Obama just gave a speech outlining his plan to address the "fiscal cliff." He says it has to be balanced, and that any compromise must have both spending cuts and new revenues or he won't accept it. He also called for an immediate extension of the Bush tax cuts for people making less than $250K, which has already passed in the Senate. He called on the House to take action, saying "I've got a pen, and I'm ready to sign it." He said this would eliminate uncertainty for 98% of taxpayers and 97% of small businesses.
UPDATE: Markets react poorly, pulling back sharply from today's earlier gains.
UPDATE: Transcript of Obama's remarks...
- Spend a day in a High School Student's shoes (2 replies)
- Noted local defense attorney killed in car crash (4 replies)
- Tennessee needs $38 billion of infrastructure improvements (1 reply)
- What you need to know a bout Ebola (2 replies)
- Somewhat original thinking for an old problem - a "bottom-up approach to fiscal policy" (8 replies)
- International Baccalaureate (12 replies)
- What's at stake with Amendment One (13 replies)
- 'No' votes on Amendment 1 changed to 'Yes' (3 replies)
- BREAKING: Metro Pulse shutting down, staff fired, other layoffs at KNS (304 replies)
- Literary artists in the house! Homes given to writers for free in Detroit (3 replies)
- A Great Response to a False and Deceptive Ad (16 replies)
- Here's a fun way to explain our State Senate Race (7 replies)
- Oct 28 2014 - 5:30pm (3 days 3 hours from now)
- Oct 28 2014 - 6:00pm (3 days 3 hours from now)
- Oct 30 2014 - 7:00pm (5 days 4 hours from now)