Are the days of Congress 'going big' over?
January 3rd, 2013
09:07 AM ET
2 years ago

Are the days of Congress 'going big' over?

Washington (CNN) - It was a common refrain during the House and Senate late-night votes to avert the fiscal cliff. Senator after senator, congressman after congressman lamented the fact that the legislation didn't "do more," "go bigger" or that it was "far from perfect."

Political watchers believed the fiscal cliff negotiations were the perfect time for President Barack Obama and House Speaker John Boehner to hatch a "grand bargain" - a deal that would have included both large increases in tax revenue and major cuts in government spending. At the time, both men looked better positioned to deliver a bipartisan plan. Boehner seemed to have a firmer hand on his caucus leading up to the talks, and the president was coming off a hard-fought re-election win.

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Filed under: Congress • Fiscal Cliff
Deficit hawks: Fiscal cliff deal a real downer
January 3rd, 2013
07:38 AM ET
2 years ago

Deficit hawks: Fiscal cliff deal a real downer

New York (CNNMoney) – For the near term? Good. For the long term? Oh, puh-leeze.

That, in a nutshell, summarizes how independent deficit hawks view the fiscal cliff compromise that Congress passed on Tuesday and which President Obama signed into law Wednesday.

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Filed under: Debt • Fiscal Cliff
Obama signs bill warding off fiscal cliff
January 3rd, 2013
07:31 AM ET
2 years ago

Obama signs bill warding off fiscal cliff

(CNN) - President Barack Obama has signed into law a bill to avert the fiscal cliff, a day after the House and Senate approved the much-debated legislation.

Obama, who returned to his family vacation in Hawaii after Tuesday's House vote, signed the bill via autopen on Wednesday.

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Filed under: Fiscal Cliff • President Obama
Obama signs bill warding off fiscal cliff
President Barack Obama makes a statement alongside Vice President Joe Biden in the White House Briefing Room following the bill's passage by the House. (Photo by Brendan Hoffman/Getty Images)
January 3rd, 2013
05:10 AM ET
2 years ago

Obama signs bill warding off fiscal cliff

(CNN) - President Barack Obama has signed into law a bill to avert the fiscal cliff, a day after the House and Senate approved the much-debated legislation.

Obama, who returned to his family vacation in Hawaii after Tuesday's House vote, signed the bill via autopen on Wednesday.

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Filed under: Fiscal Cliff • President Obama
McConnell: Debt debate 'starts today'
January 2nd, 2013
09:30 PM ET
2 years ago

McConnell: Debt debate 'starts today'

(CNN) – Hours after Congress sent a bill for the president's signature to avoid the fiscal cliff, Senate Minority Leader Mitch McConnell is already gearing up for the next showdown.

The Kentucky Republican wrote in an op-ed that President Barack Obama should be prepared to "have a fight" over government spending and the debt limit in the coming weeks, adding that the tax debate is now a thing of the past with the new legislation.
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Filed under: Debt • Fiscal Cliff • Mitch McConnell
U.S. credit ratings test is yet to come
January 2nd, 2013
03:25 PM ET
2 years ago

U.S. credit ratings test is yet to come

London (CNNMoney) – Credit rating agencies are likely to hold off passing judgment on the U.S. credit rating until they have a clearer picture about the fate of the debt ceiling and longer term plans to reduce borrowing.

The New Year fiscal cliff agreement between the White House and Congress raised taxes on the richest Americans but postponed much of the toughest political wrangling on automatic spending cuts for another two months.

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Filed under: Economy • Fiscal Cliff
January 2nd, 2013
11:52 AM ET
2 years ago

Fiscal cliff deal: 5 things to know

(CNN) - Now that the House has passed a Senate deal to avert the fiscal cliff, it will become law when President Obama signs it. He has returned to Hawaii to join his family on vacation.

Here are five things to know about the complex bill, and what it does and doesn't do.

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Filed under: Fiscal Cliff
January 2nd, 2013
09:27 AM ET
2 years ago

Cliff vote sets up potential 2016 flashpoint

(CNN) - Political junkies were picturing the scene before the gavel came down: Rep. Paul Ryan, Sen. Rand Paul and Sen. Marco Rubio, sparring on an Iowa debate stage in December 2015, explaining their three-year-old votes on the deal designed to avert the fiscal cliff.

The top prospective Republican presidential candidates on Capitol Hill took opposite sides on the package that will stave off automatic tax increases - Rubio and Paul said "no" in the Senate's 2 a.m. vote on New Year's Day, while Ryan said "yes" when the House voted nearly 20 hours later.
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Filed under: Fiscal Cliff • Marco Rubio • Paul Ryan
Fiscal cliff deal boosts world markets
January 2nd, 2013
07:09 AM ET
2 years ago

Fiscal cliff deal boosts world markets

Hong Kong (CNNMoney) – World markets advanced Wednesday as lawmakers in the United States completed legislation that will mute much but not all of the fiscal cliff.

Asian and European stocks post strong gains, while government bonds in weaker eurozone economies rally as investor appetite for riskier assets rise on the diminished threat of an immediate hit to growth in the world's largest economy.

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Filed under: Fiscal Cliff • Wall Street
January 2nd, 2013
07:04 AM ET
2 years ago

House staves off fiscal cliff, but more money squabbles lie ahead

Washington (CNN) - After exhaustive negotiations that strained the country's patience, the House approved a bill to avert a dreaded fiscal cliff - staving off widespread tax increases and deep spending cuts.

The 257-167 vote late Tuesday night included 172 Democrats and 85 Republicans in favor of the bill; 16 Democrats and 151 Republicans voted against it.

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Filed under: Congress • Fiscal Cliff
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