
|
Top Stories |
|
Protesters hold ground despite
biting cold
Demand for special
parliament session grows; Shinde asks parties for suggestions on
anti-rape laws
A day after the gang-rape victim was quietly cremated here, loud
protests continued Monday
»
Women's security: Time to establish accountability
Google lights candle 'in memory of Delhi
braveheart'
|
|
|
|
Most Read |
|
 Myanmar Muslims recount terrifying tale of
exodus
Stranded beside their decrepit flotilla of wooden boats, on a
muddy beach far from home, the Muslim refugees tell story
»
UN
voices concern over situation of Muslims in Myanmar
|
|
IDB to finance projects worth $56mn in
various countries including India
The 287th session of the Board of
Executive Directors of the Islamic Development Bank (IDB) held
here on December 23 approved
$600,000 in grants for three educational projects
in Muslim communities in non-member countries, namely, Austria,
New Zealand and India. »
|
|
|
|
News Pick |
|
Indian math genius Ramanujan's theory finally proved right
Mathematicians
from a US university have finally solved a cryptic puzzle renowned
Indian mathematician Srinivasa Ramanujan claimed came to him in
his dreams while »
|
|
Ban skirts as school uniform: BJP legislator
A BJP legislator in Rajasthan wants the
state government to prohibit private schools from making girls
wear skirts as uniform, citing it as the reason behind increased
cases of sexual harassment.
Banwari Lal Singhal, in his letter »
|
|
I pushed a Muslim, says NY woman who shoved
to death an Indian
A 31-year-old woman suspected of shoving an Indian immigrant in
front of a subway train has been charged with second-degree murder
as a hate crime after she told the police that she hated Hindus
and Muslims since 9/11.
Prosecutors Saturday identified the woman, who allegedly shoved
India-born »
|
|
China uses Halal meat to boost exports to Muslim countries
The praying and slaughtering begin every
morning at sunrise. “Allahu Akbar” intones the imam over each cow
before it is strung up by its hooves
»
|
|
|
|
Picture of the Day |
|
 |
|
Artists performing dance drama
based on the ‘Geetgovindam’, by Shri Jayadev, at the
inauguration of the 60th Annual Arts Festival, at Kalakshetra,
Chennai on December 21, 2012. |
|
|
|
Recommend the story to
your friends |
|
|
|
|
|
|
|
|
Comments
|
Quick links