The Norman Transcript

Headlines

November 19, 2012

White House facing hurdles

NORMAN — Lawmakers will have to resolve disagreements to avoid fiscal cliff

WASHINGTON — It’s entirely possible that lawmakers and the White House will reach a deal that staves off an avalanche of tax increases and deep cuts in government programs before a Jan. 1 deadline. To do so, however, they’ll have to resolve deep political and fiscal disagreements that have stymied them time after time despite repeated promises to overcome them.

For many economists, corporate leaders and politicians, it’s unconscionable to let the government veer over the “fiscal cliff,” which could drain $500 billion from the still-struggling economy next year. But even President Barack Obama says it could happen.

“Obviously we can all imagine a scenario where we go off the fiscal cliff,” the president said last week. The likeliest cause, he suggested, would be “too much stubbornness in Congress,” especially on the issue of taxes.

Many Republicans in Congress counter that it’s Obama who is too unyielding.

The knottiest issues facing the White House and congressional negotiators include:

Tax rates: Obama campaigned on a pledge to end the George W. Bush-era tax cuts for households making more than $250,000 a year. Republican leaders say the lower rates from 2001 and 2003 should remain in place for everyone, including the rich.

Both sides have dug in so deeply that it will be politically painful to back down. Republicans say tax increases on the rich would inhibit job growth. Democrats dispute that, and say it’s only fair for the wealthiest to provide more revenue in this era of historically low tax burdens and a growing income disparity between the rich and the poor.

Most Republican lawmakers have signed a pledge not to allow tax rates to rise, even if they are scheduled to do so by law, as are the Bush-era cuts. Some Democrats say it may be necessary to let the Dec. 31 deadline expire and have everyone’s tax rates revert to the higher, pre-Bush levels. Then, the argument goes, Republicans could vote to bring the rates back down for most Americans, but not the richest, without breaking their pledge.

Text Only | Photo Reprints
Headlines
  • Braddy_1. Norman North teen struck by freight train recovering with therapy

    A Norman North teen struck by a freight train in May is on the road to recovery and ready to get back to school after spending most of his summer in a hospital. Harrison Braddy, 16, has been staying busy with rehab and physical therapy ...

    July 28, 2014 1 Photo

  • Storm victims face loan dilemma

    The tornadoes, flooding and hail that struck Oklahoma last year left hundreds of millions of dollars in property damage, causing many home and business owners to seek help in the form of low-interest federal loans....

    July 27, 2014

  • Teen critical after rescue

    A 17-year-old Yukon male was transported to the hospital Sunday after a near drowning incident at Lake Thunderbird in the Party Cove area. Emergency crews responded to the lake after a report of a possible drowning around 5:30 p.m. ...

    July 27, 2014

  • Migrant kids go to Mass

    The services have all the elements of a typical Sunday Mass — singing, scripture, a sermon, prayers, communion and worship....

    July 27, 2014

  • Injury accident reported

    Transcript Staff Emergency crews responded to an injury accident around 10:20 p.m. Sunday in the 1000 block of 80th Avenue Southeast where there were reports of someone pinned. Several reports indicated a vehicle struck a tree causing one ...

    July 28, 2014

  • Photo Slideshow: James Garner through the years

    Photos of James Garner...

    July 27, 2014

  • Prisons expand reach to bring training to more officers

    McALESTER — Joshua Drake once was offered the chance to be a corrections officer but turned it down because he didn’t want to leave his wife and aging parents for six weeks to train hundreds of miles away in El Reno....

    July 27, 2014

  • SWIMMER Aquatic center could serve many community needs

    Michael Yoch could have been the kid with asthma sitting on the sidelines — could have been, but wasn’t. Michael had trouble running because of his asthma, which made it difficult to play soccer and many other sports his friends loved. ...

    July 27, 2014 1 Photo

  • Director leaves decade of memories

    Maureen Dolan is giving up the post as director of St. Joseph’s Early Childhood Development Center, fondly called “St. Joe’s” by the many parents whose pre-school children have spent their weekdays under her care over the past 10 years....

    July 27, 2014

  • Health officials prepare for flu

    OKLAHOMA CITY — Following a flu season in which a record number of Oklahomans died as a result of the virus, state and county health officials say educating the public and general common sense are vital to reducing both the death rate and ...

    July 27, 2014