US fiscal cliff talks stall as both sides dig in

US Democrats and Republicans bickered on Thursday over whether to raise taxes on the wealthiest Americans, as crunch negotiations on avoiding the so-called fiscal cliff stalled.

Republican speaker John Boehner met Treasury Secretary Timothy Geithner, after a Wednesday phone call with President Barack Obama, but warned there had been "no substantive progress" in averting drastic tax hikes and spending cuts.

"I've got to tell you that I'm disappointed in where we are and disappointed in what's happened over the last couple of weeks," he said, urging the White House to "get serious" about cutting federal spending, including entitlements.

Senate Majority Leader Harry Reid, shot back that Democrats have seen no "serious offer" from Republicans, who oppose raising tax rates and are divided about a quick agreement on keeping taxes low for middle-income families.

Taxes are to rise on most American households by about $2,200 and automatic spending cuts will kick in on the first day of 2013 if lawmakers do not pass legislation that lowers the ballooning deficit, the White House estimates.

There is broad agreement that Bush-era tax cuts should remain for everyone making less than $250,000 per year but, while Obama's Democrats want the cuts to expire for the wealthiest two percent, Republicans oppose such tax hikes.

Democrats pushed through legislation in the Senate that would let the top tax rate rise from 35 percent to 39.6 percent while keeping middle-class rates unchanged, and have urged the Republican-controlled House to pass the bill.

Boehner has refused to bring it to the floor, despite some calls from within his party.

Congressman Tom Cole made waves when he broke ranks recently to urge fellow Republicans to extend the middle-class tax cuts and thrash out a deal on top earners next year.

Obama dispatched Geithner to Capitol Hill to meet with congressional leaders but the move failed, at least publicly, to move the ball forward.

"No substantive progress has been made in the talks between the White House and the House over the last two weeks," Boehner told reporters.

If no deal is reached before year end, a $500-billion poison pill of tax hikes and massive spending cuts, including slashes to the military, comes into effect, with the potential to pitch the US economy back towards recession.

White House spokesman Jay Carney insisted there had been some "progress" towards the idea that a balanced plan to cut the deficit must include extra revenues, but that the income tax rates remained a problem.

He said Republicans "have yet to accept the essential fact that in order to achieve the kinds of revenue that are necessary for a ... balanced plan, rates on the top two percent, the wealthiest earners in this country, are going up.

"They have to go up. The president will not sign any legislation that extends the Bush-era tax cuts for the top earners in this country."

Senate Minority Leader Mitch McConnell, after his own Geithner meeting, said the White House "took a step backward, moving away from consensus and significantly closer to the cliff."

Republicans, he said, were willing to "move out of our comfort zones" and consider increasing revenues in order to reach a deal, but the White House "continues to fail to show the leadership necessary to get an agreement."

Boehner and McConnell met with Obama, Reid and House Minority Leader Nancy Pelosi after the president's November 6 re-election and, while the mood coming out of that meeting was one of confidence, Thursday's was markedly different.

"Listen, this is not a game. Jobs are on the line, the American economy is on the line, and this is a moment for adult leadership," Boehner said.

Boehner described his meeting with Geithner as "frank and direct," but said it did not yield any "specific plan for cutting spending."

"It's time for the president, and congressional Democrats, to tell the American people what spending cuts they're really willing to make."

Reid sounded exasperated when told of Boehner's comment that the ball was effectively in the White House's court.

"I don't understand his brain," Reid said.

"Democrats are all on the same page," he added. "For two weeks we have been waiting for a serious offer from Republicans."

Lawmakers last year agreed to slash spending by $1 trillion over 10 years.

They also sought to identify an additional $1.2 trillion in savings by January 2013, with the provision that automatic spending cuts kick in if they are unable to agree on how to lower the deficit.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Stocks slip into losses in the afternoon after Yellen speech
    Stocks slip into losses in the afternoon after Yellen speech Associated Press - 1 hour 5 minutes ago

    Stocks were mostly lower on Wall Street in afternoon trading on Friday, giving up modest gains following a generally upbeat assessment of the economy from Fed Chair Janet Yellen. Phone companies and utilities, ... … More »

  • Dutch PM Mark Rutte announces third-term candidacy
    Dutch PM Mark Rutte announces third-term candidacy AFP News - 5 minutes ago

    Prime Minister Mark Rutte announced Friday his candidacy to head the Dutch government for a third succesive term in office, as the countdown moves towards next year's parliamentary polls. "Rutte also informed his top party leadership about his … More »

  • Canada PM Trudeau to mount charm offensive in China: officials
    Canada PM Trudeau to mount charm offensive in China: officials AFP News - 13 minutes ago

