Fiscal Cliff Looms In Washington After Election - Philadelphia News, Weather and Sports from WTXF FOX 29

Fiscal Cliff Looms In Washington After Election

Posted: Updated:
WASHINGTON -

The president has won another four years, but is there a new mandate?

House Republicans also won on Tuesday. So, with the so-called fiscal cliff rapidly approaching, the fundamentals haven't really changed.

President Barack Obama returned to the White House on Wednesday, with the first family about to settle in for another term.

But there won't be much time to celebrate. The fiscal cliff is rapidly approaching just down the street at the Capitol, and the government could start hemorrhaging cash at the end of the year.

After Tuesday, does the president really have a mandate now to raise taxes on the wealthy – something he has pushed for years?

Republicans point to the impact higher taxes will have on hiring with the unemployment rate still almost 8 percent.

But House Speaker John Boehner is showing a willingness to, in the parlance of Washington, raise revenue if it involves simplifying the tax system, not just raising rates.

There was something of a warning shot Wednesday from the markets, which fell in a big way, by more than 300 points.

FOX's Doug Luzader has the story Thursday morning from Washington.

 

  • Political

  • In the spring of 1963, a prominent civil rights leader led dozens of protesters on a four-mile march from a predominantly African-American college campus to the center of Charlotte's downtown.
    In the spring of 1963, a prominent civil rights leader led dozens of protesters on a four-mile march from a predominantly African-American college campus to the center of Charlotte's downtown.
  • The president and CEO of The Associated Press says the government's seizure of AP journalists' phone records was "unconstitutional" and already has had a chilling effect on newsgathering.
    The president and chief executive officer of The Associated Press on Sunday called the government's secret seizure of two months of reporters' phone records "unconstitutional" and said the news cooperative had not...
  • President Barack Obama is delivering the commencement address at Morehouse College, the historically black, all-male institution that counts Martin Luther King Jr. among its alumni.
    President Barack Obama, in a soaring commencement address on work, sacrifice and opportunity, on Sunday told graduates of historically black Morehouse College to seize the power of their example as black men graduating from...
  • Local News

  • Sunday, May 19 2013 9:39 PM EDT2013-05-20 01:39:10 GMT
    A text message that says "I'm about to leave"  is the last time Janet Royer had contact with her son Thursday night. "It's like a nightmare, it's the worst nightmare anyone can think of. I keep thinking
    A text message that says "I'm about to leave"  is the last time Janet Royer had contact with her son Thursday night.

     "It's like a nightmare, it's the worst nightmare anyone can think of. I keep thinking I'm going to wake up.. This is horrible" said Royer.
  • Sunday, May 19 2013 7:32 PM EDT2013-05-19 23:32:42 GMT

    It was a gloomy Sunday as the whole area remain socked in with low clouds & fog, drizzle and scattered showers.

    The weather remains unsettled through most of the work week. The difference is that it will really warm up -- temperatures soar into the 80s by Tuesday.  That mild and humid air mass will fuel afternoon thunderstorms.

    By Thursday a cold front moves by bringing more rain.  It will also bring drier and cooler weather by Friday as we finally clear out.

  • Sunday, May 19 2013 5:27 PM EDT2013-05-19 21:27:52 GMT
    Pounding winds and violent surf from Hurricane Sandy left their mark on Ocean City, NJ. Beaches were washed out and there's concern about debris washing up. But Mayor Jay Gillian says no need to worry.
    Mayor of Ocean City says no need to worry about debris filled beaches after Hurricane Sandy. He says plans have been taking place to make sure they're safe and clean.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2013 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices