The federal fiscal cliff is looming closer. If some type of budget agreement isn't reached between the president and Republican congressional leaders within the next five weeks....January first will mean an increase in payroll taxes for all of us and a massive decrease in military spending. We were able to speak with Senator John Thune and he told us Republicans are ready to work...but they say so far, the president hasn't come to the table.
So what if no agreement is reached? What if, on January first, defense spending is cut and the amount we pay in federal tax goes up? It would be more than a personal hardship, says South Dakota Senator John Thune...who tells us if the U-S goes over that financial cliff...it would be a horrible bumpy ride. "This is a very important issue to our economy. All the experts tell us that if we go over the fiscal cliff it could plunge us into a recession. It could drive unemployment up over 9% and reduce the take home pay for a lot of Americans."
Those fears of a newer, deeper recession and more people out of work is a nightmare scenario for leaders on both sides of the aisle. In recent days, several Republicans have signaled a willingness to increase the tax rate for Americans making more than 250-thousand a year....something they dug their heels in on during the presidential campaign. Thune says in return for that proposed compromise...Republicans want the president to reform Social Security, Medicare and Medicaid...to bring those programs costs in line. "We've got to reform them today or they will take us into a train wreck in the not too distant future."
And Thune re-iterated his call for compromise during an appearance with Wolf Blitzer on CNN. "Our members want to see spending reductions. They want to see a commitment on entitlement reform and so far we haven't seen that from the president."
It will be interesting to see if there is any movement from the White House after tomorrow....when President Obama is scheduled to have lunch with the man he defeated for the presidency this month....Republican Mitt Romney.
Monday, May 20 2013 11:08 PM EDT2013-05-21 03:08:09 GMT
We're going to spend a few minutes talking about gay marriage. Just six days ago, it was signed into law in Minnesota. There is an effort here in South Dakota to amend the state constitution to allowMore >>
A conservative leader tells KSFY News he has a specific plan to overturn the court decision which legalized gay marriage in Iowa. More >>
Friday, May 17 2013 8:00 PM EDT2013-05-18 00:00:25 GMT
Gas prices rose again overnight....and it's not just by a couple cents. Here in South Dakota, the average price for a gallon of regular is $3.83 today...up from $3.65 yesterday. Iowans are payingMore >>
The current price for a gallon of regular unleaded in Minnesota is $4.26.More >>
Thursday, May 16 2013 11:00 PM EDT2013-05-17 03:00:30 GMT
It's a monument representing our nation and, of course, our state. Mount Rushmore, sitting proud in the Black Hills since it was 'unofficially' completed in the 1940s. As time goes on, chances are, itMore >>
KSFY takes a trip to the Black Hills to find out what it takes to preserve the great faces of Mount Rushmore, and how much longer preservation could last.More >>
Tuesday, May 21 2013 12:10 PM EDT2013-05-21 16:10:38 GMT
MOORE, Okla. (AP) - The state medical examiner's office has revised the death toll from a tornado in an Oklahoma City suburb to 24 people, including nine children. Spokeswoman Amy Elliott said TuesdayMore >>
The state medical examiner's office has revised the death toll from a tornado in an Oklahoma City suburb to 24 people, including nine children.More >>
Tuesday, May 21 2013 11:31 AM EDT2013-05-21 15:31:17 GMT
ST. LOUIS (AP) - Corn growers across the Midwest have made up for lost time in a big way from a slow start to planting season after a waterlogged spring. The U.S. Department of Agriculture says 71 percentMore >>
Corn growers across the Midwest have made up for lost time in a big way from a slow start to planting season after a waterlogged spring.More >>
Tuesday, May 21 2013 9:30 AM EDT2013-05-21 13:30:43 GMT
SIOUX FALLS, S.D. (AP) - Authorities plan to cite a trucker with careless driving after a rollover crash and fuel spill in Sioux Falls. The tanker truck was carrying about 10,000 gallons of gasoline.More >>
Authorities plan to cite a trucker with careless driving after a rollover crash and fuel spill in Sioux Falls.More >>
Tuesday, May 21 2013 8:55 AM EDT2013-05-21 12:55:03 GMT
Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. Oklahoma tornado flattens neighborhoods, kills dozens At least 20 of the 51 victims of the stormMore >>
Your daily look at late-breaking news, upcoming events and the stories that will be talked about todayMore >>