FISCAL CLIFF STORIES
Officials with Sleeping Bear Dunes National Lakeshore say they're making cuts because of the automatic reduction in the federal budget.
Key advisors for the nation's last two presidents disagreed here Friday on the cause of the federal budget sequestration that will lop off $85 billion off federal spending.
President Obama and congressional leaders meet Friday ahead of the deadline for the sequester, $85 billion in automatic budget cuts that both sides say will be bad for the economy.
Budget cuts by the Air Force, Army and Navy scheduled to take effect March 1 will force almost $34 billion in wage and spending reductions and prompt furloughs or layoffs for millions of people, according to documents obtained by USA TODAY.
Congress faces a March 1 deadline to find an alternative to $85 billion in widespread spending cuts from defense and social programs, which threaten to slow economic progress.
Major cuts to defense and education programs "will cost us jobs and slow down our economy," Obama said during brief remarks at the White House.
House Republicans said Friday they intend to extend the nation's borrowing authority for three months, but will not agree to a long-term increase on the debt limit until both chambers of Congress approve a budget.
The Internal Revenue Service said today that it will begin processing individual tax returns on Jan. 30 -- roughly a week later than some tax experts had expected.
With the new year, people are starting to pay an additional 2% out of their paycheck -- a so-called "payroll tax" -- going to Social Security.
At one point, the Dow Jones industrial average was up more than 270 points.
Taking to Twitter to express himself, U.S. Rep. Justin Amash of Cascade Township blasted the agreement to avoid the so-called fiscal cliff, saying it increases spending without making tough fiscal decisions.
While Congress avoided the fiscal cliff, it's now up to you to turn fiscally responsible with your finances, to avoid your own mess down the road. A financial advisor offers tips.
The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.
President Obama said he remains hopeful Congress will reach a deal to avert the "fiscal cliff," but negotiations stalled Sunday afternoon on Capitol Hill where Senate leaders are trying to find a compromise to avert year-end tax hikes and spending cuts that threaten U.S. economic recovery.
Pat White, an attorney with the Varnum law firm in Grand Rapids, says it makes tactical sense to do what Congressional leaders are doing.
President Obama and congressional leaders did not come to terms Friday on a short-term plan to avoid the tax hikes and budget cuts that kick in next week with the so-called "fiscal cliff."
"I was generally the peacemaker," he recalls. "I'm not the person who digs in his heels and says, 'You are a bunch of idiots and I'm not going to deal with you'.
House Republican leaders told lawmakers to return to Washington on Sunday, setting the stage for a dramatic final act in this Congress to avert the year-end "fiscal cliff."
The baristas at Starbucks are going to use the cups to send a message to the nation's leaders about the fiscal cliff.
House Speaker John Boehner says he's still open to talks with President
Barack Obama on avoiding the double economic hit of automatic tax hikes
and spending cuts but he needs Obama to compromise more.
A gallon of milk could skyrocket to at least $6 a gallon, if Congress doesn't reach an agreement, before the so-called "fiscal cliff."
Fact: If Congress and the White House don't reach an agreement, your paycheck is going to go down. The reason?
The prospect of Congress' failure to soon agree on spending and revenues could trigger an immediate cut to defense spending of $50 billion or more -- and some of that money is spent in West Michigan.