Tax increases are only a part of what lies ahead if Congress can't come to an agreement to avert the fiscal cliff by the new year. Massive spending cuts will also kick in — and those cuts will be felt throughout the economy.
The current stalemate got under way two years ago when Congress, locked in a bitter partisan battle over whether to extend the George W. Bush-era tax cuts, passed what was known as the Budget Control Act of 2011.
The president and House Republicans continued to snipe at each other Wednesday over the impending set of automatic tax hikes and spending cuts known as the fiscal cliff. They traded accusations and blame during another day with plenty of talk, but — until late in the day, at least — no negotiations.
Billions in damages and not enough in the bank account — that's where federal officials find themselves in the aftermath of Hurricane Sandy.
The White House says it will send an emergency funding request to Capitol Hill this week — expected to be $50 billion to $60 billion. Top administrators told Congress on Wednesday that they want at least some of that money to go toward preventing the kind of devastation caused by Sandy and other recent storms.
Lyndon Johnson, then the vice president-elect, with a prize-winning Hereford bull on his ranch near Johnson City, Texas, in 1960. Linguists say the twang that has long been synonymous with Texans is fading.
In her series for <em>The New York Time</em>s, reporter Louise Story says that the manufacturing sector — automakers, in particular — benefit the most from incentive packages.
Credit Ricardo Azoury / iStockphoto.com
Louise Story is an investigative journalist for <em>The New York Times,</em> specializing in business reporting. In 2009 she was a finalist for the Pulitzer Prize in Public Service for her reporting on the financial crisis of 2008.
In her new series for TheNew York Times called "The United States of Subsidies," investigative reporter Louise Story examines how states, counties and cities are giving up more than $80 billion each year in tax breaks and other financial incentives to lure companies or persuade them to stay put.
Patriarch Theophilos III, the Greek Orthodox patriarch of Jerusalem (center), splashes holy water toward worshippers after the washing of the feet ceremony in front of the Church of the Holy Sepulcher in Jerusalem in 2009, during Easter celebrations. A crisis was narrowly averted recently when the church's $2.3 million water bill was waived.
Credit Gali Tibbon / AFP/Getty Images
Theofilos III (center) pours water into a basin during the washing of the feet ceremony outside the Church of the Holy Sepulcher in Jerusalem's Old City in April 2011, during Easter celebrations.
Credit Tara Todras-Whitehill / AP
Greek Orthodox Patriarch of Jerusalem Theophilos III (right) and Russian Orthodox Patriarch Kirill (center) pray in front of the tomb of Jesus in the Church of the Holy Sepulcher in November.
One of the holiest sites in Christendom has also been one of the most contested. The Church of the Holy Sepulcher in Jerusalem lies on the site where Jesus Christ is said to have been crucified and buried.
Multiple Christian denominations share the church uneasily, and clerics sometimes come to blows over the most minor of disputes. The Roman Catholic, Greek Orthodox, Armenian Apostolic, Coptic Orthodox, Ethiopian Orthodox and the Syriac Orthodox all have a presence in the church.
Originally published on Wed December 5, 2012 3:57 pm
If there is one decision football fans have argued over intensely over the past few months is whether embattled Jets' quarterback Mark Sanchez should be allowed to start another game.
During his previous outing, Rex Ryan, the team's coach, pulled him late in the third quarter, after the home crowd booed him mercilessly after a disasterous performance in which he completed 10 of 21 passes for 97 yards.