Student Loan Interest Rates Double
Politicians of both parties talk about the importance of higher education, but Monday the intransigence of both parties made it even more difficult and expensive for some students to get a degree.
Watch CBS News
Politicians of both parties talk about the importance of higher education, but Monday the intransigence of both parties made it even more difficult and expensive for some students to get a degree.
Thanks to the ongoing obstructionism from both political parties in Washington, DC, students taking out loans for the upcoming school year will be hit with nearly double the interest rates students were given last year.
The Associated Press became the latest major company to see its Twitter account get hacked Tuesday. The difference with this hack was that it temporarily sent financial markets in New York tumbling.
April 15 is known to most Americans as tax day. For New Englanders this year, it's Patriot's Day. But across the baseball world, April 15 is Jackie Robinson Day.
Jennifer Jurado, who heads the Broward County Natural Resources Planning and Management Division, was among 12 people identified by the White House as "Champions of Change".
During an announcement in the White House briefing room Monday, the President was a little shorter than we remember him being. That's probably because the speaker was, in fact, "Kid President."
President Barack Obama was South Florida Friday hoping to rally support and convince Congress to make larger investments in the United States' crumbling infrastructure.
By 11:59 Friday night, the White House will officially have to order the sequestration, a series of across-the-board, indiscriminate budget cuts that threaten to send the United States back into recession.
Florida Governor Rick Scott returned to his tea party roots Wednesday when he strangely said that if the sequestration is instituted, it will be because President Barack Obama's administration, "fails to do its job."
It's an arcane budget term, but the sequester, is set to fundamentally reshape federal spending in ways that could set the economy on a path back to recession. The sequester is the beginning of a scheduled decade of financial austerity like has been seen in Europe in recent years.
Hundreds of thousands of jobs across America, including many in the Sunshine State, hang in the balance as Congress refuses to consider any compromise deal to avert the cuts contained in the sequester.
President Barack Obama continued to put the finishing touches on his State of the Union address Tuesday just hours before he's scheduled to deliver what Real Clear Politics said would be a speech where Obama would "throw down the gauntlet to Congress."
The Miami Heat finally made its way to the White House Monday to be honored by President Barack Obama for winning the 2012 NBA Championship.
The Miami Heat will finally get their long-awaited visit to the White House for winning the 2012 NBA Championship at the end of January.
MIAMI (CBSMiami) – Much of the talk over the next week will not center around the New Year or football, but instead on the so-called "fiscal cliff." It's a catch-all term that's being applied to a massive round of austerity and tax increases set to go into effect on January 1, 2013. But what exactly makes up the fiscal cliff? It starts with the so-called "Bush Tax Cuts" passed in 2001 and 2004. At the time, then-President George W. Bush pushed through two major tax hikes immediately after the government began running surpluses at the end of the Clinton administration. Bush's tax cuts dropped the rates for all Americans, though Democrats argue they disproportionately helped the wealthiest Americans the most. The tax cuts were set to sunset, or end, in 2010, but another deal between President Barack Obama and Republicans in Congress extended them to December 2012. If both parties can't agree on what to do about the tax cuts, the overall tax rates will revert to what they were in 2000 under President Clinton. According to CBS News, this would impact 88 percent of taxpayers with their taxes rising by an average of $3,500 a year. For a family making between $50,000 and $75,000 a year, the average tax bill would jump by $2,400. The loss of the extra revenue for the families would impact their spending power, which then would hamper businesses, which would turn and cut jobs to continue making profits. But the tax hike in overall rate isn't the only tax that will be impacted. A payroll tax cut was enacted in 2010 to help give the economy some stimulus, but both sides appear willing to let that tax cut expire and let payroll taxes rise by 2 percent in 2013. Tax hikes make up only half of the fiscal cliff. The other half is made up of deep spending cuts/austerity that could cripple the government and contractors nationwide. During the 2011 national debt crisis started by Congressional Republicans, a deal was finally struck to increase the nation's debt limit, but a sequester was put on the military and domestic spending. The sequester was put in place to try and spur government action. As part of the deal, both Republicans and Democrats put together a joint committee to seek trillions in deficit reduction. Republicans refused to allow any tax/revenue increases and Democrats balked at major changes to Social Security and Medicare. When both sides declared failure, the sequester kicked in. It imposes deep spending cuts to domestic discretionary spending as well as deep defense department cuts for military spending. Democrats oppose the discretionary spending and Republicans oppose the defense cuts. According to CBS News, budget cuts of 8-9 percent would hit most of the federal government, from law enforcement to the military to weather forecasting. Only a few areas, like Social