Posted on 12/03/2012 12:53:06 PM PST by Red Steel
(Newser) – With fiscal cliff negotiations going, in John Boehner's words, "nowhere," Republicans are considering what ABC News correspondent Jon Karl calls a "doomsday" contingency plan. Under the plan—which Karl's sources say "is becoming the most likely scenario"—the House would approve extending the middle class Bush tax cuts, but would agree to absolutely nothing else before the holiday recess, leaving President Obama to face massive spending cuts and another debt ceiling showdown as soon as Congress returned.
In other fiscal cliff news:
Nancy Pelosi is threatening to use a maneuver called the "discharge petition" to bring the Senate's already-passed bill averting the cliff to the House floor whether Boehner likes it or not, CNN reports. Pelosi would then need to woo a handful of Republicans to her side to actually pass the bill.
Congressional veterans tell Reuters not to worry about the apparent gridlock; it's well-established that little gets done on Capitol Hill until just before the holiday recess. "The Congress doesn't work on the clock," one GOP senator observes. "It works on the calendar."
Boehner and Obama actually largely agree on the long-term portion of the deal, but they're miles apart on the short-term "down payment," the New York Times reports. Obama wants a large down payment paid for mostly with tax hikes on the wealthy; Republicans want a smaller one including entitlement cuts.
The Times also has a piece observing that Obama has toughened his negotiating posture, after a first term in which he seemed to constantly offer what he considered compromises, only to have Republicans reject them and demand more.
Here is Boehner’s counter to Obama.
Because we all know 0bambi is a moderate conciliator.
HORRIBLE deal.
Our party gets creamated by raising taxes.We lose the House(Obama’s plan)
Obama EO’s spending on a weekly basis.
Here is the deal.
1 TRILLION in spending cuts this year.
This is fine as long as the GOP gives nothing, not even a Continuing Resolution.
Shut ‘er down!
House Republicans should simply vote ‘present’ and walk away. Let the democrats own all of it.
No matter how you slice it, we’re screwed.
How do you want to die?
“Nancy Pelosi is threatening to use a maneuver called the “discharge petition” to bring the Senate’s already-passed bill averting the cliff to the House floor whether Boehner likes it or not, CNN reports. Pelosi would then need to woo a handful of Republicans to her side to actually pass the bill.”
We will soon learn if Boehner has any control or any attachments.
If he can’t stop this, I am hoping he will be voted out of power by the Republicans. A few “defectors” can’t stop that from happening.
There is a law already on the books, signed by no less that the Current Occupant himself, that came out of the deal to raise the debt limit back in 2011. The tax rates revert to the level of those which were in place BEFORE the so-called “Bush tax cuts” were enacted, which effectively cut the tax rate on ALL taxpayers, in capital gains, in dividend income, and in steps, even the death taxes on inheritances. The Alternative Minimum Tax was also put on ice, for those who had such sources of income that were not normally subject to taxation.
In addition, the sequestration of federal spending was also written into the rules, the biggest meat axe to be taken to the military, but commensurate cuts also to the “social network” spending, i.e., Social Security, Medicare, Medicaid, food stamps, Section 8 rent subsidies, and various food and service distribution plans targeted at inner cities and pockets of poverty across the US.
The effective rate paid by the employee on FICA payroll taxes reverts to 7.65% from its (supposed to be temporary) current 5.65% of the wage earner’s gross pay.
The tax increases on the lower brackets will bring in something like FOUR TIMES as much revenue as the proposed tax hikes on only the top two tax rate brackets.
I just don’t see a downside, if revenue enhancement is the objective. Of course, every bit of revenue that is so enhanced, comes at the expense of productivity and take-home pay, but, you can’t make an omelet with breaking a few eggs, now can you?
Even if they are the nest eggs.
Yep.
But before I die, I want to see the GOP.
I am not interested in cuts in growth rates over 10 years or 6 years or 2 years or 5 minutes.
Even exchange, nothing else.
I am so sick of these ****ing republican loser ass b*tches I could throw up.
Whoops I meant to say see the GOP die...DIEDIEDIEDIEDIE!
There is no purpose to their existence whatsoever.
Why is it the first cut is always the elderly. I can think of many other areas to cut before going after old people.
Boehner is an emasculated sissy boy. NEVER put any man into power who has a penchant for tanning salons. Maybe THAT is why 0bamacare puts a 10% tax on tanning salons. Or could just be a racist tax against white people since browns and blacks don’t go there.
Let’s all hold hands. We jump on the count of three....
But First, let’s sing.....
Kumbaya,...My Lord. Kumbaya.....
aren’t money bills supposed to originate in the House?
We are going to need to rename the GOP.
GOS - Grand Old Spelunkers.
We are in the business of Caving!!!!!
This is why Republicans lost Florida. The elderly was afraid of losing benefits. They will soon find out the cuts are coming no matter what. With all the wasteful spending I can’t see granny being the problem.
“Shut ‘er down!”
Raising taxes on the top two percent will only cover about 8 days of government spending. So, if we shut down the government for about 2 weeks, we will have saved enough money for the top 2% to continue the Bush tax rates, thereby avoiding lay-offs and economic contraction.
Its really sad when you think about it.
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