New Castle News

Community News Network

November 7, 2012

'Fiscal cliff' clock starts as election fades to background

(Continued)

WASHINGTON —

"Republicans face a choice, and the choice is theirs," said Rep. Chris Van Hollen, Md., the senior Democrat on the House Budget Committee. "If they want to drive off the fiscal cliff, that means they want to go into January demanding that people like Mitt Romney get a bonus tax break or nobody gets any tax relief."

It was not clear how Republicans would respond. Late Tuesday, House Speaker John Boehner, R-Ohio, was expected to repeat his insistence that Republicans stand firm against any increase in taxes, especially for taxpayers who earn more than $250,000. That category includes many business owners.

Democrats said an Obama victory would give him a mandate on the tax issue because the promise to raise taxes on the wealthy was a centerpiece of his campaign. Some senior Republicans agree. For months, Republican tax aides have been at work on ideas for a potential compromise that would keep the top tax rate at 35 percent, as Republicans prefer, while enacting new provisions to extract about $55 billion next year from households earning more than $250,000 a year, meeting Obama's goal to raise taxes on top earners.

Republicans said such a deal, if possible, would hinge on Obama's willingness to rein in the cost of federal entitlement programs, including Social Security and Medicare, the biggest drivers of future borrowing. Obama's most recent budget request proposed only modest trims to federal health-care programs, totaling about $360 billion, and no changes to Social Security.

Obama went further in 2011 budget negotiations with Boehner, offering to raise the eligibility age for Medicare from 65 to 67 and to apply a less-generous measure of inflation to Social Security benefits. However, liberal Democrats are opposed to those changes and others that reduce retirement benefits, while it is not clear that Republicans who have been demanding more fundamental restructuring of Medicare would view even those changes as a sufficient reason to raise taxes.

Text Only | Photo Reprints
Community News Network
  • The virtues of lying

    Two computational scientists set out recently to simulate the effects of lying in a virtual human population. Their results, published in the Proceedings of the Royal Society B, show that lying is essential for the growth of a cohesive social network.

    July 31, 2014

  • Sunburn isn't the only sign of summer that can leave you itchy and blistered

    You've got a rash. You quickly rule out the usual suspects: You haven't been gardening or hiking or even picnicking, so it's probably not a plant irritant such as poison ivy or wild parsnip; likewise, it's probably not chiggers or ticks carrying Lyme disease; and you haven't been swimming in a pond, which can harbor the parasite that causes swimmer's itch.

    July 30, 2014

  • Survey results in legislation to battle sexual assault on campus

    Missouri U.S. Sen. Claire McCaskill joined a bipartisan group of senators Wednesday to announce legislation that aims to reduce the number of sexual assaults on college campuses.

    July 30, 2014

  • An alarming threat to airlines that no one's talking about

    It's been an abysmal year for the flying public. Planes have crashed in bad weather, disappeared over the Indian Ocean and tragically crossed paths with anti-aircraft missiles over Ukraine.

    July 30, 2014

  • Sharknado.jpg Sharknado 2 set to attack viewers tonight

    In the face of another "Sharknado" TV movie (the even-more-inane "Sharknado 2: The Second One," premiering Wednesday night on Syfy), there isn't much for a critic to say except to echo what the characters themselves so frequently scream when confronted by a great white shark spinning toward them in a funnel cloud:
    "LOOK OUT!!"

    July 30, 2014 1 Photo

  • 20140729-AMX-GIVHAN292.jpg Spanx stretches into new territory with jeans, but promised magic is elusive

    The Spanx empire of stomach-flattening, thigh-slimming, jiggle-reducing foundation garments has expanded to include what the brand promises is the mother of all body-shaping miracles: Spanx jeans.

    July 29, 2014 1 Photo

  • Medical marijuana opponents' most powerful argument is at odds with a mountain of research

    Opponents of marijuana legalization are rapidly losing the battle for hearts and minds. Simply put, the public understands that however you measure the consequences of marijuana use, the drug is significantly less harmful to users and society than tobacco or alcohol.

    July 29, 2014

  • linda-ronstadt.jpg Obama had crush on First Lady of Rock

    Linda Ronstadt remained composed as she walked up to claim her National Medal of Arts at a White House ceremony Monday afternoon.

    July 29, 2014 1 Photo

  • Can black women have it all?

    In a powerful new essay for the National Journal, my friend Michel Martin makes a compelling case for why we need to continue the having-it-all conversation.

    July 29, 2014

  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

    July 28, 2014 3 Photos

House Ads
Poll

Would you want to know what your pet is thinking about you?

Yes! I'd love to know what my pet is thinking.
Nah, it's probably not that interesting.
I don't know. I'm afraid of what I might find out.
     View Results