Top Senate Democrat predicts US to head over fiscal cliff

Top Senate Democrat predicts US to head over fiscal cliff

The top Democrat in the US Senate predicted Thursday that no deal will be reached before year's end to avert the harsh fiscal measures known as the fiscal cliff, DPA reported.

Hope seemed to be fading for an agreement to replace the steep spending cuts and tax hikes that threaten to derail the US economy with a more gradual deficit reduction package.

Senate Majority Leader Harry Reid said "it looks like" the US would head off the fiscal cliff next week.

He pointed the finger at Republicans who control the lower chamber of Congress, noting they remained on Christmas vacation even as the Senate and President Barack Obama returned to work Thursday.

"If we go over the cliff, we'll be left with the knowledge that it could have been prevented with a single vote in a Republican controlled House of Representatives," Reid said on the Senate floor.

A bill already passed in the Democratic-controlled Senate would raise taxes on those making more than 250,000 dollars a year rather than allowing all tax cuts to expire.

Reid called on House Republicans to vote on that measure, despite Republican opposition to new taxes. Obama and his Democrats who want to raise taxes on the wealthy.

Last week, House Speaker John Boehner proposed raising taxes for those earning more than 1 million dollars per year but failed to garner support within his own party.

"It's not too late for the speaker to take up the Senate-passed bill but time on that is winding down," Reid said.

Obama returned to Washington Thursday after cutting short his Christmas vacation in Hawaii for an intense round of talks to avoid the severe austerity measures due to kick in at year's end.

The fiscal cliff refers to the expiration of all tax cuts implemented under former president George W Bush coupled with across-the-board spending cuts by the government. Approved in August 2011 during a partisan standoff on raising the debt ceiling, it was designed to force both sides to reach agreement on deficit reduction measures.

If it were to take effect, government economists say the economy would suffer a 600-billion-dollar blow in 2013 and be pushed back into recession.

