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Posted: 11/20/2012 3:53:18 PM EST
Federal Reserve Chairman Ben Bernanke addresses a luncheon gathering of The Economic Club of New York, in New York, Tuesday, Nov. 20, 2012. Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the "fiscal cliff" will take effect in January. (AP Photo/Richard Drew)
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Posted: 11/20/2012 3:53:18 PM EST
Federal Reserve Chairman Ben Bernanke addresses a luncheon gathering of The Economic Club of New York, in New York, Tuesday, Nov. 20, 2012. Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year. Without a deal, the measures known as the "fiscal cliff" will take effect in January. (AP Photo/Richard Drew)
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Posted: 11/18/2012 10:33:48 AM EST
FILE - This Nov. 14, 2012 file photo shows President Barack Obama gesturing while answering a question during a news conference in the East Room of the White House in Washington. It's entirely possible that lawmakers and the White House will reach a deal to avert an avalanche of tax increases and deep cuts in government programs before a Jan. 1 deadline. To do so, however, they'll have to resolve serious political and fiscal dilemmas that have stymied them time after time, despite repeated vows to overcome them. (AP Photo/Carolyn Kaster, File)
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Posted: 11/18/2012 10:33:48 AM EST
FILE - This Nov. 9, 2012 file photo shows House Speaker John Boehner of Ohio gesturing during a news conference on Capitol Hill in Washington. It's entirely possible that lawmakers and the White House will reach a deal to avert an avalanche of tax increases and deep cuts in government programs before a Jan. 1 deadline. To do so, however, they'll have to resolve serious political and fiscal dilemmas that have stymied them time after time, despite repeated vows to overcome them. (AP Photo/Susan Walsh, File)
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Posted: 11/17/2012 8:58:32 AM EST
FILE - This Nov. 16, 2012 file photo, President Barack Obama, accompanied by House Speaker John Boehner of Ohio, speaks to reporters in the Roosevelt Room of the White House in Washington. President Barack Obama’s re-election has stiffened Democrats’ spine against cutting popular benefit programs like Medicare and Social Security. Their new resolve could become as big a hurdle to reaching a deal for skirting economy-crippling tax increases and spending cuts in January as Republicans’ resistance raising tax rates on the wealthy. (AP Photo/Carolyn Kaster, File)
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Posted: 11/17/2012 8:58:32 AM EST
FILE - This Nov. 16, 2012 file photo shows Senate Majority Leader Harry Reid of Nev., left, with House Speaker John Boehner of Ohio looking on, speaking to reporters outside the White House in Washington following a meeting with President Barack Obama to discuss the economy and the deficit. President Barack Obama’s re-election has stiffened Democrats’ spine against cutting popular benefit programs like Medicare and Social Security. Their new resolve could become as big a hurdle to reaching a deal for skirting economy-crippling tax increases and spending cuts in January as Republicans’ resistance raising tax rates on the wealthy. (AP Photo/Jacquelyn Martin, File)
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Posted: 11/13/2012 6:13:18 AM EST
FILE - In this April, 15, 2008, file photo, Dana Pinero, of New York, foreground, waits in line to mail tax returns for both herself and her boyfriend at the James A. Farley Main Post Office in New York. The package of tax increases and spending cuts known as the “fiscal cliff” takes effect on January 1, 2013, unless Congress passes a budget deal by then. The economy would be hit so hard that it would likely sink into recession in the first half of 2013, economists say. (AP Photo/Tina Fineberg, File)
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Posted: 11/13/2012 6:13:18 AM EST
FILE - In this April, 15, 2008, file photo, Jackie Doyle, of Greenwood Lake, N.Y., second from left, waits in line to mail her husband's taxes at the James A. Farley Main Post Office in New York. The package of tax increases and spending cuts known as the “fiscal cliff” takes effect on January 1, 2013, unless Congress passes a budget deal by then. The economy would be hit so hard that it would likely sink into recession in the first half of 2013, economists say. (AP Photo/Tina Fineberg, File)
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Posted: 11/12/2012 3:38:20 PM EST
FILE - This Nov. 21, 2011 file photo shows Sen. Patty Murray, D-Wash., speaks outside her office on Capitol Hil in Washington. Congress returns Tuesday to a crowded agenda of unfinished business after an election that left the balance of power unchanged but emboldened President Barack Obama and Senate Democrats. Trade with Russia, aid to farmers and a defense policy bill pack a list overshadowed by the urgent need to find a way to avoid tax increases and automatic spending cuts. (AP Photo/J. Scott Applewhite, File)
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Posted: 11/12/2012 3:38:20 PM EST
FILE - This Nov. 9, 2012 file photo shows House Speaker John Boehner of Ohio speaking during a news conference on Capitol Hill in Washington. Congress returns Tuesday to a crowded agenda of unfinished business after an election that left the balance of power unchanged but emboldened President Barack Obama and Senate Democrats. Trade with Russia, aid to farmers and a defense policy bill pack a list overshadowed by the urgent need to find a way to avoid tax increases and automatic spending cuts. (AP Photo/Susan Walsh, File)
