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Are are Going Off the Fiscal Cliff

DoubtingDave
Posts: 380
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12/31/2012 5:50:02 PM
Posted: 3 years ago
Lawmakers scramble to iron out fiscal crisis deal, Congress poised to miss deadline

Senators edged closer to a potential deal Monday that could contain the damage from a looming wave of tax hikes, even as it became clear that Congress would likely miss a midnight deadline for action -- leaving taxpayers unsure about how much they'll be paying in 2013.
For the near-term, it appears a tax hike will technically go into effect on Jan. 1. The House is not expected to vote on the issue Monday night, and the Senate still has not produced a bill on which Congress could act.
But lawmakers were scrambling late in the day to come up with the framework for a deal that could patch up the problem and spare most Americans from any major hit, likely after the fact. A few Republicans expressed hope that the Senate could get the ball rolling with a vote late Monday. Of the looming tax hike, President Obama said: "Middle class families can't afford it, businesses can't afford it, our economy can't afford it."


Read more: http://www.foxnews.com...
The Great Wall of Fail

"I have doubts that anti-semitism even exists" -GeoLaureate8

"Evolutionists think that people evolved from rocks" -Scotty

"And whats so bad about a Holy war? By Holy war, I mean a war which would aim to subdue others under Islam." -Ahmed.M

"The free market didn't create the massive wealth in the country, WW2 did." -malcomxy

"Independant federal regulators make our capitalist society possible." -Erik_Erikson
Khaos_Mage
Posts: 23,214
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12/31/2012 6:05:15 PM
Posted: 3 years ago
At 12/31/2012 5:50:02 PM, DoubtingDave wrote:
Lawmakers scramble to iron out fiscal crisis deal, Congress poised to miss deadline


Senators edged closer to a potential deal Monday that could contain the damage from a looming wave of tax hikes, even as it became clear that Congress would likely miss a midnight deadline for action -- leaving taxpayers unsure about how much they'll be paying in 2013.
For the near-term, it appears a tax hike will technically go into effect on Jan. 1. The House is not expected to vote on the issue Monday night, and the Senate still has not produced a bill on which Congress could act.
But lawmakers were scrambling late in the day to come up with the framework for a deal that could patch up the problem and spare most Americans from any major hit, likely after the fact. A few Republicans expressed hope that the Senate could get the ball rolling with a vote late Monday. Of the looming tax hike, President Obama said: "Middle class families can't afford it, businesses can't afford it, our economy can't afford it."


Read more: http://www.foxnews.com...

I just read on Facebook via a local news talk radio station:
Over the cliff we go! House will not schedule a vote on the fiscal cliff deal before the midnight deadline. Happy New Year!

This was posted at about 5pm CST.

So, it appears we go over the cliff of a 1/38 budget cut and tax rates at the Clinton era. Doesn't sound too bad to me...
My work here is, finally, done.
DoubtingDave
Posts: 380
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12/31/2012 6:16:51 PM
Posted: 3 years ago
At 12/31/2012 6:05:15 PM, Khaos_Mage wrote:
At 12/31/2012 5:50:02 PM, DoubtingDave wrote:
Lawmakers scramble to iron out fiscal crisis deal, Congress poised to miss deadline


Senators edged closer to a potential deal Monday that could contain the damage from a looming wave of tax hikes, even as it became clear that Congress would likely miss a midnight deadline for action -- leaving taxpayers unsure about how much they'll be paying in 2013.
For the near-term, it appears a tax hike will technically go into effect on Jan. 1. The House is not expected to vote on the issue Monday night, and the Senate still has not produced a bill on which Congress could act.
But lawmakers were scrambling late in the day to come up with the framework for a deal that could patch up the problem and spare most Americans from any major hit, likely after the fact. A few Republicans expressed hope that the Senate could get the ball rolling with a vote late Monday. Of the looming tax hike, President Obama said: "Middle class families can't afford it, businesses can't afford it, our economy can't afford it."


Read more: http://www.foxnews.com...

I just read on Facebook via a local news talk radio station:
Over the cliff we go! House will not schedule a vote on the fiscal cliff deal before the midnight deadline. Happy New Year!

This was posted at about 5pm CST.

So, it appears we go over the cliff of a 1/38 budget cut and tax rates at the Clinton era. Doesn't sound too bad to me...

Yeah - and another recession in the next year as forecast by the CBO.
http://www.heritage.org...
The Great Wall of Fail

"I have doubts that anti-semitism even exists" -GeoLaureate8

"Evolutionists think that people evolved from rocks" -Scotty

"And whats so bad about a Holy war? By Holy war, I mean a war which would aim to subdue others under Islam." -Ahmed.M

"The free market didn't create the massive wealth in the country, WW2 did." -malcomxy

"Independant federal regulators make our capitalist society possible." -Erik_Erikson
Khaos_Mage
Posts: 23,214
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12/31/2012 6:24:25 PM
Posted: 3 years ago
At 12/31/2012 6:16:51 PM, DoubtingDave wrote:
At 12/31/2012 6:05:15 PM, Khaos_Mage wrote:
At 12/31/2012 5:50:02 PM, DoubtingDave wrote:
Lawmakers scramble to iron out fiscal crisis deal, Congress poised to miss deadline


Senators edged closer to a potential deal Monday that could contain the damage from a looming wave of tax hikes, even as it became clear that Congress would likely miss a midnight deadline for action -- leaving taxpayers unsure about how much they'll be paying in 2013.
For the near-term, it appears a tax hike will technically go into effect on Jan. 1. The House is not expected to vote on the issue Monday night, and the Senate still has not produced a bill on which Congress could act.
But lawmakers were scrambling late in the day to come up with the framework for a deal that could patch up the problem and spare most Americans from any major hit, likely after the fact. A few Republicans expressed hope that the Senate could get the ball rolling with a vote late Monday. Of the looming tax hike, President Obama said: "Middle class families can't afford it, businesses can't afford it, our economy can't afford it."


Read more: http://www.foxnews.com...

I just read on Facebook via a local news talk radio station:
Over the cliff we go! House will not schedule a vote on the fiscal cliff deal before the midnight deadline. Happy New Year!

This was posted at about 5pm CST.

So, it appears we go over the cliff of a 1/38 budget cut and tax rates at the Clinton era. Doesn't sound too bad to me...

Yeah - and another recession in the next year as forecast by the CBO.
http://www.heritage.org...

I'm not too worried, as nobody seemed to predict the last recession, I don't really trust anyone's analysis.... But maybe, as government "aid" will be cut and it will hurt those who receive it.
My work here is, finally, done.
darkkermit
Posts: 11,204
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12/31/2012 6:49:06 PM
Posted: 3 years ago
Am I the only one thinking going off the fiscal cliff would be a good thing. Reducing deficit is what the US economy needs, not more deficit spending.
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Khaos_Mage
Posts: 23,214
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1/1/2013 1:56:55 PM
Posted: 3 years ago
At 12/31/2012 6:49:06 PM, darkkermit wrote:
Am I the only one thinking going off the fiscal cliff would be a good thing. Reducing deficit is what the US economy needs, not more deficit spending.

But, DK, think of the children!! Children will suffer more, from less "income" from their parents by lower child tax credit, lower EIC (I think), 2% payroll tax "increase", and higher tax brackets.

But, no, I do think this would have been a good thing, for two reasons.
1. As you say, if lowers the deficit.
2. It is a striking tax increase, so maybe people would wake up and pay attention to how money is being spent and demand lower spending. Also, in the same vein, it may get people back to work to fend for themselves, as the tax code is less lucrative.
My work here is, finally, done.