90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Thursday, November 8, 2012

Washington Gears Up For ‘Fiscal Cliff’ Showdown

A man stands outside a securities firm in Tokyo on Thursday. Asian stock markets tumbled Thursday after a ratings agency threatened to downgrade the U.S. if a solution to the so-called fiscal cliff isn’t negotiated among lawmakers and newly re-elected President Barack Obama. (Junji Kurokawa/AP)

There’s not much time to celebrate re-election for President Barack Obama, who faces an upcoming showdown with congressional Republicans over taxes, deficits and the impending “fiscal cliff.”

House Speaker John Boehner says Republicans are willing to consider some form of higher tax revenue as part of the solution – but only “under the right conditions.”

All sides are setting out opening arguments for the negotiations to come.

Even before returning to Washington from his hometown of Chicago, Obama was on the phone Wednesday with the four top leaders of the House and Senate, including Boehner, to talk about the lame-duck Congress that convenes just one week after Election Day.

Obama adviser David Axelrod warned Republican leaders to take lessons from Tuesday’s vote. The president won after pledging to raise taxes on American households earning more than $250,000 a year “and was re-elected in a significant way,” Axelrod told MSNBC Thursday morning.

Without a budget deal to head off the fiscal showdown, the nation faces a combination of expiring Bush-era tax cuts and steep across-the-board spending cuts that could total $800 billion next year. Economists have warned that could tip the nation back into recession.

Stocks slid on Wall Street Thursday, a day after the Dow Jones industrial average logged its biggest one-day drop of the year, as investors fretted about the potential for gridlock in Washington.

The Wall Street Journal’s David Wessel explains the fiscal cliff (on a cliff):

Guest:


Please follow our community rules when engaging in comment discussion on this site.
Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

October 16 2 Comments

Kathy Gunst Thinks Fall Greens

Now that summer has turned to fall, we start bidding adieu to the summer corn and say hello to fall greens.

October 16 Comment

‘Alternate Routes': Tradition And Change In Utah

Rachel Rohr's dispatches from Utah, where young people are confronting same-sex marriage and other conflicts between change and tradition.

October 16 6 Comments

Larry Summers: Worry About Deflation Not Inflation

In light of the volatile stock market, we asked Larry Summers for some perspective.

October 15 Comment

Rebuilding Liberia’s Devastated Health System

The nonprofit Management Sciences for Health is setting up community care centers and medicine shops to move Ebola patients out of hospitals.