    Canadian Prime Minister will tour the Great Wall, shoot hoops with retired basketball star Yao Ming and host a roundtable of women entrepreneurs when he travels to China next week to bolster trade and diplomatic ties, his office said Friday. There … More »

  • Dollar up on Yellen's case for U.S. rate hike; stocks surrender gains
    Dollar up on Yellen's case for U.S. rate hike; stocks surrender gains Reuters - 13 minutes ago

    U.S. stocks gave up early gains in choppy trading on Friday, hurt by a surging U.S. dollar as investors grappled with the possible timing of an interest rate hike after comments from several Federal Reserve officials, including Chair Janet Yellen. … More »

  • Canada's peacekeeping pledges will have a 'big impact': UN
    Canada's peacekeeping pledges will have a 'big impact': UN AFP News - 28 minutes ago

    The United Nations on Friday applauded Canada's decision to commit 600 troops and funding to peacekeeping, saying it will have a big impact. UN officials will quickly begin talks with Ottawa to nail down the specific details of the contribution, … More »

  • Morales sees 'conspiracy' in Bolivia minister's murder
    Morales sees 'conspiracy' in Bolivia minister's murder AFP News - 29 minutes ago

    Bolivian President Evo Morales said Friday there was a "political conspiracy" against his government after protesting miners allegedly kidnapped, tortured and beat to death a deputy minister who tried to negotiate with them. Defense Minister Reymi … More »

  • Yellen's case for rate hike boosts dollar; stocks surrender gains
    Yellen's case for rate hike boosts dollar; stocks surrender gains Reuters - 57 minutes ago

    U.S. equities gave up early gains on Friday, hurt by a surging U.S. dollar after Federal Reserve Chair Janet Yellen said that the case for raising U.S. interest rates has strengthened in recent months. European stocks advanced, however, while oil … More »

  • Oil steady in volatile session, on track for weekly loss
    Oil steady in volatile session, on track for weekly loss Reuters - 1 hour 4 minutes ago

    Oil prices were largely unchanged on Friday in a volatile session, as traders reacted to comments from Fed Chair Janet Yellen and reports of missile activity in Saudi Arabia. The market was taking its cues from the movement in the dollar, which has … More »

  • 11 Turkish police killed in PKK suicide bombing
    11 Turkish police killed in PKK suicide bombing AFP News - 1 hour 20 minutes ago

    The outlawed Kurdistan Workers' Party (PKK) on Friday claimed a suicide truck bombing on a police building in Turkey's southeast that killed 11 officers and wounded dozens more. The blast came two days after the Turkish army launched an offensive … More »

  • Stada shareholder AOC says wants board change not break up
    Stada shareholder AOC says wants board change not break up Reuters - 1 hour 26 minutes ago

    Stada shareholder Active Ownership Capital (AOC) is looking to replace most of the German drugmaker's supervisory board on Friday but has no desire to break up the 120-year-old company, one of its founding partners said. AOC wants to replace six of … More »

  • Wall Street declines after Fischer's hawkish stance on rates
    Wall Street declines after Fischer's hawkish stance on rates Reuters - 1 hour 33 minutes ago

    Wall Street reversed course to trade lower on Friday afternoon after hawkish comments from Federal Reserve Vice Chair Stanley Fischer raised the specter of a rate hike as soon as next month. Fischer's comments came shortly after Fed Chair Janet … More »

  • Upbeat Yellen sees markets stir, but Dow drifts
    Upbeat Yellen sees markets stir, but Dow drifts AFP News - 1 hour 39 minutes ago

    European stock markets stirred Friday at the end of a tranquil week as Federal Reserve chief Janet Yellen indicated there was a case for raising US interest rates. Market watchers had been waiting for Yellen to show her hand in an address to an … More »

  • British economy escapes Brexit blow, for now
    British economy escapes Brexit blow, for now Reuters - 1 hour 47 minutes ago

    Britain's high streets are heaving with shoppers despite June's shock vote to leave the European Union, big companies have reported few signs of distress and some tabloid newspapers are even talking about a post-Brexit economic boom. The … More »

  • RUBBER-Tokyo futures prices after evening session Aug 26 Reuters - 2 hours 8 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 154.1 13 153.9 3 * Sep 155.6 41 156.5 66 * Oct 151.8 ... … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 26 Reuters - 2 hours 9 minutes ago

    Aug 26 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • Google hires Airbnb exec to commercialize self-driving cars Reuters - 2 hours 17 minutes ago

    Alphabet Inc's Google self-driving car project took a step closer to market with the hire of a top executive from Airbnb, the online vacation home rental marketplace. Shaun Stewart is joining Google as a director of the self-driving car project, … More »

  • Global Economy Weekahead - U.S. jobs data to test case for rate hike
    Global Economy Weekahead - U.S. jobs data to test case for rate hike Reuters - 2 hours 19 minutes ago

