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TODAYS TOP STORIES
US Economy Could Withstand Brief Fall Off "Cliff"
WASHINGTON (AP) -- Economists say some of the anxiety about the fiscal cliff may be misplaced and that a brief fall probably wouldn't be too damaging.
Even if New Year's passes with no deal, there would be no need to panic as long as an agreement seemed likely soon. The tax increases and spending cuts could be retroactively repealed.
And experts say the impact of the tax increases would be felt only gradually. Most people would receive slightly less money in each paycheck.
One economist says the belief that recession is the inevitable result of a plunge off the fiscal cliff is wrong. Lewis Alexander of Nomura Securities says it would "ultimately depend on how long the policies are in place."
Most economists say they expect a deal, if not by New Year's then soon after, and that businesses and consumers will likely remain calm for a while.
Posted: Wednesday, December 12 2012, 04:47 AM CST
IN OKLAHOMA NEWS
House passes GOP bill to speed pipeline approval
May 23, 2013 10:38 GMT
WASHINGTON (AP) -- House Republicans have pushed through legislation to bypass the president to speed approval of the Keystone XL oil pipeline from Canada to Texas.
The bill was approved 241-175 largely along party lines. It's unlikely to be taken up by the Democratic-controlled Senate.
Democrats criticized the legislation as a blatant attempt to allow a foreign company to avoid environmental review. Republicans say the measure is needed to ensure that the pipeline first proposed in 2008 is built.
The measure would deem the project approved without a presidential permit, as required under current law, and with no further environmental review. It also would limit legal challenges to the project.
President Barack Obama has twice thwarted the pipeline project amid concerns about a proposed route through environmentally sensitive land in Nebraska. The White House approved a southern portion of the project from Oklahoma to Texas.
OKLAHOMA HEADLINES
House passes GOP bill to speed pipeline approval
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Officials warn residents to guard against fraud
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Youngest Okla. tornado victims remembered by kin
More than 50 companies to hold job fair for vets
$2B in Okla. tornado damage means hard recovery
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OKLAHOMA WEATHER
66°
From the FOX 25 First Forecast Center..
Good morning everyone...Not expecting organized severe weather but showers and t'storms from time to time could hamper tornado relief efforts. ...
Business News
Bernanke signals Fed to maintain stimulus efforts
WASHINGTON (AP) -- Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
Consumer Info
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. ...
Science/Tech News
IN THE NEWS: TEEN ONLINE FAREWELL SONG ATTRACTS MILLIONS OF VIEWS
LAKELAND, Minn. (AP) -- High school student Zach Sobiech (SOH'-bee-eck) says he wanted to be remembered as "a kid who went down fighting and didn't really lose."
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SWINGERS CLUB LAWSUIT-VEGAS
LAS VEGAS (AP) -- David Cooper wants to bring a little more sin -- to Sin City.
IE6 Float Fix
