January 2, 2013

Fiscal Cliff Deal Passed By Congress After Republicans Cave

Congress passed a hard-won deal to ease large portions of the "fiscal cliff."


Republicans were upset the deal did not have cuts.

"We not only need to grow the economy but we also have to address the fundamental causes of our debts and deficits, and that's out-of-control spending, obligations that we have not got the financial wherewithal the meet," said Rep. Dave Camp, (R-Mich.) the top Republicans on the tax-writing Ways and Means Committee.


Democrats also were pleased that for the first time in decades Republicans signed onto a measure that leaves taxes higher this year than the year before.

"This legislation breaks the iron barrier that for far too long has prevented additional tax revenues from the very wealthiest," said Rep. Sander Levin (D-Mich.) "It raises $620 billion in revenue by achieving the president's goal of asking the wealthiest 2 percent of Americans to pay more while protecting 98 percent of families. That's right -- that's what it does. I want to emphasize this contrary to propaganda coming from the other side -- it prevents 98 percent of businesses from another tax increase."



http://www.huffingtonpost.com/2013/01/01/fiscal-cliff-deal-passed-_n_2394022.html

January 2, 2013

House Fails To Vote On Relief Bill

Hurricane Sandy Aid: Lawmakers Erupt In Anger After House Fails To Vote On Relief Bill

New York area-lawmakers in both parties are erupting in anger, saying the House Republican leadership has decided to let Congress adjourn without holding a vote on aid for victims of Superstorm Sandy.

There is no immediate comment from either Speaker John Boehner (BAY'-nur) or Majority Leader Eric Cantor, who sets the floor schedule.

In remarks on the House floor, Republican Rep. Peter King called the decision absolutely indefensible, while Democratic Rep. Nita Lowey said she felt betrayed.

The Senate approved a $60.4 billion measure Friday to help with recovery from the October storm that devastated parts of New York, New Jersey and nearby states.

http://www.huffingtonpost.com/2013/01/02/hurricane-sandy-aid-house_n_2394142.html

January 1, 2013

Boom! Goes the GOP?

Brit Hume ?@brithume
Appears the House GOP’s pie-in-the-sky caucus will blow up the deal, leaving new higher tax rates in place and assuring Rs get all blame.

Glenn Thrush ?@GlennThrush
In terms of the politics, it’s a no-brainer: WH-Mitch cliff deal sets House GOP up for a biblical reckoning if they block it and taxes rise

Howard Fineman ?@howardfineman
House GOP see it as an act of courage for them to send the government over the cliff. They aren’t here to legislate, but to blow up things

Ben White ?@morningmoneyben
The fury that will rain down squarely on House GOP if they kill the#fiscalcliff deal by amending it will be a sight to behold.

http://americablog.com/2013/01/fiscal-cliff-deal-in-danger-in-house.html

January 1, 2013

House GOP opposition to fiscal cliff bill grows

Will the GOP say and vote Noooooooooooooooooooooooooooooooooooooooooo!?

Read more: http://www.politico.com/story/2013/01/senate-clears-fiscal-cliff-deal-89-8-85640.html#ixzz2GkxrIfBg

January 1, 2013

Bush tax cuts have expired, no law has replaced them

Now that the Bush tax cuts have expired, the negotiating ground has radically shifted. Or should have.

Update: You can still try to screw this up in the House if you’re so inclined. Phone numbers here.
________

Snarky headline, but I thought you needed to hear that, since apparently no one else on the planet has noticed. No, a handshake between Joe Biden and Mitch McConnell is not a new law, despite what you’re reading in the papers. And yes, the negotiating ground has changed, despite what you’re reading in the papers.

So with the Bush tax cuts already expired and out of the way (I’m going to bold that expression every time it appears, just so you know it actually happened), U.S. citizens are now subject to a tax increase. So starting from here — now that the Bush tax cuts have already expired — let’s see how we can get a real middle class tax cut passed … you know, like we discussed a thousand times before, almost a thousand years ago. Here’s my pretend-Obama’s letter to the Republicans:

http://americablog.com/2013/01/breaking-bush-tax-cuts-have-expired-no-law-has-replaced-it.html

January 1, 2013

Unemployment Insurance To Be Extended, $30 Billion Cost Won't Be Offset

One of the remaining sticking points holding up a fiscal cliff deal appears to have been resolved, as negotiators have decided to extend unemployment benefits without offsetting the cost.

A source familiar with negotiations told The Huffington Post that lawmakers would treat the provision as "an emergency measure that shouldn't be paid for." A Senate Democratic and Republican source each confirmed the plan.

What that means is that the $30 billion pricetag for a year-long extension will simply be added to the deficit. Republicans have in the past objected to reauthorizing federal unemployment compensation because of its impact on the deficit, though in recessions since World War II Congress has generally added extra weeks of benefits without paying for them.

http://www.huffingtonpost.com/2012/12/31/unemployment-insurance-extended_n_2389634.html

January 1, 2013

John Bolton shifts Hillary Clinton critique

“I didn’t think that (protecting Clinton from Benghazi testimony) was the effort to begin with,” said Bolton, who accused Clinton just this month of having a “diplomatic illness” to dodge hearings on the deadly Sept. 11 attacks in Libya.

Read more: http://www.politico.com/story/2012/12/john-bolton-shifts-hillary-clinton-critique-85626.html#ixzz2GinoOfql