• WASHINGTON (AP) — Republicans are proposing a "fiscal cliff" plan that revives ideas from failed budget talks with President Barack Obama last year, calling for raising the eligibility age for Medicare, lowering cost-of-living hikes for Social Security benefits and bringing in $800 billion in higher tax revenue.

    The counter to a White House plan last week relies more on politically sensitive spending cuts and would raise half the $1.6 trillion in revenue proposed by Obama over the coming decade.

    LAST UPDATE : Dec 14, 2012, 2:30 AM EST
  • President Barack Obama greets the crowd after speaking at The Rodon Group manufacturing facility, Friday, Nov. 30, 2012, in Hatfield, Pa.

    Exerting pressure on the GOP, the president warned against the middle class getting a "lump of coal" for Christmas if taxes are allowed to rise.

    LAST UPDATE : Dec 13, 2012, 10:00 PM EST
  • In this Wednesday, Oct. 17, 2012 file photo, a sign advertising a sale is seen posted on a storefront in Philadelphia. Americans cut back on spending in October and saw no growth in their income, reflecting disruptions from Superstorm Sandy. On Friday, Nov. 30, 2012, the Commerce Department said consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May. Income was flat in the month following a 0.4 percent rise in September.

    Americans cut back on spending last month while income remained flat reflecting disruptions from Superstorm Sandy.

    LAST UPDATE : Dec 13, 2012, 8:30 PM EST
  • In this July 1, 2012 file photo, supporters of Enrique Pena Nieto, presidential candidate for the Revolutionary Institutional Party (PRI) gather at party headquarters as exit polls begin to come in for general elections in Mexico City, Mexico.

    The Institutional Revolutionary Party reclaims the presidency after 12 years in what President-elect Enrique Pena Nieto calls a crowning moment.

    LAST UPDATE : Dec 13, 2012, 8:00 PM EST