Obama says fiscal cliff deal close, not done - 21 News Now, More Local News for Youngstown, Ohio -

Obama says fiscal cliff deal close, not done

Updated:
  • More NewsMore>>

  • YSU Stem College Dean cut from list of presidential candidates

    YSU Stem College Dean cut from list of presidential candidates

    Thursday, April 24 2014 6:12 PM EDT2014-04-24 22:12:22 GMT
    Dr. Martin AbrahamDr. Martin Abraham
    The Youngstown State UniversityBoard of Trustees has revealed the names of the six finalists seeking the YSU presidency.Althoughformer Ohio State and YSUcoachJim Tresselmade the cut, Dr. Martin Abraham's name is absent from the list.Below are the names submitted by the Youngstown State University Presidential Search Advisory Committee: Mary Cullinan Gary L. Miller Gayle L. Ormiston D. Marshall Porterfield Steven M. Rothstein James P. TresselTressel, who interviews for the University of Akron...More >>
    The Youngstown State UniversityBoard of Trustees has revealed the names of the six finalists seeking the YSU presidency.Althoughformer Ohio State and YSUcoachJim Tresselmade the cut, Dr. Martin Abraham's name is absent from the list.Below are the names submitted by the Youngstown State University Presidential Search Advisory Committee: Mary Cullinan Gary L. Miller Gayle L. Ormiston D. Marshall Porterfield Steven M. Rothstein James P. TresselTressel, who interviews for the University of Akron...More >>
  • Part time Lowellville policeman charged with abduction

    Part time Lowellville policeman charged with abduction

    Thursday, April 24 2014 5:19 PM EDT2014-04-24 21:19:29 GMT
    A part-time Lowellville police officer faces charges of abduction and unlawful restraint.The Mahoning County Grand Jury handed up a two count indictment against 46-year-old Roger Vance.According to the indictment, Vance used force or a threat to restrain a 40-year-old womanin lateFebruary.The case was investigated by the Mahoning County Sheriff's Department after Lowellville's Police Chief received the initial compliant and asked the outside agency to get involved.Sheriff Jerry Greene says th...More >>
    A part-time Lowellville police officer faces charges of abduction and unlawful restraint.The Mahoning County Grand Jury handed up a two count indictment against 46-year-old Roger Vance.According to the indictment, Vance used force or a threat to restrain a 40-year-old womanin lateFebruary.The case was investigated by the Mahoning County Sheriff's Department after Lowellville's Police Chief received the initial compliant and asked the outside agency to get involved.Sheriff Jerry Greene says th...More >>
  • Youngstown man sentenced for slashing and stabbing woman and her daughter

    Youngstown man sentenced for slashing and stabbing woman and her daughter

    Thursday, April 24 2014 4:34 PM EDT2014-04-24 20:34:48 GMT
    A Youngstown man has been sentenced to ten years in prisonafterpolice say he tried to murder a woman and her daughter. 32-year-old Jamar Berry plead guilty earlier to charges of attempted murder, assault and burglary.Berry was accused of slitting the throat of a woman and stabbing her 16-year-old daughter at their Craiger Avenue home last December.Both victims survived the attack.More >>
    A Youngstown man has been sentenced to ten years in prisonafterpolice say he tried to murder a woman and her daughter. 32-year-old Jamar Berry plead guilty earlier to charges of attempted murder, assault and burglary.Berry was accused of slitting the throat of a woman and stabbing her 16-year-old daughter at their Craiger Avenue home last December.Both victims survived the attack.More >>
By DAVID ESPO and JULIE PACE
Associated Press

WASHINGTON (AP) - Agonizingly close to a New Year's Eve compromise, the White House and congressional Republicans agreed Monday to block across-the-board tax increases set for midnight, but held up a final deal as they haggled away the final hours of 2012 in a dispute over spending cuts.

"It appears that an agreement to prevent this New Year's tax hike is within sight," President Barack Obama said in an early-afternoon status report on negotiations. "But it's not done," he added of legislation that redeems his campaign pledge to raise taxes on the wealthy while sparing the middle class.

Even by the dysfunctional standards of government-by-gridlock, the activity at both ends of historic Pennsylvania Avenue was remarkable as the White House and Congress struggled over legislation to prevent a "fiscal cliff" of tax increases and spending cuts.

As darkness fell on the last day of the year, Obama, Vice President Joe Biden and their aides were at work in the White House, and lights burned in the House and Senate. Democrats complained that Obama had given away too much in agreeing to limit tax increases to incomes over $450,000, far above the $250,000 level he campaigned on. Yet some Republicans recoiled at the prospect of raising taxes at all.

