Obama signs cliff deal to boost taxes on wealthy
By Matthew Daly
President Barack Obama has signed a bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households.
President Barack Obama has signed a bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households.
President Barack Obama says the “fiscal cliff” agreement reached by the Senate is “the right thing to do for our country” and is encouraging the House to “pass it without delay.”
The White House and top Republicans struck a deal late Monday to avert huge New Year tax hikes and spending cuts known as the “fiscal cliff” that had threatened to send the US economy into recession.
President Barack Obama is applying pressure on Republican leaders to negotiate a fiscal deal, arguing that they have rejected his past attempts to strike a bigger and more comprehensive bargain.
Senate leaders sought a last-minute compromise Saturday to avoid middle-class tax increases and possibly prevent deep spending cuts at the dawn of the new year as President Barack Obama warned that failure could threaten the nation’s economic recovery.
The search for an elusive fiscal deal aimed at avoiding blanket tax hikes and drastic spending cuts was in the hands of US Senate leaders Saturday after President Barack Obama brought them together in a bid to move the quest for an accord forward.
President Barack Obama said Friday he was “modestly optimistic” a last-minute deal was possible with Republicans to avert a “fiscal cliff” crisis that could spark a recession and rock global markets.
President Barack Obama issued a stern summons to congressional leaders Friday to approve legislation before year’s end to prevent tax increases on millions of middle class Americans and prevent an expiration of long-term unemployment benefits for the jobless that could hit the U.S. economy hard.
Come Jan. 1, Americans could face big tax increases coupled with draconian cuts in government programs if President Barack Obama and his Democrats are unable to hammer out a compromise with Republicans on fundamental changes in the way the country handles its finances.
