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Economy: Federal Budget / Fiscal Cliff #1034263

NBC Evening News for Monday, Nov 26, 2012
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(Studio: Brian Williams) Report introduced.

(White House: Chuck Todd) The political disagreement over tax rates featured; details given about what Democrats and Republicans want, the debate over who is considered wealthy and the issue of the no-tax pledge originated by Grover Norquist††; "New York Times" op-ed remarks from billionaire investor Warren Buffett† quoted. [White House Council of Economic Advisors chairman Alan KRUEGER†- notes retailers are concerned that Congress has not yet extended the middle-class tax cuts.] [February 29, Federal Reserve Board chairman Ben BERNANKE – says there's going to be a massive fiscal cliff of large spending cuts and tax increases.] [Senator Mitch McCONNELL†- says we’ve been open to revenue by closing loopholes if it’s tied to spending cuts and tax reform.] [Representative Eric CANTOR – says it’s not about the pledge.]

(Studio: Brian Williams, Sharon Epperson) The potential impact on American taxpayers if there is no agreement discussed; increases in tax rates for middle income families, payroll taxes and the alternative minimum tax cited; details given about investment considerations and possible cuts.

Reporter(s):
Williams, Brian;
Todd, Chuck;
Sharon, Brian Williams,
Duration:
00:05:20

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