US lawmakers harden stance againns Obama on Budget
US lawmakers harden stance againns Obama on Budget
Republicans in Congress hardened their resistance to President Obama’s proposed higher taxes for top earners and demanded a spending-cut plan, as lawmakers in both parties said it is becoming less likely an agreement can be enacted before the Christmas Holiday.
Obama’s budget plan is “mainly tax hikes,” House Speaker John Boehner told reporters Wednesday in Washington. “We have some serious differences.” During a phone call yesterday, Mr. Boehner said, he and the president were “frank” about “how far apart we are.”
If Congress does not act, more than $600-B in tax increases and spending cuts, the F-Cliff, will start taking effect in January. Tax rates for income at all levels will rise, along with taxes on estates, capital gains and dividends.
The gloomy outlook shared by Republicans and Democrats about passing a deal by 25 December comes on a campaign by outside groups, in particular CEOs of major companies, urging Messrs Obama and Boehner to find a compromise.
JPMorgan Chase & Co. NYSE:JPM Chief Executive Officer Jamie Dimon said today the US economy would thrive next year if lawmakers come up with a deal.
“You might have a booming economy in a couple of months,” with economic growth accelerating to 4% rather than 2%, Mr. Dimon said Wednesday at a conference in New York hosted by the New York Times’s DealBook.
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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