Security benefits and Veterans affairs, will be spared the deep cuts. Still, the cuts would be phased in slowly over the next decade, which could help minimize the damage if they are not repealed in early 2013. Even if the nation goes off the "fiscal cliff," Congress can pass tax cuts in early 2013 and make them retroactive to any date they so choose. Congress can also choose to delay or cancel any spending cuts they wish. Some pundits believe this is the likeliest scenario to happen. Because Republicans refuse to allow any tax increases, the belief is that both parties will allow the country to go off the "fiscal cliff." At that point, President Obama can put together a massive tax cut package and send it to Congress. Neither party is likely to oppose a tax cut package, but Obama would have the ability to call for the cuts to be applied to only those making less than $250,000 or another similar level. Republicans and Democrats could quickly pass that measure and both sides could declare victory over the other. The tax rate damage would be averted, but both sides would have to deal with the spending cuts in the sequester. The depth of the spending cuts will likely depend on how much revenue is gained from the tax cuts. Cutting taxes for those below $250,000 and letting the others rise will generate significantly more revenue, which can help minimize the cuts to some degree. However, in exchange for allowing the cuts, Republicans may demand other cuts to programs to offset the overall cost of the cuts. It would create a problem because if Democrats balked at other cuts, Republicans may have to choose between voting against a tax cut, or allowing the cuts to go through without any offsets. One key element of any deal will be the debt ceiling. The last time Republicans wielded the debt ceiling as a weapon, the nation's credit rating was dropped for the first time in history and hit the economy hard. Treasury secretary Timothy Geithner said Wednesday the nation will hit its borrowing limit on December 31. Geithner and the Treasury Department will take "extraordinary" measures to allow the government to keep functioning for a few months. However, at a certain point, Geithner will run out of options. If Congress doesn't authorize a hike in the debt ceiling, the U.S. will default on its bills. This could cripple not only the U.S. economy, but also the global economy. President Obama wants a grand deal on tax cuts and everything to include a two-year automatic extension on the debt ceiling. Republicans have balked at this proposal and another showdown could be in the works in 2013. Republicans will want massive offsets in exchange for any hike in the debt ceiling, which Obama and Democrats are likely to oppose. It all sets up for a very hectic end of 2012 and beginning of 2013. In the middle of it all, a brand new Congress will be sworn in and have to deal with all of the issues immediately if no deal is struck before then, which is looking increasingly less likely. But what exactly makes up the fiscal cliff?
Paula Broadwell and Jill Kelley need to be removed from the top of the nation's top newspaper publications and demoted to the likes of the National Enquirer.
Rove has managed to spin himself a personal fortune in national politics. His reputation, however, does not match his accomplishments.
The Miami Heat have yet to visit the White House as is tradition for NBA champions, but that doesn't mean the team isn't still looking forward to the trip.
President Barack Obama has won a second term in the White House, defeating Republican nominee Mitt Romney.
Can anyone other than Vice President Joe Biden himself imagine Joe Biden as a presidential candidate after all we've learned about him in the past four years while he has sat one heartbeat away from the presidency?
With just hours to go until the campaigning for the 2012 election officially comes to an end, the latest Public Policy Polling poll of Florida gives President Barack Obama a razor thin one point lead over Republican nominee Mitt Romney.
By now it's obvious that Obama and his administration did not handle the situation correctly. Rather than taking a presidential stance during the horrendous incident, Obama kept his mind and actions on his 2012 reelection campaign and tried to alter the obvious reasons for the deadly attack.
With the third and final debate in the books, both candidates are beginning the stretch run to the finish line in the 2012 presidential election. One of the most coveted demographics, Latino voters, seems to have found their candidate as well.
President Barack Obama epitomizes the need for a one-term limit for presidents of the United States.
President Barack Obama and Republican nominee Mitt Romney continue to take shots at each other Friday as both make their case for election in key swing states, including the Sunshine State.
One person was airlifted to Jackson Memorial Hospital with non-life-threatening injuries after a shooting Sunday morning in Hialeah.
"That's going to be up to American businesses. That's certainly a very real possibility," Energy Secretary Chris Wright said on "Face the Nation with Margaret Brennan."
Environmental groups claim federal and state officials withheld evidence about funding for an immigration detention center in the Florida Everglades.
President Trump appeared to lay out his red line of action on Friday when he warned that if the Iranian government began "killing people like they have in the past, we would get involved."
On Facing South Florida, Jim DeFede spoke with Miami Herald Latin America reporter Antonio Maria Delgado about Delcy Rodríguez's growing control in Venezuela.
One person was airlifted to Jackson Memorial Hospital with non-life-threatening injuries after a shooting Sunday morning in Hialeah.
