Fiscal Cliff

3:41pm

Thu November 8, 2012
The Two-Way

CBO Warns Again: Ignoring Fiscal Cliff Could Result In Recession

Originally published on Thu November 8, 2012 4:57 pm

The so-called fiscal cliff is a double-edged sword, the nonpartisan Congressional Budget Office says in a new report issued today.

Why? Ignoring the huge tax increases and spending cuts set to take effect at the beginning of the year "will probably cause the economy to fall back into a recession."

But: "They will make the economy stronger later in the decade and beyond."

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1:26am

Thu November 8, 2012
Politics

Opening Lines Set For A Deal To Avoid Fiscal Cliff

Originally published on Thu November 8, 2012 2:50 pm

Speaker John Boehner, R-Ohio, said Wednesday that House Republicans are willing to accept new revenues "under the right conditions."
J. Scott Applewhite AP

With the election over, attention in Washington has turned to the nation's debt and deficit challenges — most immediately the looming fiscal cliff. That's the $600 billion worth of expiring tax breaks and automatic spending cuts set to start taking effect Jan. 1.

The president and Congress agreed to those automatic measures to force themselves to find a more palatable compromise to rein in deficits. On Wednesday, there was an attempt to jump-start that process.

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2:54pm

Wed November 7, 2012
Economy

Obama Must Hit Ground Running As Fiscal Cliff Nears

Originally published on Wed November 7, 2012 3:50 pm

Transcript

MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

ROBERT SIEGEL, HOST:

And Robert Siegel. The confetti has fallen in Chicago, where President Obama celebrated a decisive reelection win early this morning. Now comes the hard work of preparing for a second term. Before flying back to Washington this evening, Mr. Obama acknowledged some of the big issues ahead.

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1:14pm

Wed November 7, 2012
The Two-Way

Shake A Leg Or Throw A Fist? Which Will It Be On Capitol Hill?

Originally published on Wed November 7, 2012 2:44 pm

Senate Minority Leader Mitch McConnell of Kentucky (left) and Senate Majority Leader Harry Reid of Nevada during their recent interview with CBS News' 60 Minutes.
CBSNews.com

Shall we dance?

That's the key question for Congress now that another budget crisis is near. Senate Majority Leader Harry Reid, D-Nev, today said he's ready to do a little two-stepping with Republicans to twirl away from the edge of the so-called fiscal cliff.

"It's better to dance than to fight," the former amateur boxer told reporters at a press conference. "Everything doesn't have to be a fight."

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9:28am

Wed November 7, 2012
The Two-Way

Stocks Fall On 'Fiscal Cliff' Fears

Originally published on Wed November 7, 2012 2:02 pm

On the floor of the New York Stock Exchange this morning.
Allison Joyce Getty Images

On the day after voters returned President Obama to the White House and kept Democrats in control of the Senate and Republicans in control of the House:

"Investors pulled back sharply ... [amid] rising worries about the upcoming fiscal fight in Congress," The Wall Street Journal writes.

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