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.
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Norway will not supply gas to Europe in case of supplies being cut by Russia, says Norwegian Energy Minister Lien
A fall in global oil prices, down more than 20 percent from this year's June high, means that ending costly diesel subsidies will save the government money without hurting consumers.
EU officials said the gas talks would continue in Brussels next week, with Poroshenko telling reporters that the financing still needed to be resolved.
The food-producing regions of Guinea, Sierra Leone and Liberia in West Africa have been severely affected by the worst outbreak on record of the viral haemorrhagic fever
Fall in crude oil prices will effect Iran's oil industry more than Western sanctions
Widodo currently plans to raise the price of both gasoline and diesel by 3,000 rupiah ($0.25) per litre by November, the advisor said.
Mario Pezzini and Romano Prodi jointly emphasized that Africa should be of priority for European Union’s future development policies.
Analysts say that some form of disruption of Russian flows to the EU is likely this winter
Chrysler is recalling about 470,000 cars and SUVs globally from model years 2011 through 2014 and equipped with a 3.6 liter engine and a 160 amp alternator
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Only one in four Russians said the measures would be harmful to the economy. About one in four of those polled also said sanctions could pose serious problems for them or their families
Zuma said the government wanted 30 exploration wells drilled in the next 10 years.
Bosnia and Herzegovina need to handle energy reforms at state level to implement EU's Third Energy Package
The five countries' horticulture exports will again be exempted from EU customs duty once the new deal comes into force.
Renzi's government has been keen to woo cash-rich buyers from China