Fiscal Cliff

3:11pm

Wed August 22, 2012
The Two-Way

Fed Hints At More Action To Boost Economy

Federal Reserve Chairman Ben Bernanke talks to educators Aug. 7 in Washington, D.C. At their most recent meeting, many Fed members backed action to boost the economy.
Manuel Balce Ceneta AP

The Federal Reserve could take more steps to boost the struggling U.S. economy. That's according to minutes released Wednesday of the Federal Open Market Committee's July 31-Aug. 1 meeting.

"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," the minutes said. [PDF]

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3:57am

Sun July 29, 2012
Politics

Forget The Debt Ceiling? The 'Avalanche' Is Coming

Originally published on Thu August 2, 2012 12:21 pm

If Congress doesn't make a deal before January, massive spending cuts will go into effect automatically in 2013.
iStockphoto.com

In August, lawmakers will be heading home to their districts for the month's recess. Last summer, things weren't quite so calm.

A year ago at this time, Congress was in a nasty and protracted battle over whether to raise the debt ceiling. If they didn't make a decision, the government was going to go into default. It's a fight that cost Congress its already waning public support, and cost American taxpayers $1.3 billion.

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11:13pm

Thu July 26, 2012
It's All Politics

Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End

Originally published on Fri July 27, 2012 1:42 pm

President George W. Bush signs tax cut legislation on June 7, 2001. The cuts from this and a subsequent bill are set to expire at the end of 2012.
Stephen Jaffe AFP/Getty Images

An occasional series, Fiscal Cliff Notes breaks down the looming "fiscal cliff" of expiring tax cuts and deep automatic spending cuts set to hit around the first of year.


About 80 percent of Americans would see their taxes go up if all the tax cuts signed into law by President George W. Bush were to expire as scheduled at the end of this year. And nearly 100 percent of the highest income earners would have to pay more — including both the Obamas and the Romneys.

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10:21am

Wed July 25, 2012
Economy

When It Comes To Tax Cuts, Neither Side Is Blinking

Originally published on Thu July 26, 2012 12:43 pm

Taxes may be certain, but growth and job creation aren't.

As the U.S. edges closer to a year-end "fiscal cliff," Democrats and Republicans haven't budged in their fight over expiring tax cuts for the wealthiest Americans — and how best to help the middle class and get the country back to work.

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6:44am

Fri June 15, 2012
Economy

Three Frightening Phrases You Should Understand

Originally published on Wed June 20, 2012 9:42 am

German Chancellor Angela Merkel speaks during a press conference in Brussels.
John Thys AFP/Getty Images

The economy has so much going for it: low inflation, low interest rates, affordable homes, falling gasoline prices and 27 straight months of job growth. Good times, no?

No.

The economy is slowing, but not because of current conditions. The slowdown reflects the fear of what may be coming next. Economists say employers and investors are paralyzed by the uncertainty surrounding three huge problems: one in the United States, another in Europe and the third in China.

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