News the president of the United States threatening executive action this hour as negotiations have collapsed. The president is about to speak from his resort in new jersey. He has just stepped out and told people assembled there hes going to be speaking in a couple of moments. It comes as the House Speaker nancy pelosi and treasury secretary Steven Mnuchin describe the talks as far apart or at one point today very far apart. And new jobs numbers show an incredible slowdown in hiring, the United States down 13 million jobs since the start of the pandemic. So, the issue here is the 600 weekly jobless benefit which expired at the end of the july so people didnt get that this weeb. Currently more than 30 million americans are collecting those job let events. I want to go first to Jeremy Diamond at the white house. Jer mist just to be clear here, the president had what he called a lid. He was done for the night. He was going to have his private time. That was lifted and hes going to be com
No im Maryanne Demasi and london youre watching aljazeera also coming up. In a russian response to a u. S. Decision to provide arms to ukraine saying it could lead to new bloodshed in the war torn east. Burying the dead funerals in gaza for some of those killed in the ongoing protests of u. S. Recognition of jerusalem as israels capital. From a well footballer of the year george wiss stages a Major Campaign rally as he bids to become liberias next president. Well than a hundred people a feared dead in the philippines from flooding and landslides caused by Tropical Storm tembin most of the casualties were on the island of mindanao dozens of people a still missing. Now reports flash floods and mudslides brought on by Tropical Storm time the towns of to go on mindanao island the philippines second largest have been devastated dozens of homes are destroyed and rescue workers fear the number of casualties will rise. We really want to go straight now every day to figure out we can give help
Im carl quintanilla. First up, the new push for tax reform details public for gop framework. Among the highlights reducing seven brackets down to three, doubling standard deduction, cutting Corporate Tax rate we have Team Coverage from Nations Capital y lan, well start with you. Here it is, corporate rate down 20 , businesses 25 rate. The plan also allows for at least five years of full and immediate expensing. One of the tradeoffs, the ability to deduct interest will be partially limited theres no more detail what that means. The plan has two businesses, r d tax credit and low Income Housing credit reduction for Domestic Production important for manufacturers and get the axe. Under this framework u. S. Would move to territorial tax system two rates for money thats brought back the plan doesnt specify what those rates will be. The one for illiquid assets for cash on the individual side streamline would be 12, 25 and 35 . Lawmakers do have a green light to add a fourth rate at the top.
It gets the Government Shutdown out of the way. Investors want tax cuts and they dont want fights over the budget, the result, thats what theyre going to get. No fight over the budget and the tax cut and stocks will be up really big again this morning. Stocks up across the board. The dow, the s p, amazing nasdaq which is getting close to 6,000. Its another rally. As our viewers well know, were all about politics and money and thats what is making big news this morning. Youre going to like this. Varney company is about to begin. What about the idea, maybe this is my idea, that the president focuses on a narrow tax cut for corporations, and a cut in the tax rate paid by corporations bringing money back from overseas, and the tax revenue going to infrastructure. It sounds complicated, but thats the most simple, and i think the most doable of all the tax plans. Okay. That was yesterday. I think it was a pretty bright idea. It wasnt my idea, this was coming from the administration. I think
Moments of the president ial campai campaign. Plus the most intriguing people of 2012. Find out who they are and why they landed on the list. Your money starts right now. Martin, thank you very much. What a colossal waste of time. Down to the wire, waiting for breaking news out of washington on a matter that has no business being breaking news. This was an entirely anticipated crisis, one that is completely of washingtons creation, even at this late moment, washington still ready to gamble with your Economic Future instead of conceding some ground to conclude a deal that possibly saves it. Im ali velshi. This is your money, a battle of ideological wills in washington as america moves dangerously close to a fiscal cliff. Were now at the last minute. And the American People are not going to have any patience for a politically selfinflicted wound to our economy. Not right now. Alas, this is how we do things now, create economic storms then look to provide an umbrella at the last possible