Via LearnVest By Laura Shin ~
Throughout the week, the dance over fiscal cliff negotiations continued. President Obama refused to put spending cuts on the table unless Republicans said that they’d agree to raise tax rates on the wealthy.
Republicans countered with an offer of $800 billion in new taxes over 10 years—but they did not offer to discontinue Bush-era tax cuts for wealthy Americans.
Republicans are considering tying the fiscal cliff talks to the debt ceiling debate, which will be revived in late January or February. Obama warned them not to do so; the last time Congress engaged in brinksmanship over the debt ceiling, it damaged the U.S.’s credit rating.
In banking news, sources say that senator-elect Elizabeth Warren will be appointed to the Banking Committee come January. Citigroup, under the leadership of new CEO Michael Corbat, announced it would cut 11,000 jobs, which should save the company about $1 billion annually.
In business circles, several tech companies had news: Apple announced it was starting limited manufacturing in the U.S. next year. Netflix turned itself into competition for premium cable TV by securing a deal to exclusively show Disney movies eight months after their release. And Instagram, now owned by Facebook, disabled the ability for its photos to be posted on Twitter.
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