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AP SOURCES: 'FISCAL CLIFF' DEAL EMERGING
AP ^ | Dec. 31 1:08 PM EST | By JULIE PACE and BEN FELLER

Posted on 12/31/2012 10:27:08 AM PST by Behind Liberal Lines

Edited on 12/31/2012 10:42:55 AM PST by Admin Moderator. [history]

WASHINGTON (AP) — The contours of a deal to avert the 'fiscal cliff' emerged Monday, with Democrats and Republicans agreeing to raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations said.

But with a midnight deadline rapidly approaching, both sides were at an impasse over whether to put off automatic, across-the-board spending cuts set to take effect on Jan. 1, and if so, how to pay for that. Democrats want to put off the cuts for one year and offset the so-called sequester with unspecified revenue.

Officials emphasized that negotiations were continuing and the emerging deal was not yet final. President Barack Obama was to speak about the status of the negotiations from the White House Monday afternoon.

The proposal in the works would raise the tax rates on family income over $450,000 from 35 percent to 39.6 percent, the same level as under former President Bill Clinton. Also, estates would be taxed at 40 percent after the first $5 million for an individual and $10 million for a couple, up from 35 percent to 40 percent.

Unemployment benefits would be extended for one year. Without the extension, 2 million people would lose benefits beginning in early January.

Excerpt


TOPICS: Breaking News; Business/Economy
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Grab your ankles, kids.
1 posted on 12/31/2012 10:27:18 AM PST by Behind Liberal Lines
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To: Behind Liberal Lines

The news media’s “fiscal cliff” bs is just a plot to get Republicans to agree to raise taxes. Then the democrats/media will use that “Republicans raised taxes” to suppress conservative voter turnout in the 2014 election to get the House in democrat hands again so then they can pass Amnesty and gun control. Republicans shouldn’t fall for this and not agree to any stupid deal.

I tried calling the House switchboard yesterday and no answer


2 posted on 12/31/2012 10:28:24 AM PST by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Behind Liberal Lines
I have my Preparation H on stand by.
3 posted on 12/31/2012 10:29:14 AM PST by linn37 (w)
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To: Behind Liberal Lines

Exactly. Hosed again.


4 posted on 12/31/2012 10:29:17 AM PST by SueRae (It isn't over. In God We Trust.)
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To: Behind Liberal Lines
If there is an agreement... obama will probably screw us and finally destroy what is left of the tattered republican party. All in the name of compromise.

LLS

5 posted on 12/31/2012 10:30:10 AM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS!)
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Comment #6 Removed by Moderator

To: Behind Liberal Lines

7 posted on 12/31/2012 10:31:40 AM PST by ILS21R (Everything is a conspiracy. No? You're living in one.)
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To: Behind Liberal Lines

Another holiday eve vote.


8 posted on 12/31/2012 10:32:00 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Behind Liberal Lines

benghazi barry gets his punitive tax on the producers


9 posted on 12/31/2012 10:33:41 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Democrat_media

The Republicans agreed to raise taxes when they accepted this deal in 2011 during the debt ceiling.


10 posted on 12/31/2012 10:33:54 AM PST by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Behind Liberal Lines

benghazi barry gets his punitive tax on the producers


11 posted on 12/31/2012 10:34:00 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: Behind Liberal Lines

Hope it’s not true —


12 posted on 12/31/2012 10:34:35 AM PST by Uncle Chip
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To: cripplecreek

Yeah and I tried to call the Congress switchboard yesterday and no answer.

I wanted to tell Republicans not to listen to the news media and not to agree to any deal


13 posted on 12/31/2012 10:34:50 AM PST by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Behind Liberal Lines

All that is required for evil to succeed is for Congress to do “something”.


14 posted on 12/31/2012 10:35:53 AM PST by Sirius Lee (All that is required for evil to succeed is for Congress to do "something".)
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To: Behind Liberal Lines

Fear not! For as soon as the cave in is announced and official, flocks of GOP sheep will descend on these threads to tell us who a cave was not really a cave and that it’s ‘the best we could do’.

This will be followed by the condemnation for the mere idea that we should stop supporting the party that considers the sodomy of it’s base a sacrament.

In other words, Same poop, different day.


15 posted on 12/31/2012 10:35:56 AM PST by Norm Lenhart
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To: Wyatt's Torch
The Republicans agreed to raise taxes when they accepted this deal in 2011 during the debt ceiling.

Right, during the debt ceiling negotiations, where we supposedly have the upper hand. Hmmmm.

16 posted on 12/31/2012 10:36:02 AM PST by ez (When you're a hammer, everything looks like a nail.)
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Comment #17 Removed by Moderator

To: Democrat_media

We need a law that will invalidate anything passed after 8 pm or on holidays. Stealth votes should be illegal.


18 posted on 12/31/2012 10:39:51 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: ILS21R

Looks like my patience gauge.


19 posted on 12/31/2012 10:39:54 AM PST by SueRae (It isn't over. In God We Trust.)
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To: Behind Liberal Lines

We’re going over the cliff no matter what they do. They’re just going to tie a rope around our necks to stop us before we hit bottom.


20 posted on 12/31/2012 10:40:07 AM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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