Grave business - my financial world

Stocks are closing barely changed in very light trading on the last week of the year.
The economic news was mixed, sending stocks bouncing up and […]

%3Cp%3EThe+House+intends+to+vote+down+a+bipartisan+two-month+extension+of+the+payroll+tax+cut+that+has+cleared+the+Senate+and+is+backed+by+President+Barack+Obama%2C+and+request+immediate+negotiations+on+a+full-year+renewal%2C+Speaker+John+Boehner+said+Monday.%3C%2Fp%3E+%09%3Cp%3E%22It%27s+time+to+stop+the+nonsense.+We+can+resolve+these+differences+and+we+can+do+it+in+a+way+that+provides+certainty+for+job+creators+and+others%2C%22+Boehner+said+at+a+news+conference%2C+although+he+provided+no+estimate+on+how+long+it+might+take+to+produce+a+compromise.%3C%2Fp%3E+%09%3Cp%3EWithout+action+by+Congress%2C+both+the+payroll+tax+cut+and+a+program+for+long-term+unemployment+benefits+will+expire+on+Jan.+1.%3C%2Fp%3E+%09%3Cp%3EHouse+Majority+Leader+Eric+Cantor%2C+R-Va.%2C+said+lawmakers+would+not+let+the+tax+increase+kick+in+but+he+did+not+say+how+they+would+resolve+the+dispute.%3C%2Fp%3E+%09%3Cp%3E%22In+this+tough+economy%2C+middle+class+Americans+need+to+know+that+their+taxes+won%27t+be+going+up+at+any+point+next+year.%2C%22+Cantor+said+in+a+statement.+%22We+are+going+to+stay+here+and+do+our+work+until+we+guarantee+that+no+one+faces+a+tax+increase+in+the+year+ahead.%22%3C%2Fp%3E+%09%3Cp%3EThe+leaders%27+comments+came+after+a+chaotic+weekend+in+which+Senate+leaders+first+failed+to+agree+on+a+full-year+bill%2C+then+coalesced+around+the+two-month-extension+that+passed+overwhelmingly%2C+only+to+spark+a+revolt+among+GOP+conservatives+in+the+House.%3C%2Fp%3E+%09%3Cp%3EThere+was+no+immediate+reaction+from+either+the+White+House+or+leaders+in+the+Senate%2C+which+adjourned+for+the+year+on+Saturday+shortly+after+approving+its+version+of+the+bill.%3C%2Fp%3E+%09%3Cp%3EThe+revolt+of+the+rank+and+file+placed+Boehner+and+Republicans+in+a+difficult+position%2C+just+as+it+appeared+they+had+outmaneuvered+Obama+by+assuring+that+the+legislation+would+require+him+to+make+a+swift+decision+on+construction+of+a+proposed+oil+pipeline.%3C%2Fp%3E+%09%3Cp%3EObama+had+announced+he+would+put+off+the+issue+until+after+the+presidential+election+in+2012+rather+than+decide+the+fate+of+a+project+that+divided+usual+Democratic+allies+_+environmentalists+opposed+and+several+labor+unions+in+favor.%3C%2Fp%3E+%09%3Cp%3EIn+a+television+interview+shortly+before+Boehner%27s+news+conference%2C+White+House+communications+director+Dan+Pfeiffer+accused+Boehner+of+reversing+his+position+on+the+two-month+measure+because+of+a+%22tea+party+revolt.%22%3C%2Fp%3E+%09%3Cp%3EBoehner%2C+R-Ohio%2C+said+he+had+not+changed+his+view+on+the+bill.%3C%2Fp%3E+%09%3Cp%3E%22I+raised+concerns+about+the+two-month+process+from+the+moment+I+heard+about+it%2C%22+he+said.%3C%2Fp%3E+%09%3Cp%3EHe+called+on+members+of+the+Senate+to+%22put+their+vacations+on+hold%22+and+return+to+forge+a+compromise.%3C%2Fp%3E+%09%3Cp%3EObama+has+said+repeatedly+that+Congress+should+not+quit+for+the+year+until+the+tax+cut+has+been+extended%2C+and+has+said+he+would+postpone+a+planned+Hawaiian+vacation+until+the+bill+is+finished.%3C%2Fp%3E+%09%3Cp%3EGOP+leaders+planned+House+votes+on+the+payroll+measure+for+Monday+evening.%3C%2Fp%3E+%09%3Cp%3EWithout+congressional+action%2C+the+payroll+tax+paid+by+160+million+workers+would+rise+2+percentage+points+on+Jan.+1+_+a+boost+that+Democrats+eagerly+said+would+be+the+GOP%27s+fault.+The+brinksmanship+is+a+familiar+pattern+this+year+between+the+two+parties%2C+who+have+narrowly+averted+a+federal+default+and+several+government+shutdowns+in+past+fights.%3C%2Fp%3E+%09%3Cp%3EExtending+the+payroll+tax+cut+and+jobless+benefits+have+been+a+keystone+of+Obama%27s+and+congressional+Democrats%27+effort+to+spur+a+revival+of+the+flaccid+economy.