Obama to meet with Republicans, Democrats to try and reach deal
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CHICAGO (FOX 32 News) -
Democrats and Republicans will try to put the election behind them this week as Congress tries to come up with a deal to cut the federal debt and raise taxes.
President Obama will meet with business, labor and congressional leaders on both sides of the aisles to try to reach a deal on the so-called "fiscal cliff" that is coming at the end of the year.
Both sides say they want a deal, but seem to be holding to some of the same positions that caused the crisis in the first place.
"No Republican will vote for higher tax rates," Sen. Lindsey Graham (R-SC) said. "We will generate revenue from eliminating deductions and loopholes, but we will insist our democratic friends reform entitlements - something we've never done and that's where the big money's at."
"There's money to be gained by closing some of these loopholes and applying them to deficit reduction," David Axelrod said. "So I think there are a lot of ways to skin this cat - so long as everybody comes with a positive, constructive attitude toward the task."
If the two sides can not reach a deal by Jan. 1, we will face billions in tax increases and spending cuts that many economists believe will lead to a new recession.
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After collecting tens of thousands of dollars for themselves on Wednesday, members of the General Assembly plan to kick the can of public employee pension reform down the road for at least one more month.
After collecting tens of thousands of dollars for themselves on Wednesday, members of the General Assembly plan to kick the can of public employee pension reform down the road for at least one more month.
Human rights advocate Marianne Elliot wrote "Zen under Fire," a powerful memoir about her experience as a U.N. peacekeeper in war-torn Afghanistan. She also does yoga to de-stress in her everyday life.
Human rights advocate Marianne Elliot wrote "Zen under Fire," a powerful memoir about her experience as a U.N. peacekeeper in war-torn Afghanistan. She also does yoga to de-stress in her everyday life.
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On the first day of deliberation, the jury hearing former Chicago alderman Ambrosio Medrano's trial found him guilty of bribery. He could face up to five years in prison.
On the first day of deliberation, the jury hearing former Chicago alderman Ambrosio Medrano's trial found him guilty of bribery. He could face up to five years in prison.
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A spokeswoman for Gov. Pat Quinn says he has fully backed the tough pension proposal supported by the Illinois House and has "fought hard" to get it passed.
A spokeswoman for Gov. Pat Quinn says he has fully backed the tough pension proposal supported by the Illinois House and has "fought hard" to get it passed.
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Carla Oglesby is accused of using fake contracts to scam hundreds of thousands of dollars to herself and her friends, from local vendors. She was first arrested nearly three years ago.
Carla Oglesby is accused of using fake contracts to scam hundreds of thousands of dollars to herself and her friends, from local vendors. She was first arrested nearly three years ago.
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Lawyers for Jesse Jackson Jr. assert in a court filing that the former Illinois congressman's mental health may worsen if he is given a lengthy prison sentence.
Lawyers for Jesse Jackson Jr. assert in a court filing that the former Illinois congressman's mental health may worsen if he is given a lengthy prison sentence.
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Political observers will be closely watching as New Jersey Gov. Chris Christie participates in a discussion at the Clinton Global Initiative in Chicago.
Political observers will be closely watching as New Jersey Gov. Chris Christie participates in a discussion at the Clinton Global Initiative in Chicago.
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