Arab Today, arab today obama returns to washington on edge of fiscal cliff
Last Updated : GMT 00:28:33
Arab Today, arab today
Arab Today, arab today

Obama returns to Washington on edge of fiscal cliff

Arab Today, arab today

Arab Today, arab today Obama returns to Washington on edge of fiscal cliff

Washington - AFP

President Barack Obama returns on Thursday to a sharply divided Washington under pressure to forge a year-end deal with Republicans to avoid the tax hikes and spending cuts of the \"fiscal cliff.\" Obama cut his Hawaiian Christmas vacation short to contend with the looming January 1 crisis, as Republicans and Democrats traded blame and the White House reportedly lashed out at the \"congressional stupidity\" gripping the capital. Six days earlier Obama had urged Congress to end a deadlock over how to avoid the hundreds of billions of dollars in tax hikes and spending cuts that kick in at the start of the year if Congress fails to act. The situation has spooked US and global markets, left Americans wondering whether they will pay thousands more in taxes next year, and worried the Pentagon, which fears defense cuts could seriously undermine the military. Complicating efforts to avoid fiscal disaster, Treasury Secretary Timothy Geithner warned that his department will need to take \"extraordinary measures\" to postpone the day the government could default on its liabilities. Geithner said in a letter to Senate Majority Leader Harry Reid that the nation will reach its statutory $16.39 trillion debt limit on Monday, December 31. His measures would create some $200 billion in headroom that under normal circumstances would last about two months, to the end of February. \"However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures,\" Geithner said. Experts say a failure to strike a fiscal cliff compromise by New Year\'s Eve could plunge the world\'s biggest economy into recession, and wrangling over the debt ceiling will only exacerbate the uncertainty. But members of the House and Senate have shown no signs of nearing any accord. \"The White House hasn\'t reached out to us, nor have Senate (Democrats),\" Don Stewart, deputy chief of staff to Republican Minority Leader Mitch McConnell, told AFP Wednesday. \"They seem to be working on this on their own.\" Both parties traded blame last week over the failure to reach a deal and Republican House Speaker John Boehner punted to the Democrat-led Senate, asking Obama and Reid to draft legislation that could pass both houses. Boehner insisted Wednesday that \"lines of communication remain open,\" but held firm that the Senate must make the next move. He suggested the chamber take up bills already passed by the House, notably a bill extending all tax breaks and another that replaces automatic spending cuts with ones that do not affect national security. \"If the Senate will not approve and send them to the president to be signed into law in their current form, they must be amended and returned to the House\" for consideration, Boehner said in a statement. A White House official offered a different, blunter view. \"What we need is for (McConnell) not to block a vote and for Boehner to allow a vote,\" the official told ABC News. \"The hits to our economy aren\'t coming from outside factors, they\'re coming from congressional stupidity.\" With an eerie calm settled over Washington, a senior Democratic aide said there was \"no progress\" to report. The Senate will be back in session Thursday, while Boehner has promised to give House members 48 hours notice before recalling them. With the cliff deadline fast approaching, Obama has pared back his hopes for a year-end, multi-trillion-dollar grand bargain that slashes the deficit over a 10-year period. Instead, he said Congress should approve a stop-gap measure that protects middle-class taxpayers while laying the groundwork for further deficit reduction next year. Obama campaigned for re-election supporting the extension of Bush-era tax breaks for households earning up to $250,000 a year. But with Republicans in the House majority, even if all 192 Democrats in the chamber voted for an Obama-backed plan, it would still need support from at least two dozen Republicans. Most Republicans in Congress have signed a no-new-taxes pledge, however, and it was unclear just how many would violate that oath in order to strike a deal. Staunch conservatives last week revolted against Boehner\'s alternative proposal to prevent a 2013 tax hike on anyone making under $1 million per year. Republicans could balk at voting on any tax plan until after January 1, forcing all tax rates to rise. Then, instead of actively voting to hike rates on the wealthy, Republicans could turn around and vote to reduce middle-class taxes to pre-2013 rates.

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 obama returns to washington on edge of fiscal cliff Arab Today, arab today obama returns to washington on edge of fiscal cliff

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
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