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Obama says failure to reach fiscal deal would hurt markets | Reuters

(Reuters) - Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans.

Lawmakers are seeking a last-minute deal that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to start within days. If Congress does not make that happen, the first bill brought up in the new year would be to reduce taxes for middle-income families, Obama told NBC's "Meet the Press."

"Now I think that over the next 48 hours, my hope is that people recognize that, regardless of partisan differences, our top priority has to be to make sure that taxes on middle-class families do not go up. That would hurt our economy badly," Obama said in the interview taped on Saturday.

"We can get that done. Democrats and Republicans both say they don't want taxes to go up on middle-class families. That's something we all agree on. If we can get that done, that takes a big bite out of the 'fiscal cliff.' It avoids the worst outcomes," Obama added.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 30th, 2012 at 01:16:28 PM EST
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Democrats Reject Republican Offer to Avert Budget Changes - Bloomberg

Senate Majority Leader Harry Reid rejected the latest Republican offer to resolve the U.S. fiscal crisis as Minority Leader Mitch McConnell reached out to Vice President Joe Biden in an effort to break the impasse.

"The sticking point appears to be a willingness or interest or frankly, the courage to close the deal," McConnell, a Kentucky Republican, said on the Senate floor today. "I'm willing to get this done, but I need a dance partner."

Reid said Democrats won't agree to use a new inflation measure sought by Republicans for calculating Social Security cost-of-living increases as part of a short-term deal.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Dec 30th, 2012 at 03:25:46 PM EST
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"Now I think that over the next 48 hours, my hope is that people recognize that, regardless of partisan differences, our top priority has to be to make sure that taxes on middle-class families do not go up. That would hurt our economy badly, screw over the poor and middle class, protect the obscenely wealthy, and continue THE EMPIRE (!!!)" Obama said in the interview taped on Saturday.

Reality speak for a change.

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Sun Dec 30th, 2012 at 04:25:13 PM EST
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Can someone, just for once, care a little less about the poor ickle lickle markets and just a bit more about the poor and jobless ?

I know that's a lot to ask an' all

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Dec 31st, 2012 at 11:44:02 AM EST
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I'll ignore your request, and provide some more market news.
Venezuela is best-performing stock market for 2012

Government spending by the anti-capitalist Chávez administration helped the stock market rise almost 300%

by gk (gk (gk quattro due due sette @gmail.com)) on Mon Dec 31st, 2012 at 03:10:14 PM EST
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