Yesterday in an interview with CNBC, Treasury Secretary Timothy Geithner said that the Obama administration is "absolutely" prepared to go off the cliff if Republicans don't budge on raising tax rates for those making more than $250,000 a year.
On Nov. 6, Americans made one of the most important decisions they are tasked with in our great country and chose President Barack Obama to serve another term, in addition to other candidates down-ballot. Now that the campaign is over, those leaders are faced with an extraordinarily important decision themselves: what to do about the looming fiscal cliff.
Last night at the third and final presidential debate on foreign policy, President Obama declared unequivocally that the defense cuts set under sequestration "will not happen," essentially taking the issue off the table in the final two weeks before the election.
With no real progress in the fiscal cliff negotiations, Americans remain fearful that they will see a substantial rise in taxes coming in 2013. Gretchen Hamel joins AM Tampa Bay to discuss the current state of the cliff talks and why this standstill could mean politics will drive us off the cliff.
Both President Barack Obama and Governor Mitt Romney will have the opportunity to address what has been described as the "single biggest threat to our national security" by former chairman of the Joint Chiefs, Admiral Mike Mullen, during tonight's debate on foreign policy in Boca Raton, Fla.
We're a little over two weeks away from the fiscal cliff, and Washington still doesn't have any answers when it comes to sequestration. What's worse is that back in October (during the peak of campaign season), President Obama said unequivocally that the sequester "will not happen," only to shift gears entirely last week when Treasury Secretary Timothy Geithner said that they were "absolutely" prepared to go off the cliff – and that, by the way, the Pentagon should start planning accordingly.
All ears will be tuned to Obama as he gives a speech in Pennsylvania to lay out his plans to avert the fiscal cliff. Will he address the need to cut spending or will his plan only include tax hikes? Lenwood Brooks, policy director of Public Notice, joins host Manny Haley on KRMS Morning Magazine in Lake Ozark, Mo., to discuss.
The Congressional Budget Office (CBO), recently released a new analysis on the impact of going over the "fiscal cliff," a combination of tax hikes and spending cuts set to automatically go into effect on Jan. 2, 2013. The study confirms that failing to take action would plunge America back into a recession and estimates that the unemployment rate would spike back up to 9.1 percent.
After a busy week of photo-ops and talking about how urgently it needs to address the fiscal cliff, Congress decided to cut out early for the Thanksgiving holiday. In its first week in session since the election, Washington’s lack of action isn’t inspiring much confidence, with some states already preparing to go over the fiscal cliff.