    U.S. jobs data top economic readouts from around the world next week as global markets begin to return to business as usual following a typically quiet August with the calm broken on Friday by comments from Federal Reserve Chair Janet Yellen. … More »

  • FTSE gains after Yellen comments, Glencore rallies
    FTSE gains after Yellen comments, Glencore rallies Reuters - 2 hours 19 minutes ago

    Britain's top share index rose on Friday after Federal Reserve Chair Janet Yellen indicated that a U.S. interest rate rise could come later this year, a relief for investors after last week's hawkish comments from some Fed policymakers. The blue … More »

  • Tribe trucks totem pole 4,800 miles in fossil fuels protest
    Tribe trucks totem pole 4,800 miles in fossil fuels protest Associated Press - 2 hours 21 minutes ago

    A Pacific Northwest tribe is traveling nearly 5,000 miles across Canada and the United States with a 22-foot-tall totem pole on a flatbed truck in a symbolic journey meant to galvanize opposition to fossil ... … More »

  • Oil falls as Saudi Arabia douses expectations for output freeze
    Oil falls as Saudi Arabia douses expectations for output freeze Reuters - 2 hours 23 minutes ago

    Oil eased on Friday, on course for its largest weekly decline in a month after the Saudi energy minister watered down expectations that the world's largest producers might agree next month to limit their output. Members of the Organization of the … More »

  • AXA prevails after U.S. trial on excessive fund fees Reuters - 2 hours 25 minutes ago

    U.S. District Judge Peter Sheridan in Trenton, New Jersey, said late Thursday that the investors did not show that AXA breached its fiduciary duties by keeping most fees charged for mutual fund investments and back-office duties, while remitting … More »

  • Markets Right Now: Stocks slip on Wall Street Associated Press - 2 hours 30 minutes ago

    The latest on developments in global financial markets (all times local): 11:55 a.m. Stocks were mostly lower on Wall Street at midday, giving up a modest gain following a generally upbeat assessment of ... … More »

  • Erdogan, Putin agree to step up aid for Syria's Aleppo
    Erdogan, Putin agree to step up aid for Syria's Aleppo AFP News - 2 hours 31 minutes ago

    Turkish President Recep Tayyip Erdogan and Russian counterpart Vladimir Putin on Friday agreed to step up efforts to ensure humanitarian aid reaches citizens in Syria's conflict-torn northern Aleppo province. In telephone talks "the two leaders... … More »

  • German Finance Ministry critical of ECB bond purchases - Spiegel Reuters - 2 hours 35 minutes ago

    The German Finance Ministry is critical of the effects the European Central Bank's asset-purchase programme is having on bond markets, magazine Der Spiegel reported on Friday, citing an internal draft from the ministry. The ECB is buying 80 billion … More »

  • U.S. jobs data to test case for rate hike
    U.S. jobs data to test case for rate hike Reuters - 2 hours 44 minutes ago

    U.S. jobs data top economic readouts from around the world next week as global markets begin to return to business as usual following a typically quiet August with the calm broken on Friday by comments from Federal Reserve Chair Janet Yellen. … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129+0.001+0.78%
    N21.SI
    1.855-0.040-2.11%
    MC0.SI
    2.84+0.02+0.71%
    C52.SI
    4.22-0.05-1.17%
    Z74.SI
    0.58-0.01-1.69%
    5TP.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.08+38.10%
    5VI.SI
    0.36+0.07+22.03%
    BPF.SI
    0.192+0.030+18.52%
    AYD.SI
    0.27+0.04+17.39%
    BLU.SI
    0.40+0.05+14.29%
    BFK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.055-21.15%
    BTJ.SI
    0.34-0.06-15.00%
    BCD.SI
    0.39-0.06-13.33%
    AYB.SI
    0.31-0.04-11.43%
    5VP.SI
    0.24-0.02-9.43%
    BAZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3587+0.0056+0.42%
    USDSGD=X
    1.5217-0.005-0.33%
    EURSGD=X
    1.7847+0.0004+0.02%
    GBPSGD=X
    74.9060+0.661+0.89%
    SGDJPY=X
    5.7074-0.0208-0.36%
    SGDHKD=X
    2.9614-0.0026-0.09%
    SGDMYR=X
    9,759.4238-59.1611-0.60%
    SGDIDR=X
    4.9105-0.0098-0.20%
    SGDCNY=X
    1.0277-0.0029-0.28%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,324.80+0.20+0.02%
    GCZ16.CMX
    18.60+0.11+0.60%
    SIU16.CMX
    94.84-1.68-1.74%
    ^XAU
    2.080.00+0.05%
    HGU16.CMX
    47.63+0.30+0.63%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.22+0.07
    ^FVX
    1.62+0.04
    ^TNX
    2.29+0.02
    ^TYX