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Hello there. Welcome to newsline. Its wednesday january 2nd. Im Catherine Kobayashi in tokyo. Politicians and pundits have warned for months of the dangers as the United States pushed closer to the fiscal cliff. They warned simultaneous tax increases and spending cuts would push the economy back into recession. Members of the Senate Passed a bill aimed at steering the country away from the edge. But lawmakers in the house of representatives say they dont like the deal. The senate sent the bill to the republicandominated house early on tuesday. It would raise taxes on people who made 400,000 or more and couples that earn 450,000 or more. It maintains tax cuts for the middle class. The bill postpones by two months major spending cuts scheduled to start on wednesday. House democratic leader ncy pelosi called for a bipart ....
Couples that earn 450,000 or more. It maintains tax cuts for the middle class. The bill postpones by two months major spending cuts scheduled to start on wednesday. House Democratic Leader Nancy Pelosi called for a bipartisan agreement to head quickly to a vote. But House Speaker john boehner said many republicans are unhappy and want to rework the bill. Theyre calling for more cuts to social security. That could set up a showdown with the senate and risk turmoil on financial markets. Irans navy conducted a sixday drill near the strait of hormuz in the persian gulf. Its the countrys latest show of strength amid sanctions and criticism by the u. S. And europe over its nuclear development. The iranian navy launched missiles called ghader on tuesday successfully destroying its targets at sea. Military analysts say the weapon was recently developed to attack foreig ....