Thousands Attend Gun Show In Wake Of Presidential Executive OrderThousands attended the Florida Gun Show in Miami Saturday following President Obama's controversial executive order on gun control.
Obama Unveils Executive Action On Gun Control, Moved To Tears For Victims President Barack Obama- moved to tears while talking about the victims of gun violence- announced new gun control measures on Tuesday.
Bush: Clinton Shares Mistakes Leading To Islamic State RiseRepublican presidential hopeful Jeb Bush is set to criticize Hillary Rodham Clinton saying her tenure as secretary of state led to the rise of the Islamic State.
Bush: Borders Less Secure If Congress Cuts Off DHS DollarsFormer Florida Governor Jeb Bush spoke against cutting off the Department of Homeland Security's budget saying it would make U.S. borders less secure.
Bush Defends His Conservative Credentials Ahead Of CPACFormer Florida Governor Jeb Bush defended his conservative credentials like tax cuts and smaller government ahead of the Conservative Political Action Conference (CPAC).
Jeb Bush Separates Himself From Dad, Brother In Wind City SpeechWhile he has only indicated at this time that he is looking into a possible Oval Office run in 2016, former Gov. Jeb Bush plans to set himself apart from his family during a speech Wednesday in Chicago.
W on Jeb Bush: 'I Think He Wants To Be President' Former Florida Gov. Jeb Bush wants to be president.
CBS4 Revisits A Fallen Soldier’s Family – 10 Years LaterArthur Ewing's voice cracked as he sang the spiritual, "It is well with my soul," over his son's grave Monday in North Miami-Dade. As her husband sang of faith prevailing over suffering, Hilda Ewing brushed back tears.
Vice President Biden To Speak At MDC Graduation It's history in the making, once again, at Miami Dade College, not only will thousands of dreams to be fulfilled on Saturday but the college will be adding another high-profile speaker to their list.
Number Of U.S. Visitors To Cuba Continues RiseNew numbers released Monday show the number of U.S. visitors to Cuba continues to rise despite a more than five-decade long embargo that is still in place.
Emergency Jobless Benefits Expire As Policymakers Debate Costs Tens of thousands of Floridians are bracing to lose their long term unemployment benefits Saturday.
What Exactly Is The Fiscal Cliff?MIAMI (CBSMiami) – Much of the talk over the next week will not center around the New Year or football, but instead on the so-called “fiscal cliff.” It’s a catch-all term that’s being applied to a massive round of austerity and tax increases set to go into effect on January 1, 2013. But what exactly makes up the fiscal cliff? It starts with the so-called “Bush Tax Cuts” passed in 2001 and 2004. At the time, then-President George W. Bush pushed through two major tax hikes immediately after the government began running surpluses at the end of the Clinton administration. Bush’s tax cuts dropped the rates for all Americans, though Democrats argue they disproportionately helped the wealthiest Americans the most. The tax cuts were set to sunset, or end, in 2010, but another deal between President Barack Obama and Republicans in Congress extended them to December 2012. If both parties can’t agree on what to do about the tax cuts, the overall tax rates will revert to what they were in 2000 under President Clinton. According to CBS News, this would impact 88 percent of taxpayers with their taxes rising by an average of $3,500 a year. For a family making between $50,000 and $75,000 a year, the average tax bill would jump by $2,400. The loss of the extra revenue for the families would impact their spending power, which then would hamper businesses, which would turn and cut jobs to continue making profits. But the tax hike in overall rate isn’t the only tax that will be impacted. A payroll tax cut was enacted in 2010 to help give the economy some stimulus, but both sides appear willing to let that tax cut expire and let payroll taxes rise by 2 percent in 2013. Tax hikes make up only half of the fiscal cliff. The other half is made up of deep spending cuts/austerity that could cripple the government and contractors nationwide. During the 2011 national debt crisis started by Congressional Republicans, a deal was finally struck to increase the nation’s debt limit, but a sequester was put on the military and domestic spending. The sequester was put in place to try and spur government action. As part of the deal, both Republicans and Democrats put together a joint committee to seek trillions in deficit reduction. Republicans refused to allow any tax/revenue increases and Democrats balked at major changes to Social Security and Medicare. When both sides declared failure, the sequester kicked in. It imposes deep spending cuts to domestic discretionary spending as well as deep defense department cuts for military spending. Democrats oppose the discretionary spending and Republicans oppose the defense cuts. According to CBS News, budget cuts of 8-9 percent would hit most of the federal government, from law enforcement to the military to weather forecasting. Only a few areas, like Social Security benefits and Veterans affairs, will be spared the deep cuts. Still, the cuts would be phased in slowly over the next decade, which could help minimize the damage if they are not repealed in early 2013. Even if the nation goes off the “fiscal cliff,” Congress can pass tax cuts in early 2013 and make them retroactive to any date they so choose. Congress can also choose to delay or cancel any spending cuts they wish. Some pundits believe this is the likeliest scenario to happen. Because Republicans refuse to allow any tax increases, the belief is that both parties will allow the country to go off the “fiscal cliff.” At that point, President Obama can put together a massive tax cut package and send it to Congress. Neither party is likely to oppose a tax cut package, but Obama would have the ability to call for the cuts to be applied to only those making less than $250,000 or another similar level. Republicans and Democrats could quickly pass that measure and both sides could declare victory over the other. The tax rate damage would be averted, but both sides would have to deal with the spending cuts in the sequester. The depth of the spending cuts will likely depend on how much revenue is gained from the tax cuts. Cutting taxes for those below $250,000 and letting the others rise will generate significantly more revenue, which can help minimize the cuts to some degree. However, in exchange for allowing the cuts, Republicans may demand other cuts to programs to offset the overall cost of the cuts. It would create a problem because if Democrats balked at other cuts, Republicans may have to choose between voting against a tax cut, or allowing the cuts to go through without any offsets. One key element of any deal will be the debt ceiling. The last time Republicans wielded the debt ceiling as a weapon, the nation’s credit rating was dropped for the first time in history and hit the economy hard. Treasury secretary Timothy Geithner said Wednesday the nation will hit its borrowing limit on December 31. Geithner and the Treasury Department will take “extraordinary” measures to allow the government to keep functioning for a few months. However, at a certain point, Geithner will run out of options. If Congress doesn’t authorize a hike in the debt ceiling, the U.S. will default on its bills. This could cripple not only the U.S. economy, but also the global economy. President Obama wants a grand deal on tax cuts and everything to include a two-year automatic extension on the debt ceiling. Republicans have balked at this proposal and another showdown could be in the works in 2013. Republicans will want massive offsets in exchange for any hike in the debt ceiling, which Obama and Democrats are likely to oppose. It all sets up for a very hectic end of 2012 and beginning of 2013. In the middle of it all, a brand new Congress will be sworn in and have to deal with all of the issues immediately if no deal is struck before then, which is looking increasingly less likely. But what exactly makes up the fiscal cliff?