A late dispute over the estate tax produced allegations of bad faith from all sides - but no swift compromise.

Senate Republican leader Mitch McConnell - shepherding final talks with Biden - agreed with Obama that an overall deal was near. In remarks on the Senate floor, he suggested Congress move quickly to pass tax legislation and "continue to work on finding smarter ways to cut spending" next year.

The White House and Democrats initially declined the offer, preferring to prevent the cuts from kicking in at the Pentagon and domestic agencies alike. Officials said they might yet reconsider, although there was also talk of a short-term delay in the reductions.

While the deadline to prevent tax increases and spending cuts was technically midnight, passage of legislation by the time a new Congress takes office at noon on Jan. 3, 2013 - the likely timetable - would eliminate or minimize any inconvenience for taxpayers.

For now, more than the embarrassment of a gridlocked Congress working through New Year's Eve in the Capitol was at stake.

Economists in and out of government have warned that a combination of tax hikes and spending cuts could trigger a new recession, and the White House and Congress have spent the seven seeks since the Nov. 6 elections struggling for a compromise to protect the economy.

Even now, with time running out, partisan agendas were evident.

Obama used his appearance to chastise Congress, and to lay down a marker for the next round of negotiations early in 2013 when Republicans intend to seek spending cuts in exchange for letting the Treasury to borrow above the current debt limit of $16.4 trillion.

"Now, if Republicans think that I will finish the job of deficit reduction through spending cuts alone - and you hear that sometimes coming from them ... then they've got another think coming. ... That's not how it's going to work at least as long as I'm president," he said.

"And I'm going to be president for the next four years, I think," he added.

Officials in both parties said agreement had been reached to prevent tax increases on most Americans, while letting rates rise on individual income over $400,000 and household earnings over $450,000 to a maximum of 39.6 percent from the current 35 percent. That marked a victory for Obama, who campaigned successfully for re-election on a platform of requiring the wealthy to pay more.

Officials said any agreement would also raise taxes on the value of estates exceeding $5 million to 40 percent, but a late dispute emerged on that point as well as on spending cuts. Democrats accused Republicans of making a 11th-hour demand to have the $5 million threshold rise each year to take inflation into account. GOP officials said the White House had agreed to the proposal on Sunday night, a claim administration officials disputed.

Any compromise was also expected to extend expiring jobless benefits for 2 million unemployed, prevent a 27 percent cut in fees for doctors who treat Medicare patients and likely avoid a near-doubling of milk prices.

Much or all of the revenue to be raised through higher taxes on the wealthy would help hold down the amount paid to the Internal Revenue Service by the middle class.

In addition to preventing higher rates for most, any agreement would retain existing breaks for families with children, for low-earning taxpayers and for those with a child in college.

In addition, the two sides agreed to prevent the Alternative Minimum Tax from expanding to affect an estimated 28 million households for the first time in 2013, with an average increase of more than $3,000. The law was originally designed to make sure millionaires did not escape taxes, but inflation has gradually exposed more and more households with lower earnings to its impact.

To help businesses, the two sides also agreed to extend an existing research and development tax credit as well as other breaks designed to boost renewable energy production. Details on those provisions were sketchy.

Obama's remarks irritated some Republicans.

Sen. John McCain of Arizona they would "clearly antagonize members of the House."

There was no response from Speaker John Boehner, who has been content to remain in the background while McConnell did the negotiating.

Some Democratic officials said that with his comments, Obama was hoping to ease the concerns of liberals in his own party who feared he had given away too much in the current round of talks over taxes.

Obama campaigned on a call for higher tax rates on income over $200,000 for individuals and $250,000 for couples, far lower than the $400,000 and $450,000 that Biden and McConnell have set.

Similarly, the pending agreement on the estate tax would allow more large estates to escape taxation than many Democrats prefer.

By late afternoon, the two sides remained separated by a stubborn dispute over spending cuts scheduled to take effect on the Pentagon and domestic programs alike.

Officials familiar with the talks said the White House has been seeking agreement to stop the cuts from taking effect, either for a period of months or a year, and wanted to count higher taxes created elsewhere in the legislation to offset the cost.

Republicans have said they are willing to delay the across-the-board cuts, but only if Obama and Democrats agree to targeted savings from government programs to take their place.

