Everyone’s Worst Nightmare Has Come True: The Endless Greek Bailout Has Now Shifted to D.C.
Tax part of fiscal-cliff deal reached, says McConnell
Lawmakers have reached an agreement on all tax issues related to the fiscal cliff, Senate Republican leader Mitch McConnell said Monday afternoon, adding that negotiators are “very, very close” to a broader deal.
Optimism about averting the fiscal cliff increased Monday amid positive statements from McConnell and President Barack Obama, who during a public appearance at the White House said: “They are close, but they are not there yet.”
McConnell called for an immediate vote on taxes, but one hadn’t been scheduled as of Monday afternoon.
http://www.marketwatch.com/story/progress-cited-as-fiscal-cliff-deadline-nears-2012-12-31
Liberals upset by emerging fiscal-cliff deal
Liberal Democrats, inside and outside Congress, were grumbling Monday as more details emerged about the possible deal to avert the fiscal cliff. It was unclear if the unhappiness would keep the Senate from voting on the measure.
For instance, former Clinton cabinet member Robert Reich called the deal “lousy.”
One common complaint was that President Barack Obama did not win any concessions from Republicans on the debt ceiling.
If the limit is not raised by late February or early March, the U.S. would default on its debt.
http://blogs.marketwatch.com/election/2012/12/31/liberals-upset-by-emerging-fiscal-cliff-deal/
If Greece’s default isn’t arranged by parliament, it will enacted on the streets with bloody consequences - November 12th, 2012
The Greek parliament passed an austerity budget yesterday, agreeing to a further €9.4bn of cuts including to all state salaries and pensions. Next year will see the economy shrink for the sixth consecutive year according to government forecasts, declining a further 4.5pc. Unemployment is already at 25pc and, despite spending cuts, state debt will hit 189pc of GDP next year (and rise to 192pc the year in 2014/15 according toFitch).
The news cycle in Britain may have moved on, but the rioters haven’t. A further 15,000 surrounded parliament yesterday. The country is so wracked by financial and social breakdown that it now resembles a hospital patient in a vegetative state, kept alive by measures which only heighten the pain experienced before the inevitable end.
http://blogs.telegraph.co.uk/finance/thomaspascoe/100021236/if-greeces-default-isnt-arranged-by-parliament-it-will-enacted-on-the-streets-with-bloody-consequences/
Wilbur Ross Sees Recession, Warns of ‘Greek’ Situation
Money News: The U.S. economy faces a recession if the nation goes off the fiscal cliff and key tax cuts fully expire at the end of this year, said Wilbur Ross, chairman and CEO of WL Ross and Co.
And, in the wake of news the U.S. will hit its debt limit earlier than expected, the billionaire financier warned that the United States could soon face its own “Greek” style debt situation.
Failure to stop automatic tax increases set for Jan. 1 “would obviously have a big negative effect on disposable income and consequently, I believe would put us back into the recession when coupled with the spending cuts that are also part of it,” Ross told Newsmax TV in an exclusive interview Thursday.
Ross says that even a compromise deal that stops tax increases for many still may not save the U.S. economy.
“I think that if we don’t go over the full fiscal cliff, because we will go over some sort of a cliff even if you only raise the rates on the high-bracket people, and even if you cut back on the sequester, there still will be jolts to the economy,” Ross said.
“So the question isn’t whether or not we go over a cliff, it’s just how steep is the cliff.”
Read more at http://www.moneynews.com/Headline/Wilbur-Ross-Economy-fiscal-cliff/2012/12/27/id/469223
Tax part of fiscal-cliff deal reached, says McConnell
Lawmakers have reached an agreement on all tax issues related to the fiscal cliff, Senate Republican leader Mitch McConnell said Monday afternoon, adding that negotiators are “very, very close” to a broader deal.
Optimism about averting the fiscal cliff increased Monday amid positive statements from McConnell and President Barack Obama, who during a public appearance at the White House said: “They are close, but they are not there yet.”
McConnell called for an immediate vote on taxes, but one hadn’t been scheduled as of Monday afternoon.
http://www.marketwatch.com/story/progress-cited-as-fiscal-cliff-deadline-nears-2012-12-31
Liberals upset by emerging fiscal-cliff deal
Liberal Democrats, inside and outside Congress, were grumbling Monday as more details emerged about the possible deal to avert the fiscal cliff. It was unclear if the unhappiness would keep the Senate from voting on the measure.
For instance, former Clinton cabinet member Robert Reich called the deal “lousy.”
One common complaint was that President Barack Obama did not win any concessions from Republicans on the debt ceiling.
If the limit is not raised by late February or early March, the U.S. would default on its debt.
http://blogs.marketwatch.com/election/2012/12/31/liberals-upset-by-emerging-fiscal-cliff-deal/
If Greece’s default isn’t arranged by parliament, it will enacted on the streets with bloody consequences - November 12th, 2012
The Greek parliament passed an austerity budget yesterday, agreeing to a further €9.4bn of cuts including to all state salaries and pensions. Next year will see the economy shrink for the sixth consecutive year according to government forecasts, declining a further 4.5pc. Unemployment is already at 25pc and, despite spending cuts, state debt will hit 189pc of GDP next year (and rise to 192pc the year in 2014/15 according toFitch).
The news cycle in Britain may have moved on, but the rioters haven’t. A further 15,000 surrounded parliament yesterday. The country is so wracked by financial and social breakdown that it now resembles a hospital patient in a vegetative state, kept alive by measures which only heighten the pain experienced before the inevitable end.
http://blogs.telegraph.co.uk/finance/thomaspascoe/100021236/if-greeces-default-isnt-arranged-by-parliament-it-will-enacted-on-the-streets-with-bloody-consequences/
Wilbur Ross Sees Recession, Warns of ‘Greek’ Situation
Money News: The U.S. economy faces a recession if the nation goes off the fiscal cliff and key tax cuts fully expire at the end of this year, said Wilbur Ross, chairman and CEO of WL Ross and Co.
And, in the wake of news the U.S. will hit its debt limit earlier than expected, the billionaire financier warned that the United States could soon face its own “Greek” style debt situation.
Failure to stop automatic tax increases set for Jan. 1 “would obviously have a big negative effect on disposable income and consequently, I believe would put us back into the recession when coupled with the spending cuts that are also part of it,” Ross told Newsmax TV in an exclusive interview Thursday.
Ross says that even a compromise deal that stops tax increases for many still may not save the U.S. economy.
“I think that if we don’t go over the full fiscal cliff, because we will go over some sort of a cliff even if you only raise the rates on the high-bracket people, and even if you cut back on the sequester, there still will be jolts to the economy,” Ross said.
“So the question isn’t whether or not we go over a cliff, it’s just how steep is the cliff.”
Read more at http://www.moneynews.com/Headline/Wilbur-Ross-Economy-fiscal-cliff/2012/12/27/id/469223