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Thread: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

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    Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Looks like we have a deal.

    By Lori Montgomery and Paul Kane, Updated: Monday, December 31, 8:01 PM


    <Vice President Biden arrived at the Capitol just after 9 p.m. to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell (R-Ky.). A Senate vote on the package could be held by 10:30 p.m., beating a midnight deadline, Democratic aides said. The Republican-controlled House will begin considering the bill on Tuesday, with a final vote expected in the next day or two.>

    <“I think it’s highly likely that some time this evening there’ll be a vote on the Senate side,” Sen. Bob Corker (R-Tenn.) said Monday evening as he emerged from a meeting with fellow Republicans and signaled that talks are continuing. “This is one of those things that could well go into the early morning by the time it goes to a vote. ... I think they’re attempting to get the legislative language in order and vote on it tonight, you know, 1, 2, 3, 4 in the morning, whatever.’’>


    <As Obama prepared to deliver remarks about the fiscal cliff at the White House, negotiators for the administration and McConnell appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks.>

    < McConnell urged Congress to pass the tax agreement — and debate replacing the so-called “sequester,” as the automatic spending cuts are known, in coming months. >

    Obama, Senate Republicans near agreement on &lsquo;fiscal cliff&rsquo; - The Washington Post
    Last edited by Donc; 12-31-12 at 10:30 PM.
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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    I knew they would. Now lets see how bad it ****s us over. Hope its not too bad.


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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Take your ****ing sweet time why don't you?

    Good lord...

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    And if this passes the senate what odds does it have of passing the house?

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    All told, the proposal would raise roughly $600 billion in new revenue over the next decade from the wealthiest 2 percent of households — less than Obama had been seeking, and less than House Speaker John A. Boehner (R-Ohio) had offered in negotiations earlier this month. But the new tax revenue was a first step, Democrats said, toward asking the wealthy to do their part in reducing record budget deficits.
    Yes, this will solve the trillion a year deficit.

    This "compromise" is a joke.

    They're solving the fiscal cliff, something they made to force themselves to solve the deficit.

    Politics.
    One who makes himself a worm cannot complain when tread upon.

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    As I have already said the deal just raises taxes for those earning over $450 thousand and increases spending.

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Quote Originally Posted by vvx View Post
    And if this passes the senate what odds does it have of passing the house?
    Hopefully none.

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Quote Originally Posted by Henrin View Post
    As I have already said the deal just raises taxes for those earning over $450 thousand and increases spending.
    How does it increase spending?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Quote Originally Posted by Henrin View Post
    Hopefully none.
    Agreed. If the "fiscal cliff" was so very unthinkable they shouldn't have agreed to it in the first place. The childishness of our politicians is absurd.
    One who makes himself a worm cannot complain when tread upon.

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    Re: Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

    Quote Originally Posted by TheDemSocialist View Post
    I knew they would. Now lets see how bad it ****s us over. Hope its not too bad.
    If the details as found in this linked article from theHill.com are accurate, I'd say both sides got pretty much what they wanted.

    The GOP got:

    - a higher income level on tax revenue ($400K on individuals; $450 on families).
    - Phase-out on tax deductions for high wage earners ($250K on individuals; $300K on families).
    - An increase in the estate tax (40% for estates valued above $5.1M)
    - Extends 15% capital gains tax rate for individuals making up to $400K, families up to $450K; rate increases to 20% for those making above these amounts.

    (Sidenote: See this theHill.com article on how the GOP plans to "save face" by claiming to cut taxes under the deal.

    Republican leaders in the House, meanwhile, said they would not hold a late-night vote even if tax and spending legislation cleared the Senate, guaranteeing that the nation will go over the fiscal cliff at midnight, if only for a few hours.

    Going over the fiscal cliff could make it easier to move a bill through the House. A vote on Jan. 1 would then be tantamount to a tax cut, not an increase, since the higher rates would have taken effect.
    Talk about political parlor tricks! )

    Democrats got:

    - Increased revenue via higher tax rate, higher capital gains rate and a phase-out on tax deductions on high wage earner above $400K (individuals)/$450 (families).
    - Preserving the EITC, Child Tax Credit, college education tax credits and renewable/alternative energy tax credits.

    A win-win for both sides....if it passes both the Senate and House.

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