"That's going to be up to American businesses. That's certainly a very real possibility," Energy Secretary Chris Wright said on "Face the Nation with Margaret Brennan."
Environmental groups claim federal and state officials withheld evidence about funding for an immigration detention center in the Florida Everglades.
President Trump appeared to lay out his red line of action on Friday when he warned that if the Iranian government began "killing people like they have in the past, we would get involved."
On Facing South Florida, Jim DeFede spoke with Miami Herald Latin America reporter Antonio Maria Delgado about Delcy Rodríguez's growing control in Venezuela.
A former prison guard trainee has been sentenced to death for the 2019 execution-style killings of five women inside a Florida bank.
Florida coach Billy Napier is getting a fourth season to try to get the Gators back to their winning ways.
A Florida man has filed a federal lawsuit against Jacksonville sheriff's officers who severely beat him last year after he ran from a traffic stop.
The Marion County Sheriff's deputy told authorities that he accidentally shot and killed his girlfriend while cleaning his gun.
The American Automobile Association said this is a dangerous time of year for young drivers.
"That's going to be up to American businesses. That's certainly a very real possibility," Energy Secretary Chris Wright said on "Face the Nation with Margaret Brennan."
Environmental groups claim federal and state officials withheld evidence about funding for an immigration detention center in the Florida Everglades.
President Trump appeared to lay out his red line of action on Friday when he warned that if the Iranian government began "killing people like they have in the past, we would get involved."
Venezuelan opposition leader María Corina Machado has indicated she'd like to give or share the prize with President Trump.
The man dubbed the "Lectern guy" from the Jan. 6 Capitol riot is now running as a Republican for county office in Florida.
On Facing South Florida, Jim DeFede spoke with Miami Herald Latin America reporter Antonio Maria Delgado about Delcy Rodríguez's growing control in Venezuela.
On Facing South Florida, Jim DeFede speaks with former interim Venezuelan president Juan Guaidó about Nicolas Maduro's capture.
In a special live episode, Jim DeFede brings us the latest developments and the fallout following the Saturday morning strikes.
Jim Defede's guest this week on Facing South Florida is James Fishback, a Republican candidate for the Florida governor's office.
Guest host Lauren Pastrana is joined by Ron Book, chairman of the Miami-Dade Homeless Trust.
After the ACA tax credit lapsed in December, enrollees are opting for less robust health plans or dropping coverage altogether.
New research recommends against drinking coffee or tea served by airlines, urging travelers to stick to bottled water.
In his new wellness book, "Eat Your Ice Cream," Dr. Ezekiel Emanuel goes beyond the basics of eating, exercise and sleep, to the importance of being happy, social engagement, and recommended behaviors (like "don't be a schmuck") that can benefit longevity.
If you don't feel well, particularly if you have a fever and worsening symptoms, Dr. Glazier says, skip the get-together.
Millions of people with an Affordable Care Act health plan face a massive jump in premiums next year — this chart shows just how much.
These gifts from Stanley, Apple, AllTrails and more won't bust your budget.
From top-rated smart mugs to cold brew starter kits, we've rounded up the coffee lover presents to gift this Christmas.
Just in time for the holiday season, Nintendo has released Nintendo Switch bundles and special editions.
For that authentic grilling experience, you can't beat a charcoal grill. We've rounded up the best grill options.
Discover the best tech gifts during the 2024 holiday season that your friends and loved ones will absolutely adore.
A lawsuit filed late last month took Chicago-based McDonald's to task over the McRib sandwich, calling its name a form of false advertising.
Florida insurance policyholders could be seeing some form of relief in their wallets thanks to market reforms made statewide, Gov. Ron DeSantis said.
The company said Tuesday that 85% of its retail products and "nearly all" of its school offerings are already made without "certified colors."
Less than two days after Delta Air Lines offered $30,000 to each passenger on board the flight that crashed and flipped in Toronto on Monday afternoon, the company is facing its first two lawsuits in the incident — and they likely won't be the last.
Activists are calling for a nationwide boycott of Target stores following the company's decision to roll back its diversity, equity and inclusion initiatives.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Bob Weir wrote or co-wrote and sang lead vocals on Grateful Dead classics including "Sugar Magnolia," "One More Saturday Night" and "Mexicali Blues."
Timothy Busfield is known for appearances in "The West Wing," "Field of Dreams" and "Thirtysomething."
As the Golden Globes return Sunday night on CBS, CBS Miami is inviting viewers to vote in an online poll and predict who they think should win.
A limited-time Survivor Ultimate Fan Cafe opens Jan. 29 at Jungle Island, bringing hands-on challenges, themed food and drinks, and interactive photo ops to Miami.