Certainty and make sure the country grows. Tom the president rejected the proposal republicans presented him yesterday. It would cut the debt by 2. 2 trillion over ten years, but would not raise taxes on americas highest earners, the biggest sticking point. The two sides seem to be allowing themselves room to bargain. The president said today hed be open to lowering tax rates for high earners later next year as part of a broad tax reform package. And Senate Republican leader Mitch Mcconnell did not directly endorse the g. O. P. Plan. For now, House Speaker boehner put the ball in the president s court, releasing a statement the president now has an obligation to respond with a proposal that can pass both chambers of congress. Susie we turn tonight to other opinions on the fiscal cliff impasse. We talk with the chairman of the National Governors association, and we also hear from a leading advocate for responsible fiscal policy. We begin with governor jack markell, the democrat from del
Certainty and make sure the country grows. Tom the president rejected the proposal republicans presented him yesterday. It would cut the debt by 2. 2 trillion over ten years, but would not raise taxes on americas highest earners, the biggest sticking point. The two sides seem to be allowing themselves room to bargain. The president said today hed be open to lowering tax rates for high earners later next year as part of a broad tax reform package. And Senate Republican leader Mitch Mcconnell did not directly endorse the g. O. P. Plan. For now, House Speaker boehner put the ball in the president s court, releasing a statement the president now has an obligation to respond with a proposal that can pass both chambers of congress. Susie we turn tonight to other opinions on the fiscal cliff impasse. We talk with the chairman of the National Governors association, and we also hear from a leading advocate for responsible fiscal policy. We begin with governor jack markell, the democrat from del
And the need to slim down is not unique to citi; its industry wide. A financial industry runs into huge problems. It happened in the 30s, and it happened in the last five years. When you go through these periods, you go through a lot of change. That industry is now trying to figure out what is the right size of the industry. Reporter still, economists say citis action today is not the start of a new wave of mass layoffs across corporate america. The nations job market may not be robust, but its not frozen, either. In fact, today, the payroll firm a. D. P. Reported 118,000 new private sector jobs were added in november, fewer than in october. The blame for last months slowdown in hiring falls squarely on Hurricane Sandy, not on any new or widespread weakness in the economy. I would expect that by december, were going to see some bounce back. Much of the disruption from sandy was people simply not being able to get to work or firms not employing people that they ordinarily would have. Re
The white house responded, saying the g. O. P. Proposal does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Its not just the federal government under pressure. Credit Ratings Agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. Saying, any meaningful federal deficit reduction is likely to lower state funding, forcing Program Elimination or backfilling. As the tax hikes and spending cuts approach, u. S. Manufacturers saw business shrink last month. The institute of supply managements purchasing Managers Index fell unexpectedly to 49. 5, down from 51. 7 in october. A reading below 50 means business has fallen back into contraction. The november statistic is the lowest since july 2009. The dow fell 60, the nasdaq down eight, the s p 500 lost six. Susie jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. Hes managing director and chief investmen
Rtses. Reporter a peak inside this Manhattan Apple store and it looks like everything is aokay. Plenty of customer, plenty of purchases. So why has the shine come off apples shares . With a in aa word, actually two, profittaking. I think the biggest reason for the selling going back to when it was priced 700 in september is pure profittaking. If you look from the beginning year to september, the stock was up 74 . So i think you had some natural profittaking. Reporter but this isnt ode yearend selling by institutions looking to record nice numbers. This supposedly is fiscal cliff related selling as shareholders worries that Capital Gains tax rates will be higher next year. Still, Financial Planner sharon appleman says selling stock solely for tax reasons isnt the best idea. I definitely think its a legitimate concern and can be an opportunity. And i would say if somebody was interested in reducing a physician any position anyway, that can certainly be a great time to do it, you know, wh