Payroll Tax Cut Deal Reached in Congress
Congressional leaders said late Wednesday they had reached a tentative agreement on a payroll tax cut; legislation likely will be ready for President Obama’s signature by the end of the week.
House Rejection of Senate Bill Leaves Payroll Tax Cut Uncertain
The House rejected, 229-193, on Tuesday the Senate bill to extend the payroll tax cut for two months as well as unemployment benefits. If Congress can’t break the logjam, 160 million Americans will pay higher taxes next year.
More Budget Drama: Senate Defeats House Spending Bill
Government shutdown looms, again, as Congress prepared on Friday to adjourn for a week. Reid says Senate will vote on new bill Monday.
PIMCO’s El-Erian Warns U.S. Rating at Risk, Even With Debt Ceiling Deal
As leaders of both parties now plan to unveil their own debt-ceiling plans, El-Erian said that a short-term deal would leave “the AAA rating extremely vulnerable and does little” to fix the basic problems of the economy.
Majority Leader Cantor Denies Debt-Ceiling Conflict Over Investment
A spokesman for Rep. Eric Cantor tells AdvisorOne that the Congressman strongly denies Huffington Post charge that his portfolio would benefit from a U.S. government default.
Debt Talks Collapse on Taxes
Led by House Speaker John Boehner, Republicans say they won't allow for any tax increases to offset spending in the $4 trillion "grand bargain" proposed by President Obama.
As Talks Begin, Obama Said to Offer Medicare, Social Security Cuts
Meanwhile, Senate Democrats propose bill to tax "millionaires and billionaires."
Jobless Rate Hits 9.1%; Private Sector Payrolls Increase
The unemployment rate reached 9.1% in May, while 54,000 non-farm jobs were added during the month.
House Republicans Meet With Obama Over Debt Limit
House Republicans met with President Obama Wednesday morning to discuss how raising the debt ceiling would impact everything from the nation’s economy, to job creation, to health care.
Obama Lays Out Plan to Reduce Deficit by $4 Trillion in 12 Years
President Obama on Wednesday laid out what he called “a more balanced approach” than House Republicans to shrinking the nation’s burgeoning deficit by proposing a budget that would reduce the deficit by $4 trillion over 12 years through a four-step plan, which includes eliminating the Bush tax cuts for the...