Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/8/2012 (1 year ago)

Catholic Online (www.catholic.org)

No time to rest, a global financial crisis is imminent.

President Obama faces a significant challenge once the celebrations of his reelection come to an end. Faced with a divided Congress and a history of gridlock, Obama must reckon with a looming financial crisis. Referred to as the "fiscal cliff" the crisis involves tax increases and deep cuts to important programs that he accepted in order to raise the national debt ceiling almost two years ago.

Disaster looms unless Obama changes course.

Disaster looms unless Obama changes course.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/8/2012 (1 year ago)

Published in Politics & Policy

Keywords: Obama, fiscal cliff, crisis, debt, taxes, cuts


WASHINGTON, DC (Catholic Online) - just as the nation is showing signs of economic recovery, a series of tax increases and spending cuts are due to arrive in January. Barring any agreement in Congress, the tax increases as well as cuts, are automatic.

The fiscal cliff as it is called involves some $600 billion which will be removed from the economy if a deal cannot be reached. The economic impact of the fiscal cliff is so significant that leaders in other countries are already working on what steps they can take to insulate their economies.

Naturally, most people around the world, and most Americans in particular, hope that a deal can be struck.

Tax increases are certainly in the offing, no matter what. President Obama has pledged new taxes of Americans earning more than $250,000 per year. In addition to new taxes, which always have a chilling effect on any economy, a number of entitlement programs, including Medicare, will see cuts.

Experts in Washington have warned the President that going over the fiscal cliff could cost 2 million American jobs.

Already, investors are pessimistic, taking steps to protect their investments should the President fail. They have reason to be pessimistic too. Despite the elections, Congress remains politically divided with Republicans controlling the House and pledging to block tax increases.

Within days, President Obama is expected to start work on the issue, meeting with key officials. Between now and January, the world will watch with bated breath as party leaders try to hammer out a solution to the debt crisis that threatens to set back the U.S. economy.

If they fail, the Great Recession could become much deeper and longer than many ever thought possible.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Politics & Policy

One percent? Try the MORE THAN A THIRD in U.S. who rely on Welfare Watch

Image of Back in the

By Catholic Online (NEWS CONSORTIUM)

Back in the "Occupy Wall Street" days, protestors rallied around the concept of the United States' "One Percent," which referred to the people with power in the U.S. government. On the other side of the coin, more than ONE THIRD of all U.S. households are now ... continue reading


SMILE FOR THE CAMERA! Texas Governor Rick Perry cheerfully turns himself in Watch

Image of Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot.

By Catholic Online (NEWS CONSORTIUM)

Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot. He's charged with felony corruption charges ... continue reading


HIDDEN FROM VIEW: President Obama renders decision largely in private, despite claims of transparency Watch

Image of Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors

By Catholic Online (NEWS CONSORTIUM)

Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors. Unilateral action on such issues as immigration, gay rights and tax policy has ... continue reading


Texas Governor Rick Perry assembles formidable high-profile defense team Watch

Image of According to Michael McCrum, the San Antonio-based special prosecutor presenting the case against Texas Governor Rick Perry, the governor may waive his arraignment altogether.

By Catholic Online (NEWS CONSORTIUM)

Texas Governor Rick Perry must now complete the humiliating process of being booked, fingerprinted and having his mug shot taken - but he's gathering a formidable legal team in his defense. High-powered attorneys are being gathered after his indictment on ... continue reading


More than 37,000 undocumented children who crossed Mexican border - going back to U.S. schools Watch

Image of The Department of Justice in May issued a statement reminding public schools that they are legally required to enroll all children, regardless of their immigration status.

By Catholic Online (NEWS CONSORTIUM)

They come tired and hungry, crossing great expanses of the desert in search of a better life in the United States - and they're going back to U.S. school shortly. More than 37,000 South and Central American children, who made their escape without parents of ... continue reading


Iraq MUST form stable government before bloodshed can end, Obama says Watch

Image of Many write off the idea that Iraq can unite to repel the Islamic State as wishful thinking.

By Catholic Online (NEWS CONSORTIUM)

While the United States sent military aid to Iraq over the past weekend in the form of fighter jets pounding strategic points, President Barack Obama is adamant that Iraq must address its very real problems. The president insists that a stable government in ... continue reading


COMEBACK? Mitt Romney one of the Republican Party's most in-demand campaign surrogates Watch

Image of Mitt Romney says he isn't interested in a third presidential run in 2016. His recent moves have his supporters yearning for him to give it a go and arguing that he would be a stronger candidate than last time.

By Catholic Online (NEWS CONSORTIUM)

While he lost to Barack Obama in 2012, Former presidential candidate Mitt Romney is hitting the stump for Republicans this fall. In recent months, in which Democratic candidates are keeping their distance from an unpopular president, Romney has emerged as one ... continue reading


CLEMENCY -- CRUSHED: Lawyers forbidden from drafting clemency petitions Watch

Image of Ideal candidates for clemency would have been nonviolent, low-level drug offenders without significant ties to large-scale criminal organizations.

By Catholic Online (NEWS CONSORTIUM)

In yet another setback for the Obama administration, a plan to extend clemency to thousands of prisoners was quelled last week after the agency that oversees the federal courts said that hundreds of federal public defenders as well as other court-appointed ... continue reading


Another blow to Obama! The President's war against American law suffers another setback Watch

Image of The American justice system has dealt another blow to Obama's continual unconstitutional power grab, blocking federally paid lawyers from representing clients who want clemency.

By Catholic Online (NEWS CONSORTIUM)

An ambitious plan by President Barack Obama's administration to grant clemency to thousands of prisoners suffered a serious blow after federal courts ruled that the hundreds of federal public defenders and other court-appointed attorneys were not actually ... continue reading


As hundreds of bills languish on his desk, push is on to 'fire Harry Reid' Watch

Image of The GOP now hopes to use those examples to build a case against Harry Reid and argue that his procedural stranglehold is the reason for the Senate's painful levels of gridlock.

By Catholic Online (NEWS CONSORTIUM)

The GOP is now calling for either the resignation or firing of Senate Majority Leader Harry Reid. The Republican National Committee is launching a two-week "robo-call" campaign in efforts to nationalize Senate races across battleground states, arguing that each ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 36:23-28
23 I am going to display the holiness of my great ... Read More

Psalm, Psalms 51:12-13, 14-15, 18-19
12 Give me back the joy of your salvation, sustain in ... Read More

Gospel, Matthew 22:1-14
1 Jesus began to speak to them in parables once ... Read More

Saint of the Day

Saint of the Day for August 21st, 2014 Image

St. Pius X
August 21: On June 2, 1835, Giuseppe Melchiorre Sarto saw the light of ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter