WZTV FOX 17 - Top Stories
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
Lady Antebellum, Miranda Lambert at country fest
May 24, 2013 18:26 GMT
By CHEVEL JOHNSON Associated Press
NEW ORLEANS (AP) -- The sounds of country music take over the City of Baton Rouge as the Bayou Country Superfest brings some of the genre's biggest names to LSU's Tiger Stadium for a Memorial Day holiday jamfest.
Headlining Saturday are Lady Antebellum, Miranda Lambert, Darius Rucker and Aaron Lewis, the former frontman for rock band Staind. The two-day festival concludes Sunday with performances by Zac Brown Band, Luke Bryan and The Band Perry.
Festival producer Quint Davis says the talent and free fan fest held before the nightly concerts help to entice attendees. In its fourth year, the festival drew 75,000 people last year.
Visit Baton Rouge executive vice president Renee Areng says Superfest has encouraged people to travel to Baton Rouge on a traditionally sleepy weekend.
US durable goods orders rise 3.3 percent in April
WASHINGTON (AP) -- U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for military and civilian aircraft and an increase in business investment.
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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: RESTAURANT FLAP LEADS TO INTERNET MELTDOWN
SCOTTSDALE, Ariz. (AP) -- It isn't exactly to curry favor with your restaurant customers -- even if your specialty isn't curry.