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Posted: 11/7/2012 1:58:35 PM EST
FILE -In this Friday, Feb. 20, 2009, file photo, President Barack Obama listens as Vice President Joe Biden speaks in the East Room of the White House. Asked to name the one step they'd push most urgently if they were the newly re-elected President Barack Obama, a dozen leading economists advise President Barack Obama to sidestep the "fiscal cliff" during his second term of office. Economists say that the package of tax increases and deep spending cuts that will take effect in January unless Congress reaches a budget deal by then, could tip the U.S. economy back into recession next year. (AP Photo/Ron Edmonds, File)
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Posted: 11/7/2012 12:38:22 PM EST
Gregg Maloney of Barclays works on the floor of the New York Stock Exchange the day after Pres. Barack Obama was re-elected, Wednesday, Nov. 7, 2012 in New York.With President Barack Obama elected to another term, U.S. investors dumped stocks Wednesday and turned their focus to a world of problems, including a "fiscal cliff" of tax increases and spending cuts at home and a deepening recession in Europe. (AP Photo/Henny Ray Abrams)
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Posted: 11/2/2012 9:03:31 AM EST
A security guard stands behind a fence at a train depot during a 24-hour strike held by the drivers of Athens metro and urban railway services to protest against new austerity measures, northern Athens, Friday, Nov. 2, 2012. Greece's parliament will vote next week on euro 13.5 billion ($17.5 billion) in additional spending cuts and tax increases over two years. Greece needs the next installment of its bailout cash to avoid bankruptcy. (AP Photo/Thanassis Stavrakis)
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Posted: 11/2/2012 9:03:31 AM EST
Commuters use escalators at a metro station during a 24-hour strike held by drivers of Greek capital's metro and urban railway services, in protest against new austerity measures in northern Athens, Friday, Nov. 2, 2012. Greece's parliament will vote next week on euro 13.5 billion ($17.5 billion) in additional spending cuts and tax increases over two years. Greece needs the next installment of its bailout cash to avoid bankruptcy. (AP Photo/Thanassis Stavrakis)
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Posted: 10/31/2012 12:06:14 PM EST
Portuguese Prime Minister Passos Coelho attends the debate to approve the 2013 budget at the parliament in Lisbon October 31, 2012. Portugal's parliament is expected to approve the biggest tax increases in the country's modern history on Wednesday, paving the way for a court battle over a budget which the government says is vital for keeping its international bailout afloat. REUTERS/Rafael Marchante
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Posted: 10/31/2012 12:06:14 PM EST
Portuguese government attend the debate to approve the 2013 budget at the parliament in Lisbon October 31, 2012. Portugal's parliament is expected to approve the biggest tax increases in the country's modern history on Wednesday, paving the way for a court battle over a budget which the government says is vital for keeping its international bailout afloat. REUTERS/Rafael Marchante
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Posted: 10/31/2012 12:06:14 PM EST
Portuguese Prime Minister Passos Coelho (R) and Finance Minister Vitor Gaspar laugh during the debate to approve the 2013 budget at the parliament in Lisbon October 31, 2012. Portugal's parliament is expected to approve the biggest tax increases in the country's modern history on Wednesday, paving the way for a court battle over a budget which the government says is vital for keeping its international bailout afloat. REUTERS/Rafael Marchante
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Posted: 10/31/2012 12:06:14 PM EST
Portugal's members of parliament vote to approve the 2013 budget in Lisbon October 31, 2012. Portugal's parliament is expected to approve the biggest tax increases in the country's modern history on Wednesday, paving the way for a court battle over a budget which the government says is vital for keeping its international bailout afloat. REUTERS/Rafael Marchante
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Posted: 8/22/2012 3:58:41 PM EST
Calif. Gov. Jerry Brown campaigns supporting Proposition 30 at James Lick Middle School in San Francisco, Wednesday, Aug. 22, 2012 as teacher Quyen Bullard, right, holds her daughter Madison, 14 months old. As Brown kicked off his campaign for Proposition 30 last week, he sought to emphasize that most of the revenue from the tax increases would come from Californians who are among the wealthiest; an extra $4,500 a year for millionaires, he said. (AP Photo/Paul Sakuma)
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Posted: 8/22/2012 3:58:39 PM EST
Calif. Gov. Jerry Brown talks to a sixth grade math and science class at James Lick Middle School in San Francisco, Wednesday, Aug. 22, 2012 as he campaigns supporting Proposition 30. As Brown kicked off his campaign for Proposition 30 last week, he sought to emphasize that most of the revenue from the tax increases would come from Californians who are among the wealthiest; an extra $4,500 a year for millionaires, he said. (AP Photo/Paul Sakuma)
