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White House battles “fiscal cliff”

CCTV.com

11-27-2012 11:14 BJT

By CCTV correspondent Steve Handelsman

In the U.S., with the fiscal cliff drawing closer, the white house Monday took a hard line: insisting tax rates have to rise on the rich and warning that any more delay on a deal could ruin consumer confidence and hurt holiday retail sales that started with a roar on black Friday.

Back from Thanksgiving, Senators are on the sidelines as the fiscal cliff looms closer. Senator Bob Corker said, "Really, we just have to make some tough decisions."

It’s the house that has the ball. Eric Cantor, House Majority Leader, said, "I don’t care if you raise taxes 100% on the wealthy. You are not going to fix the deficit problem."

Republican Leader, Eric Cantor, is talking tough, but Republicans are open to new revenue because of the new reality. He said, "Well, the president got reelected and we know at the end of this year taxes are going up on everybody."

Jay Carney, White House Press Secretary: "The President has made clear that he
will NOT sign a bill that extends the Bush era tax cuts for those making more than $250,000."

Billionaire Warren Buffett, an Obama ally, again backed a rate hike on the rich.

Some Republicans agree: the rich should pay more but just by reducing deductions. Democrats still say rates ought to rise on the rich. Jay Carney, White House Press Secretary, said, "The President has made clear that he will NOT sign a bill that extends the Bush era tax cuts for those making more than $250,000."

Billionaire Warren Buffett, an Obama ally, again backed a rate hike on the rich, calling in the New York Times, for a minimum tax for the wealthy: I would suggest 30% of taxable income between $1 million and $10 million, and 35% on amounts above that. 30% of income between 1 and 10 million. 35% above that.

Republicans insist any deal on tax hikes has to come after a commitment to control spending on medicare and social security.

The white House warned today that the strong start to holiday retail sales could be spoiled by fears of a tax hike. The Christmas tree arrived at the capitol, today. Holiday cheer! And a reminder: five weeks till the fiscal cliff.

 

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