Posted: 5:11 PM The nonpartisan scorekeeper for Congress says the legislation passed earlier this week to avert the "fiscal cliff" could still leave in place deficits averaging more than $900 billion a year over the coming decade if Congress fails to follow its tax increases up with spending cuts.
Updated: 10:25 AM While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.
Updated: 10:45 PM Republicans are dropping their demands for additional spending cuts and will hold a House vote on whether to give final congressional approval to the Senate-approved compromise averting "fiscal cliff" tax increases and spending cuts.
Posted: 8:34 AM The Senate on Tuesday approved a bill to prevent the nation from going over a Jan. 1 "fiscal cliff." The legislation is now in the hands of the House, which is expected to vote on it Tuesday or Wednesday; if the House approves, it would go to the White House for President Barack Obama's signature.
Posted: 8:30 AM Legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies is headed to the GOP-dominated House after bipartisan, middle-of-the-night approval in the Senate capped a New Year's Eve drama unlike any other in the annals of Congress.
Updated: 12:58 PM Working against a midnight deadline, negotiators for the White House and congressional Republicans narrowed their differences Monday on legislation to avert across-the-board tax increases.
Posted: 12:10 PM Whether negotiated in a rush before the new year or left for early January, the fiscal deal President Barack Obama and Congress cobble together will be far smaller than what they initially envisioned as an alternative to purposefully distasteful tax increases and spending cuts.
Posted: 10:56 PM After three weeks of gridlock, there appears to be some optimism that lawmakers can reach an agreement to avert across-the-board tax hikes and spending cuts due to go into effect next week.
Updated: 11:50 AM The prospects for a deal remain far from certain and barring an agreement, a combination of tax increases and spending cuts will take effect in January that experts warn will harm the economy.
Posted: 7:45 PM The Senate's top Republican says President Barack Obama has asked congressional leaders to convene at the White House for last-minute talks on a deal that avoids automatic tax increases and broad spending cuts.
Posted: 4:53 PM Aides to President Barack Obama are disputing reports that he is sending lawmakers a scaled-down plan to avoid the "fiscal cliff." And they're giving no indication whether he will invite congressional leaders to a White House meeting later today or tomorrow.
Updated: 1:05 PM As the nation teeters on the edge of the so-called "fiscal cliff," President Obama returns to Washington Thursday to resume negotiations with Congress over a deal to keep taxes from going up on Americans.
Posted: 11:48 AM Starbucks Corp. will use its ubiquitous coffee cups to tell U.S. lawmakers to come up with a deal to avoid going over the "fiscal cliff" and triggering automatic tax hikes and spending cuts.
Posted: 11:50 AM President Barack Obama says he is "ready and willing" to get a big package done to deal with the "fiscal cliff" and says there's no reason not to protect middle-class Americans from tax increases.
Posted: 11:50 AM President Barack Obama is meeting with Senate Majority Leader Harry Reid to discuss a way to avoid the fiscal cliff. The president plans to make remarks at the White House following their meeting.