The White House and Congress continue to work on a deal that avoids the fiscal cliff and cuts deficits in the long run. One of the biggest hurdles is President Obama's proposal to raise tax rates for the wealthy.
Republicans think a better course would be to raise revenue by closing loopholes and limiting deductions for high-income people. The question is, could that method raise enough money.
President Obama is now about to enter into a series of difficult talks on the so-called debt ceiling and the impending fiscal cliff. Lawmakers have until Dec. 31 to come up with a deal to prevent $700 billion from being cut from the federal budget.
Originally published on Sun November 25, 2012 9:45 am
The Israeli bombardment of Gaza continued Sunday — with one missile strike flattening a two-story building in Gaza City, killing at least 11 people, including women and children; another hit a media building and injured six journalists. Israel says its actions have been prompted by a barrage of rockets fired from the Gaza Strip, targeting Israeli cities. Meanwhile, diplomatic negotiations are under way, but Israel is continuing preparations for a ground invasion.