The threat of an impending fiscal cliff has sparked intense conversations about whether upper income citizens are paying their fair share of taxes. But equally important – and perhaps more important in the long term – is the issue of income inequality.
A new report by the Center on Budget and Policy Priorities and the Economic Policy Institute, two Washington-based think tanks, documents the growing gap between rich and poor as well as the rich and middle-class families. That pattern holds true both nationally and at the state level.
WASHINGTON (CNN) – President Barack Obama on Wednesday opened the door to compromise regarding the impending fiscal cliff of tax increases and spending cuts.
In his first full-blown news conference at the White House since March 6, the president said he was encouraged by recent comments from members of the Republican Party surrounding the need for more revenue from the wealthiest Americans as part of a plan to reduce the deficit.
(The following is the full text of President Obama's victory speech on Wednesday)
Thank you. Thank you. Thank you so much. (Sustained cheers, applause.)
Tonight, more than 200 years after a former colony won the right to determine its own destiny, the task of perfecting our union moves forward. (Cheers, applause.)
It moves forward because of you. It moves forward because you reaffirmed the spirit that has triumphed over war and depression, the spirit that has lifted this country from the depths of despair to the great heights of hope, the belief that while each of us will pursue our own individual dreams, we are an American family, and we rise or fall together as one nation and as one people. (Cheers, applause.)
New Jersey Governor Chris Christie, a strong backer of Mitt Romney's presidential bid who raised eyebrows praising President Barack Obama's disaster response after Superstorm Sandy hit his state, said Wednesday he was "extraordinarily disappointed" by Romney's Tuesday night loss and that he's "not thinking about" his own political future.
WASHINGTON (CNN) – President Barack Obama celebrated his re-election early this morning with a call for unity.
"We are an American family and we rise or fall together as one nation," he told supporters at his campaign headquarters in his hometown of Chicago, and millions watching on television.