The News Courier in Athens, Alabama

State and Nation

December 12, 2012

No budging as fiscal cliff talks appear stalled

(Continued)

Federal Reserve Chairman Ben Bernanke weighed in as well. He said, "Clearly, the fiscal cliff is having effects on the economy," the uncertainty affecting consumer and business confidence and leading businesses to cut back on investment.

There is increasing concern about a Dec. 31 deadline to stop the expiration of Bush-era tax cuts and the start of across-the-board spending cuts that are the result of Washington's failure to complete a deficit-reduction deal last year. Even if an agreement can be reached, the halting pace of negotiations is jeopardizing chances that it could be written into proper legislative form and passed through both House and Senate before the new Congress convenes on Jan. 3.

Both sides accuse the other of slow-walking the talks. Democrats say Boehner is unwilling to crack on the key issue of raising tax rates on family income over $250,000 because he's afraid of a revolt on his right flank and from younger, ambitious members of his leadership team.

"I do have an increasing concern that the speaker ... is trying to string this out until January 3rd because that's when he would be re-elected as speaker," Rep. Chris Van Hollen of Maryland, ranking Democrat on the House Budget Committee, told The Associated Press. "And I think he's nervous that if he can't get a majority of his House Republican members to support a reasonable agreement that that could put his speakership election in jeopardy. And so that might cause him to try and string these talks."

Many conservatives say they would oppose a deficit-cutting package negotiated by Boehner that included higher tax rates.

"I'll say no, because the focus has got to be on economic growth," said Rep. Jim Jordan, R-Ohio. "The simple fact is raising taxes is not going to grow our economy."

Text Only
State and Nation
Photos


Poll

Which foreign crisis is the biggest threat to the security of the United States?

Russia-Ukraine
Israel-Palestine
Iraq
None of the above
     View Results
Facebook
AP Video
Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction Malaysian PM: Stop Fighting in Ukraine Cantor Warns of Instability, Terror in Farewell Ravens' Ray Rice: 'I Made a Huge Mistake' Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN
Twitter Updates
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Stocks
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Business Marquee