Erskine Bowles: 40% Chance of Cliff Deal
Like the lottery, maybe he’s just playing the ages of his kids.
Geithner Says ‘Absolutely’ When Asked About Eliminating Debt Ceiling
Debt ceiling used as a political tool, time to go, says treasury secretary.
Lawmakers Head Back to Work With Fiscal Cliff Looming
El-Erian and Lieber of Washington Analysis weigh in on the proper course to avert automatic cuts on Jan. 1.
Obama on Fiscal Cliff: ‘I’ll Compromise,’ but Not on Taxing Top Earners
Addressing the looming fiscal cliff, President Obama said Friday that while he’s not “wedded” to every detail of the plan he put forward previously to reduce the deficit, he will not compromise when it comes to making sure the top earners pay their fair share.
Schwab’s Sonders: Election Gives ‘No Clarity’ on Fiscal Cliff; Townsend on Dodd-Frank
If Congress and Obama don’t show they can “play nicely in the same sandbox,” consumer confidence would suffer and there would be a real risk of a modest recession, Schwab’s chief investment strategist says, though she still sees some silver linings post-election.
In Election’s Wake: What Now for Advisors?
TDAI offers some insight to changes at SEC, key congressional committees and 401(k)s.
Sen. Schumer: ‘Scrap’ Simpson-Bowles in Fiscal Cliff Talks, Raise Top Tax Rates
Schumer says “old style” tax reform is now obsolete because there are two new conditions that exist today that didn’t exist when the Tax Reform Act of 1986 was passed: “a much larger, more dangerous deficit, and a dramatic increase in income inequality.”
Reid, Boehner Reach Short-Term Spending Deal
The top Republican and Democrat on Capitol Hill have announced an agreement to keep the government running on autopilot for six months when the current budget year ends on Sept. 30.
CBO: Obamacare Repeal Would Raise Deficit by $109 Billion
Separately, the CBO and joint tax committee say the Supreme Court ruling on the Affordable Care Act will reduce its costs by $84 billion.
Senate Majority Leader Offers Plan to Stop Student Loan Rate Hike
In a speech on Thursday at the University of Nevada, Las Vegas, President Obama said Republicans were stalling in passing a law to stop such a hike. Republicans claim the administration has ignored their proposals.