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The US Fiscal Cliff
WASHINGTON (AP) -- President Barack Obama and Republicans are playing a game of political chicken as the end-of-year deadline approaches for averting the "fiscal cliff," a combination of expiring tax reductions and across-the-board spending cuts.
Obama proposes $1.6 trillion in higher taxes over a decade and heightened presidential power to raise the debt limit. In exchange, Obama proposes $600 billion in spending cuts, including some to Medicare. He also wants $200 billion in new spending to support economic recovery.
Based on the rhetoric, an agreement may not come quickly.
Treasury Secretary Timothy Geithner says Republicans don't have a plan and should say how much they're willing to raise taxes on the rich.
House Speaker John Boehner says Obama's plan isn't serious. He says Republicans have plenty of ideas, but he's not giving specifics.
Posted: Monday, December 3 2012, 04:14 AM CST
IN OKLAHOMA NEWS
Okla. lawmakers to take up tornado recovery bill
May 22, 2013 14:34 GMT
OKLAHOMA CITY (AP) -- Oklahoma lawmakers are preparing to take up legislation to appropriate $45 million in emergency funds to help pay for recovery efforts following deadly tornadoes in central Oklahoma.
Officials in the Oklahoma Senate say the chamber could take up a measure on Wednesday that would dip into the state's Rainy Day Constitutional Reserve Fund to help pay for recovery efforts. State House and Senate committees approved the measure on Tuesday. The Rainy Day fund's balance is expected to reach a record $660 million in July.
Money from the emergency fund would help local communities recover from a tornado that struck Moore on Monday, killing at least 24 people. A separate tornado on Sunday left two dead in Shawnee.
Gov. Mary Fallin issued an emergency declaration for 16 Oklahoma counties on Sunday.
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From the FOX 25 First Forecast Center..Good morning...Weather pattern calming down as we head into the holiday weekend. Patchy dense fog possible this morning then mostly sunny, light winds and a warm afternoon with highs in the 80s expected. ...
Asia stocks rise as Fed official backs easy policy
BANGKOK (AP) -- Asian stock markets were mostly higher today after investor confidence was boosted by a Federal Reserve official's comments that the U.S. central bank should stick with its super-easy monetary policy.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: TEENS MOVING TO TWITTER TO DODGE PARENTS, OTHER BORES
WASHINGTON (AP) -- If you're one of those parents who are on Facebook in part to keep an eye on what your kids are up to -- here's a news flash: your kids are on to you and have moved to Twitter.
DOG BEACH WEAR
LOS ANGELES (AP) -- From bikinis to Hawaiian shirts -- it's time to gear up for the beach.