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Jan 1, 2013

‘Fiscal cliff’ tumble looms despite U.S. Senate efforts

WASHINGTON (Reuters) – The United States was on track to tumble over the “fiscal cliff” at midnight on Monday, at least for a day, as lawmakers held back from supporting an eleventh-hour plan from Senate leaders to avert severe tax increases and spending cuts.

The U.S. House of Representatives looked unlikely to vote on a Senate “fiscal cliff” plan before midnight (05:00 GMT Tuesday), possibly pushing a legislative decision into New Year’s Day, when financial markets will be closed.

Dec 31, 2012

Hours from ‘fiscal cliff,’ still no deal in US Congress

WASHINGTON, Dec 31 (Reuters) – Taxes were on track to rise
for many Americans this week unless U.S. lawmakers could cut a
last-minute deal on Monday to avoid the “fiscal cliff,” an
outcome that seemed unlikely, but still possible.

Financial markets were on edge only hours before the
midnight arrival at the long-awaited “cliff,” an assortment of
$600 billion in tax hikes and broad federal spending cuts on
defense and domestic programs that has defied a political
solution.

Dec 31, 2012

Washington pushes United States to edge of “fiscal cliff”

WASHINGTON (Reuters) – Lawmakers pushed the country to the edge of the “fiscal cliff” on Sunday as they struggled to reach a last-minute deal that could protect the world’s largest economy from a politically induced recession.

Democratic and Republican leaders in the Senate had hoped to clear the way for swift action that would avert sweeping tax increases and spending cuts due to kick in on Tuesday.

Dec 30, 2012

Senate leaders work to avoid New Year’s “fiscal cliff”

WASHINGTON (Reuters) – Congressional negotiators burrowed into their offices on Saturday to see if they could stop the U.S. economy from falling off of a “fiscal cliff” in just three days when the biggest tax increases ever to hit Americans in one shot are scheduled to begin.

Aides to Senate Majority Leader Harry Reid, a Democrat, and Senate Republican leader Mitch McConnell worked through the day on a possible compromise that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to kick in next week.

Dec 29, 2012

U.S. Senate leaders work to avoid New Year’s ‘fiscal cliff’

WASHINGTON, Dec 29 (Reuters) – Congressional negotiators
burrowed into their Capitol offices on Saturday to see if they
can stop the U.S. economy from falling off of a “fiscal cliff”
in just three days when the biggest tax increases ever to hit
Americans in one shot are scheduled to begin.

Aides to Senate Majority Leader Harry Reid, a Democrat, and
Senate Republican leader Mitch McConnell were expected to work
through the day on a possible compromise that would set aside
$600 billion in tax increases and across-the-board government
spending cuts that are set to kick in next week.

Dec 29, 2012

Analysis: For Senate leaders, a mission impossible from Obama

WASHINGTON (Reuters) – Following a Friday meeting with congressional leaders, an impatient and annoyed President Barack Obama said it was “mind boggling” that Congress has been unable to fix a “fiscal cliff” mess that everyone has known about for more than a year.

He 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 “fiscal cliff” stalemate in the most partisan and gridlocked U.S. Congress of modern times – in about 48 hours.

Dec 29, 2012

For Senate leaders, a mission impossible from Obama

WASHINGTON, Dec 29 (Reuters) – Following a Friday meeting
with congressional leaders, an impatient and annoyed President
Barack Obama said it was “mind boggling” that Congress has been
unable to fix a “fiscal cliff” mess that everyone has known
about for more than a year.

He 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 “fiscal cliff” stalemate in the most partisan and
gridlocked U.S. Congress of modern times – in about 48 hours.

Dec 28, 2012

Senate leaders to make last-ditch ‘fiscal cliff’ effort

WASHINGTON, Dec 28 (Reuters) – 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.

The focus now turns to the Senate, where Harry Reid, the
Democratic majority leader, and Mitch McConnell, who heads the
Republican minority, will try to come up with a deal that can
then be approved in the Republican-controlled House of
Representatives before the end of the year.

Dec 28, 2012

Expectations low for White House ‘fiscal cliff’ meeting

WASHINGTON, Dec 28 (Reuters) – President Barack Obama and
congressional leaders were to meet on Friday for the first time
since November, with no sign of progress in resolving their
differences over the U.S. federal budget and expectations low
for a “fiscal cliff” deal before Jan. 1.

Instead, members of Congress are increasingly looking at the
period immediately after the Dec. 31 deadline to come up with a
retroactive fix to avoid steep tax hikes and sharp spending cuts
that economists have said could plunge the country into another
recession.

Dec 28, 2012

House Republicans say resigned to tax hike in fiscal cliff

WASHINGTON (Reuters) – Republicans in the U.S. House of Representatives are resigned to seeing some sort of income tax increase in legislation to avoid a “fiscal cliff,” but such efforts could be doomed in the absence of spending cuts, some Republican lawmakers say.

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.

    • About Richard

      "I have been a Washington correspondent for Reuters since 2001. I have written about climate change and the environment, the U.S. Congress, politics, economic issues and agricultural trade disputes."
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