WASHINGTON —
A half-trillion dollars in tax increases and spending cuts will be triggered in January — unless lawmakers somehow settle their differences before then.
Though experts warn that such a fiscal avalanche could shove the country back into recession, Democrats and Republicans seem to be hurtling toward a budget showdown for the ages.
The outcome will be greatly affected by the elections: whether President Barack Obama prevails over Republican challenger Mitt Romney in November, and which party controls Congress.
But whoever wins, lawmakers already are bracing for a post-election, lame duck session in November and December that many think will result in an agreement to postpone the tax increases and spending cuts. That way, newly elected politicians can deal with them next year.
National News
Epic clash nearing over tax boosts, spending cuts
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First Look: New Xbox elegant, but much unknown
Will gamers want One?
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AAA: 31.2M drivers to take Memorial Day road trip
It’s going to be another busy Memorial Day weekend on the nation’s highways.
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Median CEO pay rises to $9.7 million in 2012
CEO pay has been going in one direction for the past three years: up.
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Oklahoma tornado damage could top $2 billion
The cost of a massive tornado that battered an Oklahoma City suburb could be more than $2 billion, according to a preliminary official estimate announced Wednesday.
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SLIDESHOW: Moore, Okla. the day after
Globe photographer Roger Nomer sent back these images from Moore, Okla. as people began salvage work on Tuesday afternoon in the aftermath of Monday's EF-5 tornado.
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SLIDESHOW: Moore, Okla. rescue and recovery
Emergency crews searched the broken remnants of an Oklahoma City suburb Tuesday for survivors of a massive tornado that flattened homes and demolished an elementary school. At least 24 people were killed, including at least nine children, and those numbers were expected to climb.
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Medical examiner: 24 dead in Oklahoma twister
Emergency crews searched the broken remnants of an Oklahoma City suburb Tuesday for survivors of a massive tornado that flattened homes and demolished an elementary school.
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SLIDESHOW: Moore, Okla. tornado
A monstrous tornado at least a half-mile wide roared through the Oklahoma City suburbs Monday, flattening entire neighborhoods and destroying an elementary school with a direct blow as children and teachers huddled against winds up to 200 mph. At least 37 people were killed, and officials said the death toll was expected to rise.
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Update: Oklahoma tornado had winds up to 200 mph
The National Weather Service says the tornado that hit Moore, Okla., had wind speeds up to 200 mph.
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Inspector General: ex-US Attorney retaliated in Fast and Furious
The U.S. Attorney in Arizona violated Justice Department policy by providing Fox News with information apparently aimed at undercutting the credibility of a federal agent who helped reveal the botched arms-trafficking probe called Operation Fast and Furious, the Justice Department’s inspector general said Monday.
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