BREAKING NEWS

US Senate leaders work to avoid New Year's 'fiscal cliff'

By REUTERS

DECEMBER 30, 2012 00:39

WASHINGTON - Congressional negotiators burrowed into their Capitol offices on Saturday to see if they can stop the US economy from falling off of a "fiscal cliff" in just three days when the biggest tax increases ever to hit Americans in one shot are scheduled to begin.

Aides to Senate Majority Leader Harry Reid, a Democrat, and Senate Republican leader Mitch McConnell were expected to work through the day on a possible compromise that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to kick in next week.

A variety of lower taxes are scheduled to expire on Dec. 31. If allowed to rise, the approximately $500 billion value of the revenue increases would represent a historic hike when taken together.

The combined punch of the tax increases and spending cuts would likely put the US economy into a downward spiral, according to economists' forecasts.

US military says it engaged five unmanned drones over Red Sea

By REUTERS

04/29/2024 04:59 AM

Dozens of tornadoes strike Oklahoma, killing at least four

By REUTERS

04/29/2024 04:48 AM

15 Palestinians killed in Israeli strikes on Rafah, Gaza, Hamas claims

By REUTERS

04/29/2024 01:57 AM

Antony Blinken to visit Israel, Jordan on Middle East trip

By JERUSALEM POST STAFF