Fiscal Cliff

House Set to Convene to Vote on Fiscal Cliff Deal Today

Tax hikes on the rich, extension of unemployment, reversals in spending growth reductions on the menu

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The fiscal-cliff deal is now in the hands of the House, which convenes New Year's Day to consider a budget agreement that would boost income-tax rates for the first time in 20 years—but only for those with the highest incomes—maintain unemployment benefits, and limit the spending cuts that were looming as part of the cliff.

The Senate cleared the package 89-8 more than two hours into the New Year on Tuesday after President Barack Obama and Senate leaders finalized its contents.

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  1. Fiscally responsible America needs to get its political act together. Progressives are fucking up our fair land.

    1. Considering the vast bulk of the spending and tax cuts that have led to the budget deficit were perpetrated by Republicans, it seems you don’t know what you’re talking about.

      1. Were there lots of democrats who were against medicare, social security, and much of George Bush’s spending plan?

        Spending is the problem, not tax cuts. The government takes in gobs of revenues every year.

        1. The single biggest policy contributor to the budget deficit in the last decade and a half or so remains the Bush tax cuts. If they all didn’t exist we’d barely have a budget deficit. A ledger has two colors, red and black.

          1. Economic Report of the President, 2012

            That might clear up some of your misconceptions about the economy as a zero-sum game and the effect of the Bush tax cuts on federal revenue.

            No, really, you’re more than welcome. Oh, stop it, you.

          2. But as demonstrated by this site, the government had no issue collecting revenue in the last decade or so.

            Even if they didn’t, what stops the government from just printing money and funding whatever project it deems fit? We didn’t have trillions of dollars laying around for the wars, bailouts, and now Obamacare.

            If tax rates returned to Clinton era level would get us somewhere around 40-50 billion dollars a year (or according analysis I’ve seen). It won’t do much.

            Unlike some parts of the world, low income earners in America don’t pay separate taxes for education or nationalized healthcare. If they’re not drawing a paycheck, they probably contribute little or nothing to SS or medicare. They pay little or no income tax. Is there another country in the world more dependent on the “1%” to sustain their tax scheme than the United Sates?

      2. Tony –

        The bill will inevitably pass and should the economy continue to stagnate or enter a new recession (or “contraction” if you prefer liberal euphemisms, how in the fuck are you and your fellow apparatchiks going to pin this on Team Red?

        The only silver lining to this shit storm is that Team Blue will OWN the inevitable outcome of their Bush League fiscal measures.

        1. Because Team Red escaping responsibility is somehow a libertarian priority?

          1. No because team blue needs to start getting blamed for the nonsense it tries to pull. It will be nice to see the wailing and gnashing of teeth when these proglodytes crawl back into their caves eventually.

          2. Failure to address my question conveys a lack of confidence in your tribe’s fiscal plan. Why don’t you make another attempt to answer the question without deflecting.

          3. Seriously? so two wrongs make a right in your world? You’re not going to find a lot of Bush fans or “team Red” members on these boards. Your “us vs. them” pablum serves no purpose other than exposing your own willingness to avoid critical thinking.

            Our government is tacking slightly left as of late but it’s course remains unchanged for decades. Its growth follows an exponential arc that is doomed to failure, to use a favored leftist buzzword… it is “unsustainable”. Sucking more productive assets from private hands will not solve the problem, it never has, it never will.

      3. “were perpetrated by Republicans…” ..and continued, unabated by democrats

  2. If they can print half the budget, they can print all of it and save us the trouble of paying taxes. What’s the difference?

  3. a budget agreement that would boost income-tax rates for the first time in 20 years

    Technically it’s just declining to cut them, as they went up at midnight. From what I understand, that’s why they waited til today.

    We’re so fucked.

  4. This bill could be a positive if played right by the GOP as it gives them the leverage the next time around (debt ceiling and sequester votes). They no longer need to be held hostage on tax cuts. Sadly, they’ll probably piss away that leverage for some more magic bean spending cuts and protecting their war machine.

    If cutting spending really were a priority, hold your noses, sign this shit sandwich and start making a wish list of actual cuts to get ready. I suspect what we’ll get instead is a list of military toys they wanted Santa to bring them if they give the Democrats more government bloat and a credit line extension.

  5. http://www.washingtontimes.com…..liff-deal/

    That’s two notable 2016 hopefuls against, with DeMint absent. More than 90% of the senatorial whores, of course, will wake up tomorrow morning to the stark realization that they just participated in an orgy starring Dumbo and Debs Wasserman Scultz.

  6. Why didn’t they send a bill to Senate that cut taxes on the poor and middle class, and let Obama and the Blues explain why they are against it?

    Maybe Republicans love taxes.

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