World Bulletin / News Desk
President Barack Obama will call on Monday for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on Jan. 1.
Obama, a Democrat, will make the request in a statement at the White House, said the official, who spoke on condition of anonymity. Republicans in Congress, however, are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone.
Obama has made what he calls "tax fairness" a key feature of his campaign for re-election on Nov. 6, repeatedly urging Congress to make the tax cuts permanent for families making less than $250,000 a year.
The tax cuts enacted by Obama's Republican predecessor, George W. Bush, will expire on Jan. 1 without congressional action, part of a so-called fiscal cliff that potentially could hit the U.S. economy alongside deep automatic spending cuts.
Analysts warn the impact of rising taxes and lower federal spending could tip the economy back into recession.
Representative Tom Price, a member of the House Republican leadership, said earlier on the "Fox News Sunday" program that the House would pass legislation before the end of July to preserve the Bush tax cuts for another year.
Republicans control the House of Representatives and Obama's fellow Democrats control the Senate.
Representative Xavier Becerra, a member of the House Democratic leadership, said Democrats would not support any measure that did not address the nation's fiscal challenges on a long-term basis.
"Those are bills to nowhere," Becerra said on "Fox News Sunday," referring to the House Republicans' legislation to extend the Bush tax cuts.
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.
If the cartel does not reach a deal to cut output, prices could fall below $40 a barrel
European air travel giant Lufthansa has been battling its own pilots over pay and conditions for more than two years.
Failure to get an accord on Wednesday could send oil prices tumbling and deal a further blow to the credibility of the 56-year-old Organization of the Petroleum Exporting Countries.
Around midday, shares in Italian lenders Unicredit and Banco Popolare were down 4 percent compared with Friday's closing levels.
Officials on Friday's said the tie-up between the Hong Kong and Shenzhen markets will start on December 5.
The announcement comes as the country is gearing up for a key election next year, with the parties in Chancellor Angela Merkel's grand right-left coalition keen to woo ageing voters.
The weak inflation data -- core prices excluding fresh food fell 0.4 percent from a year ago -- come several weeks after Japan's central bank pushed back the timeline for hitting its 2.0 percent inflation target.
Roberto Azevedo says he is 'ready to talk' to US President-elect who has promised to pull US out of other trade agreements
The Ifo's headline business confidence index reached 110.4 points in November, unchanged from the October reading, and the highest level since April 2014.
More than 900 flights scheduled for Thursday cancelled as strike by pilots enters second day