Tagged: fiscal cliff

Michigan’s casino industry could face some problems if the nation falls off the ‘fiscal cliff’ at the end of the year.

The president and Congressional leaders have not reached a compromise to avoid the combination of spending cuts and tax increases, commonly known as the ‘fiscal cliff’.

It’s estimated the average household’s disposable income could lose a thousand dollars next year, if the ‘fiscal cliff’ is not avoided. 

Moody’s, one of the nation’s leading credit rating agencies, predicts casinos will be among those hardest hit.

Negotiations to prevent the nation from going over the fiscal cliff seem to be slowly progressing. Also under discussion is whether to continue the extension of federal unemployment benefits. An extension would be good news for the thousands of Michiganders currently receiving unemployment benefits. Without an extension, those benefits could end for those Michiganders at the end of the month. Michigan Radio's Jennifer White talked with Steve Gray. He's the director of the Ann Arbor office of the Michigan Unemployment Insurance Project. It's a non-profit law firm that provides free unemployment insurance advocacy and assistance to Michigan workers.

With the approaching "fiscal cliff" comes the concern of protecting Michigan’s businesses.  

We spoke today with Susan Tompor of the Detroit Free Press about the fiscal cliff.

Tompor noted that many companies are not laying off their workers.

“Back in November we had Ford Executive Chairman Bill Ford Jr. state that it was vitally important that they work on this bipartisan agreement for the economy. When you’re selling big-ticket items, it’s a key issue. Will consumers need to cut back if we got over the fiscal cliff? Right now, according to Mark Zandi [Chief Economist, Moody’s Analytics], he doesn’t see that companies are cutting back. The reason is that it would be costly to lay off workers now to prepare for what might be a temporary problem. Instead Zandi said that, overall, businesses are more likely to cut back on investing in heavy equipment as a stop-gap measure,” said Tompor.

State House and Senate likely to vote on "right to work" Tuesday

"It’s likely that the state House and Senate will take up their final votes on so-called “right to work” legislation tomorrow. But, first, protests and legal actions are expected today and tomorrow. Republican majorities in the Michigan House and Senate have already voted once to adopt a “right-to-work” law. Democrats and labor unions plan more protests over the bills that were placed on a very fast track last week. If enacted, Michigan would become the 24th state to adopt a “right-to-work” law," Rick Pluta reports.

President Obama to speak about "fiscal cliff" at suburban Detroit auto plant today

"President Obama will visit a Redford Township factory today - as part of his effort to galvanize support for his plan to avert the fiscal cliff.  The President's visit also comes at a high stakes time for the United Auto Workers, since state Republicans could vote to make Michigan a so-called "right to work" state this week," Tracy Samilton reports.

Detroit could get an emergency financial manager

"A committee overseeing Detroit's finances could recommend an emergency financial manager for the state's largest city. The committee meets today to begin a 30-to-40 day review. Detroit mayor, Dave Bing will ask City Council tomorrow to approve audits, including an audit of disability fraud. And he wants the council to approve another 400 to 500 job cuts, along with furloughs, as the city faces the prospect of running out of cash," Tracy Samilton reports.

President Obama will visit a Redford Township factory today - as part of his effort to galvanize support for his plan to avert the fiscal cliff.

The President's visit also comes at a high stakes time for the United Auto Workers.

The Republican-controlled state legislature is poised to vote tomorrow on bills to make Michigan, the birthplace of the UAW,  a so called right to work state.   That would mean workers in unionized facilities like Detroit Diesel in Redford could opt out of paying union dues.

Concerns about the nation’s fiscal cliff crisis have reached the streets of Lansing.

A small band of protesters stood outside of Michigan Congressman Mike Rogers’ local office today to call for the rich to pay higher taxes.

Passing motorists responded to signs asking them to HONK for the end of the Bush tax cuts.

Not all the tax breaks that are scheduled to end at the end of the year.  Just those for the richest two percent of American income earners.

Stephen Wooden is a Michigan State University student.  He thinks it’s about balance.

President Obama will be making his first trip to Michigan in nearly eight months.

The last time he was in Michigan, Mr. Obama stopped at the Henry Ford Museum in Dearborn for a campaign event.

This time around he's expected to deliver a major speech on the economy and middle class families in Detroit, according to David Shepardson of the Detroit News.

The address will come just three weeks before tax cuts are set to expire on nearly all Americans and $1.2 trillion in mandatory domestic and defense spending cuts over 10 years are to take effect — unless Congress acts.

"I believe America only thrives when we have a strong and growing middle class. And I believe we're at our best when everybody who works hard has a chance to get ahead. That's what I believe," Obama said. "I believe both parties can — and will — work together in the coming weeks to get that done. We know how that gets done. We're going to have to raise a little more revenue. We've got to cut out spending we don't need."

Shepardson points out that without a tax deal, taxes will increase for a majority of Americans, and unemployment benefits will expire. 

About 93,000 people in Michigan will lose unemployment benefits by the end of this month unless Congress acts.

No details of the visit have been publicly announced yet. Those details are expected in the coming days from the White House.