The Commercial-News, Danville, IL

Local News

November 7, 2012

'Fiscal cliff' clock starts as election fades to background

(Continued)

WASHINGTON —

"Republicans face a choice, and the choice is theirs," said Rep. Chris Van Hollen, Md., the senior Democrat on the House Budget Committee. "If they want to drive off the fiscal cliff, that means they want to go into January demanding that people like Mitt Romney get a bonus tax break or nobody gets any tax relief."

It was not clear how Republicans would respond. Late Tuesday, House Speaker John Boehner, R-Ohio, was expected to repeat his insistence that Republicans stand firm against any increase in taxes, especially for taxpayers who earn more than $250,000. That category includes many business owners.

Democrats said an Obama victory would give him a mandate on the tax issue because the promise to raise taxes on the wealthy was a centerpiece of his campaign. Some senior Republicans agree. For months, Republican tax aides have been at work on ideas for a potential compromise that would keep the top tax rate at 35 percent, as Republicans prefer, while enacting new provisions to extract about $55 billion next year from households earning more than $250,000 a year, meeting Obama's goal to raise taxes on top earners.

Republicans said such a deal, if possible, would hinge on Obama's willingness to rein in the cost of federal entitlement programs, including Social Security and Medicare, the biggest drivers of future borrowing. Obama's most recent budget request proposed only modest trims to federal health-care programs, totaling about $360 billion, and no changes to Social Security.

Obama went further in 2011 budget negotiations with Boehner, offering to raise the eligibility age for Medicare from 65 to 67 and to apply a less-generous measure of inflation to Social Security benefits. However, liberal Democrats are opposed to those changes and others that reduce retirement benefits, while it is not clear that Republicans who have been demanding more fundamental restructuring of Medicare would view even those changes as a sufficient reason to raise taxes.

Text Only
Local News
  • Artists can sell artwork

    July 27, 2014

  • Children’s show auditions set

    July 27, 2014

  • Upward Bound still opens path to college Nervous but determined, the 15-year-old boy walked into a conference room in Columbus, Ohio, for a fateful interview. If it went well, perhaps he’d have a chance to be the first member of his impoverished family to attend college.That was 34 years ag

    July 27, 2014

  • Tilton Redneck Games Today9:30 a.m. — Church services, Stage10:30 a.m. — Mud Bog Registration opens11:30 a.m. — Mud Volleyball, Beer Tent, Vendors and Kidz Zone opensNoon — Toilet seat pitching contestNoon — Tug of War grudge match, Mud Bogs start1:30 p.m. — Hotdog eatin

    July 27, 2014

  • Monical's to rebuild Tilton restaurant TILTON — Local residents could be enjoying Monical’s pizza in Tilton by the end of this year.Monical’s corporate officials issued a press release Friday outlining the rebuilding of the restaurant that was damaged by fire on April 24.According to the

    July 27, 2014

  • Dr kakarla.jpg On the mend OAKWOOD — As a mechanic, Charles “Chip” McArty thought he could fix anything … until he was diagnosed with cancer.

    July 27, 2014 2 Photos

  • Police Report Incidents reported to police include:DanvilleThursdayBattery in the 1000 block of Walnut Street.FridayTheft of a cell phone in a box case valued at $400 taken from the Days Hotel, 77 N. Gilbert St.Danville female arrested in connection with retail th

    July 27, 2014

  • APTOPIX Mideast Israe_Morr.jpg Israel extends truce with Hamas BEIT HANOUN, Gaza Strip — Israel on Saturday extend a 12-hour humanitarian truce in the Gaza war by four hours, the longest lull in 19 days of Israel-Hamas fighting, as a Gaza health official said the overall number of Palestinians killed surpassed 1

    July 27, 2014 1 Photo

  • Fire Calls Firefighters responded to the following calls:Friday, 4:51-4:58 p.m. – Medical call in the unit block of East Main Street.Friday, 6:07-6:15 p.m. – Medical call in the 1200 block of Cleveland Street.Friday, 8:59-9:11 p.m. – Medical call in the 100 blo

    July 27, 2014

  • Patient: 'It's a speed bump' in life OAKWOOD – Charles McArty doesn’t moan about his two bouts of cancer, including when he was a child.

    July 27, 2014

E-edition
Spring 2014 Photos


Buy these photos and more via Smugmug

AP Video
13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot
Must Read