January 1st, 2013
11:41 PM ET
1 year ago

Obama calls for less 'drama,' 'brinkmanship'

(CNN) - President Barack Obama called late Tuesday for Congress to employ "a little less drama, a little less brinkmanship and scare folks a little less" in future fiscal dealings, as he and Congress consider the prospect of working together again to avoid future economic crises.

"While I will negotiate over many things, I won't have another debate with this Congress on whether they should pay the bills we racked up in the past," he said.

Obama spoke at the White House shortly after the House passed a scaled-back deal to avoid the fiscal cliff. The deal was passed earlier by the Senate and goes next to Obama's desk.

A full transcript of his remarks is after the jump.
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Filed under: Fiscal Cliff • President Obama
Breaking: Senate fiscal cliff deal passes House
January 1st, 2013
10:58 PM ET
1 year ago

Breaking: Senate fiscal cliff deal passes House

(CNN) - The House late Tuesday approved a Senate bill to avert the feared fiscal cliff by a vote of 257 to 167.

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Filed under: Fiscal Cliff • House
World markets react to fiscal cliff
January 1st, 2013
08:22 PM ET
1 year ago

World markets react to fiscal cliff

Hong Kong (CNNMoney) - International markets opened for business Wednesday as lawmakers in the United States raced to complete legislation that would mute much but not all of the fiscal cliff.

The Senate passed a compromise measure Tuesday that would extend the Bush-era tax cuts for the vast majority of Americans and spare tens of millions from the Alternative Minimum Tax.

FULL STORY

Filed under: CNNMoney.com • Fiscal Cliff
House Republicans drop plans to amend Senate cliff deal
January 1st, 2013
08:13 PM ET
1 year ago

House Republicans drop plans to amend Senate cliff deal

Washington (CNN) - After their second caucus meeting of the day, House Republicans decided not to attempt the process of amending the scaled back fiscal cliff deal, and instead bring the Senate proposal to an up-or-down vote on the House floor.

The vote is expected to take place between 11:15 and 11:45 p.m. ET, according to House Republican leaders.
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Filed under: Fiscal Cliff
Fiscal cliff deal would hit the rich – but it could have been worse
January 1st, 2013
06:13 PM ET
1 year ago

Fiscal cliff deal would hit the rich – but it could have been worse

New York (CNNMoney) - The rich would see a much bigger tax bill under the fiscal cliff deal that passed the Senate early Tuesday morning, but even they would get some nice breaks.

Those making a million and up would pay $122,560 more in federal taxes, on average, according to new estimates by the Tax Policy Center. That means this group, which includes those bringing home many millions of dollars, would see a 5.7% drop in after-tax income.

FULL STORY

Filed under: CNNMoney.com • Fiscal Cliff
January 1st, 2013
05:26 PM ET
1 year ago

Biden rallies Democrats on the Hill

Washington (CNN) – Vice President Joe Biden answered questions from House Democrats for roughly 45 minutes Tuesday while rallying support for the fiscal cliff agreement that passed through the Senate, according to a Democratic source present at the meeting.

Biden, who was a key player in the deal brokered between the White House and Congressional leaders, spent an hour talking to members of the House Democratic caucus explaining the negotiations step by step, the source said.
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Filed under: Fiscal Cliff • House • Joe Biden
CBO: Fiscal cliff deal adds $4 trillion to deficits
January 1st, 2013
03:54 PM ET
1 year ago

CBO: Fiscal cliff deal adds $4 trillion to deficits

New York (CNNMoney) – The fiscal cliff deal passed by the Senate Tuesday morning would increase deficits over the next decade by close to $4 trillion, according to the Congressional Budget Office.

But that's relative to where deficits would otherwise be if Congress were to let all the Bush tax cuts expire and keep much if not all of the other tax hikes and spending cuts under the fiscal cliff in place. Under that scenario, only $2.88 trillion would be added to the debt over the next decade.

FULL STORY

Filed under: CNNMoney.com • Fiscal Cliff • Senate
Cantor opposes fiscal cliff bill
January 1st, 2013
03:27 PM ET
1 year ago

Cantor opposes fiscal cliff bill

Washington (CNN) – House Majority Leader Eric Cantor said Tuesday he opposes the Senate version of the fiscal cliff bill, as the hours wind down for the House to vote on a deal that would avert a combination of tax hikes and spending cuts.

"I do not support the bill," Cantor told reporters while leaving a House GOP meeting.
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Filed under: Eric Cantor • Fiscal Cliff • John Boehner
Other nuggets in the fiscal cliff bill: Rum, electric vehicles and motor sports
January 1st, 2013
02:58 PM ET
1 year ago

Other nuggets in the fiscal cliff bill: Rum, electric vehicles and motor sports

Washington (CNN) - So what is really in the fiscal cliff legislation?

Of course, there are the widely-known sticking points the two sides have been haggling over for weeks: extensions of the income tax cuts for middle and low-income earners, the current estate tax rate, and the alternative minimum tax.
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Filed under: Energy • Fiscal Cliff
AFL-CIO's Trumka: 'Lawmakers should have listened better'
January 1st, 2013
02:20 PM ET
1 year ago

AFL-CIO's Trumka: 'Lawmakers should have listened better'

(CNN) – The day after the U.S. Senate passed a bill averting the fiscal cliff, AFL-CIO President Richard Trumka issued a statement chastising lawmakers for some of the tax provisions included in the measure.

"Lawmakers should have listened even better," Trumka wrote. "The deal extends the Bush tax cuts for families earning between $250,000 and $450,000 a year and makes permanent Bush estate tax cuts exempting estates valued up to $5 million from any tax. These concessions amount to over $200 billion in additional tax cuts for the 2%."

The full statement from Trumka is after the jump.
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Filed under: AFL-CIO • Fiscal Cliff • Richard Trumka
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