Skip to comments.‘Major setback’ in fiscal cliff talks
Posted on 12/30/2012 12:59:24 PM PST by Sub-Driver
Major setback in fiscal cliff talks By: Manu Raju and John Bresnahan December 30, 2012 12:15 PM EST
Negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell suffered a major setback after Republicans demanded the inclusion of a new method for calculating entitlement benefits as part of the fiscal cliff package, according to Democrats.
The provision, known as chained CPI, is opposed by many liberals because it would result in lower payments for Social Security beneficiaries.
While President Barack Obama has backed the provision as part of a major deficit package, Democrats are objecting to including this as part of the negotiations on a scaled-down fiscal cliff deal. They say theyve already given ground on other issues, including raising the threshold for new taxes to around $400,000 annually as well as showing flexibility on estate taxes, sources said.
But Republicans are insisting on the chained CPI provision in exchange for raising taxes.
On the Senate floor, Reid ruled out any cuts to Social Security as part of any agreement to avert the fiscal cliff.
(Excerpt) Read more at politico.com ...
Raising taxes on the rich will only make matters worse and will result in increased unemployment.
We need economic growth which will only come from creating more taxpayers. We need tax cuts; and we need budget cuts--NOW!!
Let me get this straight: Dems have given ground and have shown flexibility, and the GOP wants to cut Social Security.
Oh, I see, it’s from Politico.
Republicans should just submit a bill to the Senate that makes the Bush tax cuts permenant for everyone.
Bill two addresses sequestration.
Bill three addresses Chained CPI.
Bill four addresses the dairy farmers.
Bill five addresses the debt limit.
Bill six addresses deficit reduction.
Give every bill to the Senate tonight with the premise that the house will take up tax increases on those making over $250,000 in 2013.
I would never go along with increasing taxes on those with incomes of over $250,000 without making a HUGE deal of it through the press. Somehow the braindead voters of this country has to be made to understand our problem is NOT under taxing of the rich—it is over spending.
Not that I disagree with you, but the problem with that is that those brain dead voters voted to receive some of that spending. They'll be happy as long as they get theirs.
Not children....they are what you find in a diaper.
So President Bain was willing to “compromise”. Too bad we don’t have a Dark Knight to truly oppose him.
When you check out wome of the crap they spend our tax dolars on ya have to wonder if anyone has a clue?
You folks in Iowa cold??
Can you believe the stupidity of proposing a cut in social security?? Talk about stupid, Cut welfare!! cut foreign aid. Cut foreign military bases!! Not the social security which we paid for!!
and which President/Congress did not have a Cost of Living Adjustment for SS for the first couple of years?
Who said anything about cutting SS? CPI might lower the increases though.
WHich Prez/Congress didn’t even give a COLA to SS recipients for the couple of years?
We need to just let it expire. Let it be the dems problem.
Considering the nature of SS from the beginning, the age at which a recipient can begin to receive it should be adjusted each year according to actuarial tables.
I agree. It would be one of those promises that are never kept. Time for the Republicans to play like the Democrats.
>> Not the social security which we paid for!!
But it’s an ‘entitlement’ now.
He'll be heading to FL in a couple of months with our daughters, who take him there once a year, but not until after the chance of snow is over. I'm not kidding.
I disagree. We worked under a contract agreement.That agreement had the age at 66 for full benefits. You shall not breach that agreement. Talk about tables? How about the table of earnings on our money? It is a trust fund!! Lock box right? They didn’t steal our money did they. That is theft!! a felony!!
“McConnell said he had called Vice President Joe Biden his former Senate colleague whom he has previously worked with to cut bipartisan deals ‘to see if he could help jump-start the negotiations on his side.’
What? Send in “The Clown” Biden?
A sure sign this “deal” isn’t likely to happen!