Latest 'Fiscal Cliff' News
A list of the most recent stories about Fiscal Cliff.
Holiday retail sales up 3%
Holiday retail sales rose 3 percent nationwide in 2012, less than the 4.1 percent jump initially projected by the National Retail Federation and disappointing in light of the strong start provided by Thanksgiving and Black Friday weekend. Some southwest Ohio malls, however, say they believe the stores in their retail ...
Why do I have a smaller paycheck this year?
Even with Congress and President Obama reaching an 11th-hour deal to prevent the country from going over the much-hyped “Fiscal Cliff,” the New Year has brought an increase in taxes for all American families — and for many that means an almost immediate reduction in take-home pay. We checked in ...
Fewer business travelers to hit the road in 2013
Fewer business travelers are likely to hit the road this year as the travel industry is challenged by corporate America’s persistent economic fears. Business travelers are expected to take 431.8 million trips in 2013, the Global Business Travel Association said Tuesday. The industry trade group had forecast 435 million trips ...
Ohio economy to grow fastest in 16 years
Ohio’s economy will expand in 2013 at the fastest rate in more than 16 years, but growth will still remain slow and unemployment will not decline as sharply as it did in previous years, according to an economic forecast by a major financial institution. The resurgence of the automotive and ...
Budget era could mean fewer Air Force programs
The Air Force Materiel Command’s top leader said it’s unlikely the military branch will launch the number of new programs it once did in an era of budget austerity and with the impact of potential automatic, across-the-board defense cuts still unknown. Those impacts won’t be known until Congress acts to ...
Fight coming over federal spending is ‘going to be worse’
Just days after Democrats and Republicans agreed to prevent hundreds of billions of dollars of federal taxes and spending reductions from going into effect, the divided political parties face an even more intense struggle next month over cutting federal spending.“It’s going to be worse,’’ said Columbus-area Rep. Pat Tiberi, R-Genoa ...
Local wind farm could benefit from tax credit
When Congress approved a last-minute deal this week to avoid toppling off the fiscal cliff, it also extended a tax break that could provide financial benefits to a controversial $250 million wind farm in Champaign County.Proponents of the tax credit said it will provide needed stability in the energy market, ...
Boehner re-elected speaker of the House
Newly re-elected House Speaker John Boehner yesterday warned his colleagues that the American dream “is in peril’’ as long as the federal government is “weighed down by this anchor’’ of trillions of dollars of debt and projected annual deficits during the next decade. Just moments after 220 House Republicans gave ...
Defense jobs still not safe from automatic cuts
Congress averted the fiscal cliff with a last-minute tax deal, but thousands of Wright-Patterson Air Force Base civilian defense workers haven’t escaped the prospect of facing furloughs, officials said. Lawmakers postponed the budget reductions, known as sequestration, until March, a temporary reprieve from the $500 billion in defense cuts over ...
Manufacturing grows slightly
By Christopher S. Rugaber AP Economics Writer WASHINGTON (AP) — U.S. manufacturing grew slightly last month and factory hiring increased. The modest gain suggests the economy entered the new year with some momentum. The Institute for Supply Management said Wednesday that its index of manufacturing activity rose in December to ...
Tax credit for wind energy projects extended
As part of the fiscal cliff deal, Congress approved the extension of a tax credit for wind energy projects for the next year. That’s critical for Ohio because of projects being developed in the western portion of the state, said Julian Boggs of Environment Ohio, a nonprofit advocate based in ...
House passes fiscal cliff bill
Following a day of intense drama in Capitol Hill as financial markets warily watched, the U.S. House last night approved of a compromise package that avoids what would have been a punishing combination of tax increases and federal budget cuts.By a vote of 257-167, the House approved the same measure ...
Steve Austria looks back on career in Congress
Steve Austria spent his last few days in Congress scrambling to avoid the fiscal cliff, yet despite that painful duty, his biggest regret about his years in Congress is leaving too soon. Austria made history in 2008 when he became the first son of a Filipino immigrant elected to the ...
Wind tax credit could affect local turbine project
Many residents throughout the country are waiting to see whether the U.S. economy reaches the “fiscal cliff” at the start of the New Year, but in Champaign County, some residents have another concern.The federal wind Production Tax Credit, or PTC, is scheduled to expire today, and could have a significant ...
Fiscal cliff effect on colleges and universities
For college students and graduates, already facing a collective $1 trillion in debt for their education, the fiscal cliff threatens to reduce financial aid available and strip some help for paying student loans. “Cuts in these programs will push college, and the social and economic stability it provides, further out ...
Fiscal cliff effect on k-12 education
Three area school districts that receive “Federal Impact Aid” — Mad River, Fairborn and Beavercreek — would see a reduction of those dollars this school year if the automatic cuts take effect. Mad River Local Schools Treasurer Jerry Ellender said his district would feel the impact more because it receives ...
Fiscal cliff effect on financial markets
Until the past week, stock market prices reflected confidence in a deal being reached over the fiscal cliff, said Jeff Korzenik, chief investment strategist for Fifth Third Bancorp. Markets started acting more nervous as negotiations keep getting closer to the 11th hour. The biggest risk of a deal or no ...
Fiscal cliff effect on local/state governments
Federal spending cuts will not obliterate states and local governments, but they will hurt agencies and programs suffering from years of leaner budgets and reduced revenues. Ohio receives about $24 billion in federal grants each year. More than $20 billion pay for federal welfare programs, such as Medicaid and food ...
Fiscal cliff effect on jobless benefits
More than 50,000 jobless Ohioans will be among the first fall over the fiscal cliff if Congress does not include an extension of long-term unemployment benefits as part of any compromise. Today is the deadline for the extended benefits program to end unless Congress acts, cutting off benefits for more ...
Fiscal cliff effect on national security
Wright-Patterson Air Force Base has scenarios on how it would be impacted if across-the-board reductions are set in motion. Base officials are waiting to see what happens in Congress, said Michael Gessel, vice president of federal government programs for the Dayton Development Coalition. “They’ve done a great deal of this ...
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