Sun, Dec 30, 2012 - Page 13 News List

US Senate makes final ‘fiscal cliff’ effort

GLOOMY:Retailers are blaming consumers’ concerns for disappointing Christmas sales, as pessimism about the fiscal cliff pushed US stocks down on Friday for a fifth straight day

Reuters, WASHINGTON

If things cannot be worked out between the Senate leaders, Obama said he wanted both chambers in Congress to vote on a backup plan that would increase taxes only for households with more than US$250,000 of annual income.

The plan would also extend unemployment insurance for about 2 million Americans and set up a framework for a larger deficit reduction deal next year.

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