+Congressional+Republican+leaders+also+say+they+support+the+idea%2C+but+some+of+their+rank-and-file+remain+unconvinced%2C+saying+the+unemployment+coverage+is+too+generous+and+that+cutting+the+payroll+tax+does+not+create+jobs.%3C%2Fp%3E+%09%3Cp%3EThe+Senate+bill+would+cut+the+payroll+tax%2C+extend+jobless+benefits+and+avoid+cuts+in+Medicare+payments+to+doctors+through+February.+Both+sides+say+they+want+to+renew+all+three+for+a+full+year%2C+but+bargainers+have+so+far+failed+to+agree+on+how+to+pay+for+a+package+that+size%2C+which+could+cost+roughly+%24200+billion.%3C%2Fp%3E+%09%3Cp%3EThe+White+House%27s+Pfeiffer+said+there+was+still+an+opportunity+for+House+Republicans+to+avoid+triggering+a+tax+increase+and+for+the+chamber+to+pass+the+Senate-approved+two-month+extension.%3C%2Fp%3E+%09%3Cp%3E%22You+only+need+a+couple+dozen+Republicans+to+do+it%2C%22+Pfeiffer+said.+%22I+find+it+inconceivable+that+you+can%27t+get+a+couple+dozen+Republicans+to+vote+for+a+tax+cut+for+the+middle+class.%22%3C%2Fp%3E+%09%3Cp%3EAfter+Senate+Majority+Leader+Harry+Reid%2C+D-Nev.%2C+and+Minority+Leader+Mitch+McConnell%2C+R-Ky.%2C+struck+a+deal+on+their+two-month+bill+Friday+night%2C+McConnell+expressed+optimism+that+Congress+would+approve+it+and+lawmakers+would+revisit+the+battle+in+February.%3C%2Fp%3E+%09%3Cp%3EThey+expressed+their+views+a+day+after+House+GOP+lawmakers+on+a+conference+call+voiced+vehement+opposition+to+the+Senate+bill%2C+saying+it+lacked+serious+spending+cuts.+They+also+said+they+were+tired+of+their+leaders+striking+compromises+and+not+battling+harder+for+their+positions%2C+according+to+several+participants.%3C%2Fp%3E+%09%3Cp%3EBoehner+did+not+specify+the+changes+he+would+like+in+the+bill%2C+but+touted+%22reasonable+reductions+in+spending%22+and+language+blocking+some+Obama+administration+anti-pollution+rules+in+a+yearlong+payroll+tax+bill+the+House+approved+last+week.+That+bill+covered+its+costs+by+carving+savings+from+federal+workers%2C+higher-income+Medicare+recipients%2C+fees+paid+to+insure+mortgages+and+elsewhere.%3C%2Fp%3E+%09%3Cp%3EReid+and+Schumer+said+Sunday+that+Boehner+had+asked+McConnell+and+Reid+to+negotiate+a+compromise%2C+seemingly+suggesting+that+Boehner+had+walked+away+from+a+deal.+Republicans+said+that+is+untrue+and+said+the+House+GOP+played+no+role+in+last+week%27s+bargaining+between+the+Senate+leaders.%3C%2Fp%3E+%09%3Cp%3EMcConnell+offered+support+for+Boehner+Sunday.+His+spokesman%2C+Donald+Stewart%2C+said+the+best+way+to+%22provide+certainty+for+job+creators%2C+employees+and+the+long-term+unemployed+is+through+regular+order%22+_+a+term+used+to+describe+the+normal+process+of+negotiations+between+the+House+and+Senate.%3C%2Fp%3E+%09%3Cp%3EThe+Senate+bill+also+includes+a+provision+dear+to+Republicans+that+would+force+Obama+to+approve+a+proposed+Canada-to-Texas+oil+pipeline+within+60+days+unless+he+declares+the+project+would+damage+the+national+interest.%3C%2Fp%3E+%09%3Cp%3EObama+had+previously+said+he+would+make+no+decision+on+the+Keystone+XL+pipeline+until+2013%2C+allowing+him+to+wait+until+after+next+November%27s+elections+to+choose+between+two+Democratic+constituencies%3A+unions+favoring+the+project%27s+thousands+of+jobs+and+environmentalists+opposed+to+its+potential+pollution+and+massive+energy+use.+Obama+initially+threatened+to+kill+the+payroll+tax+bill+if+it+included+the+pipeline+language+but+eventually+retreated.%3C%2Fp%3E+%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.stltoday.com%2Fnews%2Fscience%2Fboehner-house-will-reject–month-payroll-tax-cut%2Farticle_3b9464ff-f206-5a2f-94df-f3b798cbcc6e.html%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

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