___

Associated Press writers Andrew Taylor, Alan Fram and Ben Feller contributed to this report.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • SpotlightSpotlightMore>>

  • Updated

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    Tuesday, April 15 2014 2:04 PM EDT2014-04-15 18:04:57 GMT
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark,More >>
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark, presented by Stanley E. Shearer with Northwestern Mutual and 21 WFMJ on Saturday, August 23, 2014 at Eastwood Field.More >>
  • More From wfmj.comMore>>

  • Restaurant plans new statue of Joe Paterno

    Restaurant plans new statue of Joe Paterno

    Wednesday, April 23 2014 12:57 PM EDT2014-04-23 16:57:56 GMT
     (AP) - Fans of the late Penn State University football coach Joe Paterno are planning to commission a new bronze statue of him, and place it across from the school. Organizers say the statue will feature Paterno sitting on a bench reading. It's expected to cost about $300,000 and would hopefully be done in 2015 by Philadelphia sculptor Zenos Frudakis. Penn State spokeswoman Lisa Powers says the school isn't involved in the plan. But a restaurant owner in downtown State Col...More >>
     (AP) - Fans of the late Penn State University football coach Joe Paterno are planning to commission a new bronze statue of him, and place it across from the school. Organizers say the statue will feature Paterno sitting on a bench reading. It's expected to cost about $300,000 and would hopefully be done in 2015 by Philadelphia sculptor Zenos Frudakis. Penn State spokeswoman Lisa Powers says the school isn't involved in the plan. But a restaurant owner in downtown State Col...More >>
  • Woman allegedly sold heroin from hospital bed

    Woman allegedly sold heroin from hospital bed

    Wednesday, April 23 2014 11:01 AM EDT2014-04-23 15:01:45 GMT
    A woman in western Pennsylvania is accused of selling heroin from a hospital intensive care unit and a hospital room.More >>
    A woman in western Pennsylvania is accused of selling heroin from a hospital intensive care unit and a hospital room.More >>
  • Jet stowaway undetected for hours before departure

    Jet stowaway undetected for hours before departure

    Tuesday, April 22 2014 11:44 PM EDT2014-04-23 03:44:25 GMT
    Surveillance cameras at San Jose International Airport successfully captured the teenager on the tarmac, climbing up the landing gear of a jet. But in the end, the cameras failed because no one noticed the security...More >>
    A 15-year-old stowaway who survived a flight over the Pacific in a jet's wheel well spent seven hours undetected in what is supposed to be a highly secure area of San Jose International Airport before the flight...More >>
  • Hot ClicksHot ClicksMore>>

  • Can an app save the planet?

    Can an app save the planet?

    This startup's Earth Day launch has a massive goal: Cut carbon emissions globally. It has its work cut out for it.
    More >>
    This startup's Earth Day launch has a massive goal: Cut carbon emissions globally. It has its work cut out for it.
    More >>
  • 'Captain America' holds onto top box office spot

    'Captain America' holds onto top box office spot

    Monday, April 21 2014 10:47 PM EDT2014-04-22 02:47:39 GMT
    LOS ANGELES (AP) - Captain America really is unbeatable - at least at the box office"Captain America: The Winter Soldier" has been the top draw at theaters for three consecutive weeks, vanquishing would-be foes including the new thriller starring Johnny Depp.According to Monday's final box office figures, the Marvel sequel added $25.6 million in ticket sales over the weekend. "The Winter Soldier" has made more than $200 million domestically since logging the best April opening in history."Hea...More >>
    LOS ANGELES (AP) - Captain America really is unbeatable - at least at the box office"Captain America: The Winter Soldier" has been the top draw at theaters for three consecutive weeks, vanquishing would-be foes including the new thriller starring Johnny Depp.According to Monday's final box office figures, the Marvel sequel added $25.6 million in ticket sales over the weekend. "The Winter Soldier" has made more than $200 million domestically since logging the best April opening in history."Hea...More >>
  • Netflix poised to raise prices after strong 1Q

    Netflix poised to raise prices after strong 1Q

    Monday, April 21 2014 10:37 PM EDT2014-04-22 02:37:26 GMT
    SAN FRANCISCO (AP) - Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the first time in three years to help pay for more Internet video programming such as its popular political drama "House of Cards."The increase, to take place sometime before July, will hike prices by $1 or $2 per month for new customers. The company's nearly 36 million current subscribers will continue to pay $8 per month for at least the n...More >>
    SAN FRANCISCO (AP) - Netflix is preparing a sequel unlikely to be a hit with its subscribers. The Internet video service is about to raise its prices for the first time in three years to help pay for more Internet video programming such as its popular political drama "House of Cards."The increase, to take place sometime before July, will hike prices by $1 or $2 per month for new customers. The company's nearly 36 million current subscribers will continue to pay $8 per month for at least the n...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms