WASHINGTON (AP) - White House economists warn that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season.
In a report today that coincides with Congress' return after the Thanksgiving holiday, a White House report says that if lawmakers don't halt the automatic increase in taxes for households earning less than $250,000 in the coming days, consumers might even curtail their shopping during the current holiday season.
The report by President Barack Obama's National Economic Council and his Council of Economic Advisers also says a sudden increase in taxes for middle-income taxpayers would reduce consumer spending in 2013 by nearly $200 billion. They say that would significantly slow the economic recovery.
Tuesday, May 21 2013 1:43 PM EDT2013-05-21 17:43:51 GMT
BREAKING NEWS - The Medical Examiner's Office has revised the death toll in the Moore, Oklahoma tornado from 91 people to at least 24 people.>>
UPDATE: Originally the death toll was reported to be 91 people and counting, however, the Medical examiner's office revised the death toll from the Oklahoma tornado to at least 24 people. A spokeswoman said Tuesday morning that she believes some victims were counted twice in the early chaos of the storm.>>
Tuesday, May 21 2013 3:31 PM EDT2013-05-21 19:31:19 GMT
WASHINGTON (AP) - Wind, humidity and rainfall combined precisely to create the massive killer tornado in Moore, Okla. >>
WASHINGTON (AP) - Wind, humidity and rainfall combined precisely to create the massive killer tornado in Moore, Okla. And when they did, the awesome amount of energy released over that city dwarfed the power of the atomic bomb that leveled Hiroshima. Meteorologists contacted by The Associated Press used real time measurements to calculate the energy released during the storm's life span of almost an hour.>>