Arab Today, arab today hopes dive of deal to avoid us fiscal cliff
Last Updated : GMT 00:07:53
Arab Today, arab today
Arab Today, arab today

Hopes dive of deal to avoid US fiscal cliff

Arab Today, arab today

Arab Today, arab today Hopes dive of deal to avoid US fiscal cliff

Washington - AFP

The White House accused Republicans Thursday of walking away from a deal and mounting futile diversionary votes as hopes plunged of a deal to stave off a damaging year-end fiscal crisis. If the two sides cannot reach a deficit-cutting agreement before the end of the year, taxes for all Americans will rise and huge automatic spending cuts will be triggered, which could cause a recession and jolt the global economy. But talks between President Barack Obama and House Speaker John Boehner on averting the \"fiscal cliff\" have stalled and Republicans now plan to vote on a fallback \"Plan B\" that the White House sees as pointless grandstanding. \"Plan B... is a multi-day exercise in futility at a time when we do not have the luxury of exercises in futility,\" White House spokesman Jay Carney said hours before the vote in the House of Representatives. \"It cannot pass the Senate. The president would veto it.\" Plan B would effectively extend George W. Bush-era tax breaks for everyone apart from those earning more than $1 million a year and also redirect automatic spending cuts away from defense to other programs. But the White House charges that the bill would offer big tax breaks to wealthy Americans earning less than $1 million who do not need them. Obama originally insisted on letting Bush tax cuts expire on households earning more than $250,000 and has since upped the threshold to $400,000 in a bid to reach a compromise with Boehner. The president says the United States cannot afford to extend the cuts, and wants to spend extra revenues paying down the deficit and rebooting the economy through educational programs and infrastructure spending. The showdown, part of now traditional festive season brinkmanship between Republicans and Democrats in divided Washington, has shown that Obama\'s re-election win did nothing to ease the dysfunction gripping US politics. But neither side is willing to give an inch, as they know the episode has deep implications for the balance of power in Obama\'s second term. Boehner\'s tactics have mystified many Washington watchers, with some believing that he is unable to sell any deal with Obama to his restive caucus and so is looking to defer the blame for the failure to reach an accord. His move also found some opposition from the right -- with conservatives who see raising taxes as apostasy balking at being asked to hike any rates. Republican deficit hawks were also initially unhappy that the bill did nothing to cut government excess -- which they see as the main driver of the runaway deficit -- prompting their leaders to sweeten the pot with a companion spending cut bill. After a frantic spell of arm twisting by Republican bosses, the party\'s House leader Eric Cantor said Thursday \"we\'re going to have the votes.\" The bill is almost certain to die in the Democratic-led Senate however, leaving efforts to avert the fiscal cliff down a dead end -- barring any resumption of bargaining between Boehner and Obama. The White House insists the two sides are not that far apart and officials privately say Obama has compromised on issues like Social Security retirement benefits and tax rates that have already angered liberal supporters. Boehner has said he would be satisfied with a balanced $1 trillion in tax revenues and $1 trillion in spending cuts, much of it from entitlement programs like Medicare health care for the elderly, as part of a 10-year deal. Obama\'s plan offers approximately $1.2 trillion in new tax revenues, with just under $1 trillion in spending cuts -- though Republicans dispute whether all of the austerity measures are real. \"They\'re a couple hundred billion dollars apart. This is absolutely senseless that the speaker is doing what he\'s doing. These are gyrations that I\'ve never seen before,\" said Democratic Senate leader Harry Reid. But Boehner warned that if Democrats and the White House do not budge: \"they\'ll be responsible for the largest tax hike in American history.\" \"Their Plan B is just to slow-walk us over the fiscal cliff.\" With no end in sight to the crisis, Reid and Cantor have both warned lawmakers they will have to traipse back to Washington between the Christmas and New Year holidays when Washington is normally shut down. The stalemate is also likely to play havoc with Obama\'s plans to return to his native Hawaii for his annual Christmas vacation, as he seeks to recharge after an exhausting year and lay plans for his second term.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hopes dive of deal to avoid us fiscal cliff Arab Today, arab today hopes dive of deal to avoid us fiscal cliff

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hopes dive of deal to avoid us fiscal cliff Arab Today, arab today hopes dive of deal to avoid us fiscal cliff

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday