With Washington still divided in the aftermath of last week’s election, can the President and Congress keep the nation away from the so-called fiscal cliff? We’ll hear about the prospects for compromise to avoid another recession.
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The Gulf Cooperation Council said today its six member states will recognize the newly formed National Coalition of the Syrian Opposition as the legitimate representative of the Syrian people. Meantime, Israel tanks made a direct hit on Syrian military targets in response to mortar fire that fell near an army post in the Golan Heights. Borzou Daragahi is in Egypt for the Financial Times.
The "fiscal cliff" means all income-tax payers are in for an increase and most government programs are in for massive reductions by the first of next year. What if the re-elected President and the lame-duck Congress can't make a deal? Would gridlock necessarily lead to another recession? We look at the financial picture and ask which players have the most to gain or lose in the aftermath of last week's election.
David Wessel, Brookings Institution (@davidmwessel)
Dana Milbank, Washington Post (@Milbank)
Dean Baker, Center for Economic and Policy Research (@DeanBaker13)
Doug Holtz-Eakin, American Action Forum (@djheakin)
On Friday, former Army General David Petraeus resigned as director of the CIA, citing his own bad judgment for an extramarital affair. California's Democratic Senator Dianne Feinstein, Chair of the Senate Intelligence Committee, was surprised that the FBI never notified her about the investigation. Petraeus resigned after the FBI told him it had uncovered his affair with Paula Broadwell, author of All In, an admiring account of Petraeus’s Army career. Former Washington Post military correspondent Thomas Ricks, author of the Pulitzer Prize-nominated Fiasco, a critique of the war in Iraq, has written a scathing history of top leadership in the Army since the end of World War II. The Generals attributes military failures in Korea, Vietnam, Iraq and Afghanistan to a lost culture of accountability.
Thomas E. Ricks
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