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WASHINGTON, D.C. - As the President headed to Minnesota to talk about gun violence, Republicans on Capitol Hill tried to keep the nation's attention on fiscal matters.
"We are having trouble because spending is the problem," says Speaker of the House Representative John Boehner (R-OH). "It's chasing jobs overseas, causing anxiety about the future."
Sunday, in a pre-Super Bowl interview with CBS's Scott Pelley, Mr. Obama said this year's tax changes shouldn't be the last.
"There is no doubt we need additional revenue, coupled with smart spending reductions, in order to bring down our deficit," says President Obama.
The President said he's not talking about raising rates, but closing what he calls "loopholes" that let high income people, especially those who make money mainly from investments, pay a lower tax rate than middle income salaried or hourly wage earners.
"The average person doesn't have access to Cayman Island accounts," says President Obama. "The average person doesn't have access to 'carried interest income' where they end up paying a much lower rate on billions of dollars that they've earned."
President Obama says the only way to continue investing in education, research and development and still reduce the deficit, is with a combination of spending cuts and additional revenue. Republicans say the government got its additional revenue with last year's tax agreement, which raised tax rates on families making over $450,000 a year and limited or phased out deductions for income over $300,000. In a written statement, John Boehner's spokesman said "Any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create more jobs".
The Speaker himself reminded the White House it's once again missing its 1st Monday in February deadline for submitting a budget.
"It's late," says Boehner. "It could be a month late. I think that's too bad. The economy could use some leadership right now."
House Republicans are now working on a bill that would require the President to submit a budget that would balance in 10 years.
Tuesday, February 5 2013, 12:04 AM CST
Man charged with faking marriage to visit inmate
May 22, 2013 13:32 GMT
JOHNSON CITY, Tenn. (AP) -- Washington County authorities say a man faked a marriage certificate so he could visit a woman held in the Johnson City Detention Facility.
The Johnson City Press (http://bit.ly/14QBr9L ) reports investigators discovered the ruse after the May 14 visit by 32-year-old Robert S. Hicks of Elizabethton. Hicks was arrested Tuesday on a charge of criminal simulation. He was jailed at the Washington County Detention Center in lieu of $10,000 bond, pending a court appearance Wednesday.
Information from: Johnson City Press, http://www.johnsoncitypress.com
Asia stocks rise as Fed official backs easy policy
BANGKOK (AP) -- Asian stock markets were mostly higher today after investor confidence was boosted by a Federal Reserve official's comments that the U.S. central bank should stick with its super-easy monetary policy.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: TEENS MOVING TO TWITTER TO DODGE PARENTS, OTHER BORES
WASHINGTON (AP) -- If you're one of those parents who are on Facebook in part to keep an eye on what your kids are up to -- here's a news flash: your kids are on to you and have moved to Twitter.
DOG BEACH WEAR
LOS ANGELES (AP) -- From bikinis to Hawaiian shirts -- it's time to gear up for the beach.