Pact Moves to House
Newsmax
01 Jan 2013
Hours past a self-imposed deadline for action, the Senate passed legislation early New Year’s Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The pre-dawn vote was a lopsided 89-8.
Senate passage set the stage for a final showdown in the House, where a vote was expected later Tuesday or perhaps Wednesday on the measure, which also raises tax rates on wealthy Americans.
Even by the recent dysfunctional standards of government-by-gridlock, the activity at both ends of historic Pennsylvania Avenue was remarkable as the administration and lawmakers spent the final hours of 2012 haggling over long-festering differences.
“It shouldn’t have taken this long to come to an agreement, and this shouldn’t be the model for how we do things around here,” said Senate Republican leader Mitch McConnell, who negotiated the agreement with Vice President Joe Biden.
Shortly after the Senate vote, President Barack Obama said, “While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay.”
Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than Obama had campaigned for in his successful drive for a second term in office.
Spending cuts totaling $24 billion over two months aimed at the Pentagon and domestic programs would be deferred.
That would allow the White House and lawmakers time to regroup before plunging very quickly into a new round of budget brinkmanship certain to revolve around Republican calls to rein in the cost of Medicare and other government benefit programs.
Officials also decided at the last minute to use the measure to prevent a $900 pay raise for lawmakers due to take effect this spring…
The article continues at Newsmax.com
Also at the site:
Senate-Passed Deal Means Higher Taxes on 77% of U.S. Households
- Christopher Ruddy: The Deal Is Acceptable, But Not Perfect
- Norquist Throws His Support Behind Biden-McConnell Plan
- Graham to GOP: Pass the Deal, Fight the Debt Ceiling Battle
- GOP’s Huelskamp: Senate Bill Easy ‘No’ Vote for Me
- Rubio, Grassley, Lee Voted ‘No’ to Senate Deal
- Cantor: No Vote Schedule, GOP Caucus Meeting to Mull Deal
- Rep. Cole: House Republicans Should Accept Senate Deal
- Rupert Murdoch: Senate Deal ‘Won’t Fix Economy’
- Fiscal Cliff Deal Puts New Pressure on Boehner
- Pelosi, Reid Sign Off on Fiscal Cliff Deal
- Payroll Tax Hike, Fiscal Cliff Deal Will Slow Not Crush Growth
- Rand Paul: I Won’t Back Any Fiscal Cliff Plan
Also, Details of Senate Bill Averting ‘Fiscal Cliff’
Highlights of a bill approved Tuesday by the Senate aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that were due to expire at midnight Monday. It would also delay for two months across-the-board cuts to the budgets of the Pentagon and numerous domestic agencies.
The House is expected to vote on the bill Tuesday or Wednesday.
Highlights include:
—Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.
—Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent…
…—Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rule changes on converting traditional individual retirement accounts into Roth IRAs.
Read the complete list at the link.
Rand Paul accuses Democrats of raising taxes just to ‘stick it to those rich people’
“You may not get any more revenue,” the Kentucky Republican said. “You may not get any more economic growth. But you can say, ‘I stuck it to the rich people.’”
Roberts Pleads for Courts to Be Spared From Cuts
Chief Justice John Roberts on Monday called on the White House and Congress to provide sufficient funding and enough judges to ensure that the federal judiciary can do its job well despite the fiscal problems the country faces.
In his annual report on the federal judiciary, Roberts recognized the battle in Washington over the “fiscal cliff,” saying the country has a fiscal ledger that has “gone awry” and must address the longer-term problem of a “truly extravagant and burgeoning national debt.”
He said the judiciary has been doing its part to cut costs aggressively, but can only go so far given that it cannot choose its caseload or economize much further without reducing the quality of its services…
Related: Sarah Palin Facebook
Best wishes to everyone for a happy New Year! In the coming days there will be a great deal of debate about the goings-on in the political arena and the shenanigans in Washington. Constitutional commonsense conservatives must stay engaged and hold our “leaders” accountable to the voice of average everyday hard working Americans or we will very soon become an enslaved, bankrupt former nation of greatness. So, please keep the faith heading into this new year. And for now, remember to be grateful for the blessings and opportunities God has given us as independent individuals, as caring members of families, as honorable businesses and communities, and as countrymen who understand this most exceptional nation’s foundations of strength. We’ve been given all this for yet another year; let’s not take it for granted. In this new year, as jobs change with doors closing and opening, kids growing, relationships evolving, and life throwing curveballs, may you resolve to stay engaged and optimistic. May you pick your battles wisely. And may you live life vibrantly! God bless you all and God bless our great country as we promise to live out 2 Chronicles 7:14. Here’s to liberty!
– Sarah Palin
Ari Fleischer may give less if charitable deduction is limited; Libs freak out “Ari Fleischer is guilty of only one mistake: He tried to explain economics to liberals.”
The Socialist Mind Game: A Brief Manual
House Republicans are balking at putting a rubber stamp on the “Fiscal Cliff” Deal passed by the U.S. Senate overnight – a deal that raises tax rates but has almost no spending cuts. Many in the media seemed to assume the House Republicans would feel forced to just go along with it – and they still might. But it is clearly in trouble, with the No.2 Republican in the House – Majority Leader Eric Cantor – saying this afternoon he does not support the bill…