Subscribe to Trend in Google News! Subscribe
U.S. Int'l Development Finance Corporation provides financing to Bank of Georgia for SMEs support
U.S. Int'l Development Finance Corporation provides financing to Bank of Georgia for SMEs support
Georgian, Ukrainian, and Moldovan PMs hold meeting in Brussels
Georgian, Ukrainian, and Moldovan PMs hold meeting in Brussels
Georgian Government to co-op with private sector – Business Association
Georgian Government to co-op with private sector – Business Association
Loading Bars
Latest
Israeli ambassador expresses condolences to Azerbaijan over helicopter crash
Iranian Foreign Ministry expresses condolences to Azerbaijan over helicopter crash
Helicopter crashed while landing at Garaheybat training center – Azerbaijani State Border Service
Status of martyr to be assigned to those killed in plane crash in Azerbaijan
Turkish President Erdogan holds phone talks with President Ilham Aliyev
President Ilham Aliyev, First Lady Mehriban Aliyeva give instructions on burial of those killed in helicopter crash
Witnesses of helicopter crash being questioned in Azerbaijan – First Deputy Prosecutor General
Turkish Minister of National Defense expresses condolences to Azerbaijani Defense Minister
Flight recorder of crashed military helicopter found in Azerbaijan
Pakistani companies may partake in restoration of Azerbaijan's liberated territories (PHOTO)
Iran looks to boost its energy trade through Economic Cooperation Organization
Iran's ties with Economic Cooperation Organization to boost country's cargo transit
Azerbaijan excludes any outside interference following deadly helicopter crash
IRENEX shares data on sales of Iranol Oil Company
Gas swap agreement is mutually beneficial for Azerbaijan, Iran and Turkmenistan - experts
ICIEC Signs MOU with Japan's Nippon Export and Investment Insurance (NEXI)
Israel's Bezeq Q3 profit up, raises full year outlook
Iran seeks to boost trade ties with Turkmenistan
Pakistan expects $3 billion reserves deposit from Saudi in days
Iran eyes to commission 12 new metro stations in Tehran
Oxford University says no evidence yet that vaccines won't protect against severe disease from Omicron
SOCAR’s STAR Refinery reduces crude oil imports
Iran remains optimistic about Vienna nuclear talks
FMs of Azerbaijan, Turkey hold phone talk
Turkmenistan's crude oil supplies to Turkey down
Azerbaijan's oil export volume down in 10M2021
Footage from crash scene of military helicopter of Azerbaijan’s State Fire Service (PHOTO/VIDEO)
U.S. Int'l Development Finance Corporation provides financing to Bank of Georgia for SMEs support
Kazakhstan boosts crude oil exports to Turkey
Iran's president to speak before parliament
Kazakhstan increases trade with Turkey over 9M2021
Use of Sputnik Light as booster jab for all vaccines approved in UAE
Cargo transportation via internal waters up in Kazakhstan
Central Bank of Azerbaijan reveals amount of sold foreign currency
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 1,678 more COVID-19 cases, 1,934 recoveries
Azerbaijan opens criminal case on crash of military helicopter of State Border Service
Iran extends condolences to Azerbaijan over military helicopter crash
Turkey talks ongoing support in demining Azerbaijan's liberated lands
Azerbaijan reveals names of dead and wounded in military helicopter crash
Iran beats sets new domestic record regarding transit of goods
President Ilham Aliyev and First Lady Mehriban Aliyeva express condolences to families of those killed in crash of military helicopter of State Border Service
Georgian, Ukrainian, and Moldovan PMs hold meeting in Brussels
Alliance Logistics talks potential of Zangazur corridor in increasing goods transit via Azerbaijan
Uzbek Statistics Committee reveals amount of construction work done for 10M2021
Volume of gas transportation to Turkey via TANAP disclosed
Several Azerbaijani organizations address citizens on omicron coronavirus variant
It is important to cooperate with such partners as Azerbaijan - Head of EU Delegation
Iran reveals COVID-19 data for November 30
Kazakhstan’s oil-producing company to buy batteries via tender
Azerbaijan unveils numbers of mine incidents due to illegal entry into liberated lands
Turkish MoD expresses condolences to Azerbaijan on military helicopter crash victims
Russia, Italy discuss situation in South Caucasus
Georgian Government to co-op with private sector – Business Association
UK health chief says no indication of Omicron wave so far
SOCAR Turkey forecasts growth in its total revenues for 2021
Webinar conference held for youth from Central Asia (PHOTO)
Export prices of Georgian apples increase
Azerbaijani State Customs Committee comments on alleged reduction of $300 limit for orders from abroad
Kazakhstan sees increase in pension savings
Volume of loans issued by private banks of Uzbekistan increases over year
Iran shares import data
Money transfers via Kazakhstan National Bank's payment systems down
Iran increases sale of state assets
Nepal unveils first shock table facility built with Indian aid
Non-OPEC crude oil supply to continue upward trend by 2023
Iran eyes manufacturing goods in Syria, exporting final products to third countries
Azerbaijan to launch social package in 2022 – minister
UAE's ADNOC to supply full crude volumes to Asia buyers in Feb
Azerbaijani president signs order to erect monument to famous poet in Baku
President Ilham Aliyev receives Pakistani Defense Production Minister (VIDEO)
Azerbaijan repairs Shaki ferry ship at Zigh Ship Repair and Construction Yard
Azerbaijan reveals electricity generated by power plants in October 2021
Kazakhstan's banks increase lending over 10M2021
Azerbaijan to develop single mobile app for various types of insurance – Central Bank
AZAL discloses reason for Baku-Nakhchivan flight delay
Georgia’s potato exports to Central Asia up
Russia records 32,648 new daily coronavirus cases, lowest number since Oct 15
Uzbekistan shares data on loan portfolio of its banks in 10M2021
Iran eyes increase in value of exports – IRICA
Georgia’s hazelnut exports continue to increase
Kazakhstan’s Samruk-Kazyna opens tender on car renting services
Azerbaijan’s Central Bank eyes introducing innovation in insurance sector
Georgia’s GDP to reach European level – minister
German companies sign contracts with Azerbaijan in railway construction
Kazakhstan reports increase in placed deposits value
Petkim's revenues reached record high level this year - SOCAR Turkey CEO
Gas consumption in Iran continues to grow
Azerbaijan produces over 20,000 PCR tests for COVID-19
Georgia reveals sectors affected by real GDP growth
SOCAR Turkey discloses its investments in Turkey (PHOTO)
Dynamics of European oil demand in 2021-23
Iran boosts exports via customs of Bushehr Province
Chinese FM makes statement on meeting of leaders of Azerbaijan, Russia, Armenia in Sochi
Europe to see increase in jet fuel demand – JP Morgan
Azerbaijan's air defense units carry out combat firing exercises (VIDEO)
Top Russian, Mongolian defense officials discuss cooperation
Azerbaijani currency rates for November 30
"International Youth Festival of Modern Muslim Culture" ended in Kazan (PHOTO)
French inflation hits 13-year high in November
All news