7 ways

The U.S. economy could be put back into a recession if the "fiscal cliff" is not averted. What are Prsident Obama and Congress going to do? According to a CNBC article here are items to consider:

  1. Obama and Boehner pick up talks where they left off.
  2. A big drop in the stock market sends a message.
  3. The government goes off the fiscal cliff.
  4. No deal for at least six weeks.
  5. Boehner calls a House vote on what President Obama wants.
  6. A partial deal is struck.
  7. Stock markets hang in there and President Obama and Congress think the fiscal cliff isn't so bad.

Obama has dropped his proposal to extend a temporary cut in Social Security payroll taxes paid by 163 million workers. Republicans want that tax to go back up.Obama is offering to reduce cost-of-living increases for Social Security recipients. Republicans have been seeking this as a key to long-term deficit reduction. Obama continues to reject the Republican plan to raise the eligibility age for Medicare from 65 to 67. Boehner now says raising the eligibility age is not essential. Obama and Boehner both propose raising taxes on dividends and capital gains from 15 percent to 20 percent.

 CNBC source story #2
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