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.
Gazprom and Ukrainian state energy firm Naftogaz have accused each other of not sticking to agreements on gas supplies.
The new canal, that will allow two-way traffic of larger ships, is supposed to increase revenues by 2023 to $13 billion.
A day after euro zone finance ministers agreed to a four-month extension of a financial rescue, Finance Minister Yanis Varoufakis gave a frank assessment of Greece's financial position.
The agreement is the culmination of talks that began in September after the government decided its own solutions to its fiscal crisis were failing to convince investors.
Energy union highlights bloc's attempt to seek independency from its main gas supplier - Russia.
Merkel's right-left coalition is set to prevail, despite vocal pockets of resistance on the right and left.
Republicans passed the bill to increase pressure on Obama to approve the pipeline, a move the president said would bypass a State Department process that will determine whether the project is in the U.S. national interest.
Turkish PM Davutoglu expresses Turkey's readiness to help in supplying energy to Central Europe.
General Atomics won a $200 million contract in 2013 from the United Arab Emirates for supply of an unspecified number of predator drones, the first such sale in the region
Gazprom said in a statement that Ukraine had 219 million cubic metres (mcm) of gas left that would be used up in two days.
Greece's reform list must be accepted by its EU creditors in order for the indebted country to receive bailout extension.
Recent increases to fuel and toll prices, and taxes, are cited as among the truck drivers' main grievances
Under the terms of the contract, 18 of the Rafale planes will be sold ready to fly while the rest will be assembled at a state-run Indian facility
Vice Admiral John Miller said that a "robust" U.S. and international maritime presence was helping to minimise threats to oil-producing countries in the region.
In the absence of high oil prices, which have slumped since hitting their peak in June, defence equipment would be a useful source of hard currency for the Russian authorities
Veteran leftist Manolis Glezos, a Syriza member of the European Parliament attacked the failure to fulfil Syriza's campaign promises and said simply changing the deal's previously inflammatory wording would not soothe the public.