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Any fiscal-cliff deal cut today would pale against expectations



Published: Sun, December 30, 2012 @ 12:30 p.m.

Any fiscal-cliff deal cut today would pale against expectations

Associated Press

WASHINGTON

Whether negotiated in a rush before the new year or left for early January, the fiscal deal President Barack Obama and Congress cobble together will be far smaller than what they initially envisioned as an alternative to purposefully distasteful tax increases and spending cuts.

Instead, their deal, if a deal can be indeed cut, will put off some big decisions about tax and entitlement changes and leave other deadlines in place that will likely lead to similar moments of brinkmanship, some in just a matter of weeks.

Republican and Democratic negotiators in the Senate were hoping for a deal as early as today on what threshold to set for increased tax rates, whether to keep current inheritance tax rates and exemptions and how to pay for jobless benefits and avoid cuts in Medicare payments to doctors. Senate leaders were hoping to be able to present their members with a plan when the parties meet separately on Capitol Hill Sunday afternoon.

An agreement would halt automatic across-the-board tax increases for virtually every American and perhaps temporarily put off some steep spending cuts in defense and domestic programs.

Obama pressed lawmakers to start where both sides say they agree — sparing middle-class families from looming tax hikes.

“If we can get that done, that takes a big bite out of the fiscal cliff. It avoids the worst outcomes. And we’re then going to have some tough negotiations in terms of how we continue to reduce the deficit, grow the economy, create jobs,” Obama said in an interview on NBC’s “Meet the Press” that aired today.

Gone, however, is the talk of a grand deal that would tackle broad spending and revenue demands and set the nation on a course to lower deficits. Obama and Republican House Speaker John Boehner were once a couple hundred billion dollars apart of a deal that would have reduced the deficit by more than $2 trillion over ten years.


Comments

176Ytown(1233 comments)posted 1 year, 8 months ago

The joke's on us. Is anyone in Washington paying attention to the fact that we have a spending problem and a deficit problem? We are spending a trillion $ more per year today than 5 years ago. Obama only wants more taxes to pay for more spending. $600 billion in tax increases in order to pay for $600 billion increased spending. His arrogance and bully style of pointing the finger "to blame" the other party for not agreeing to his demands.

Boehner and the bad bad republicans are to blame because they won't go for it. Seven months ago, the House passed legislation to avert the entire fiscal cliff, and the president has never called for the Senate to act on those bills in any way. He instead has simply allowed the Democratic-controlled Senate to sit on them and lead our economy to the edge of the fiscal cliff,

At the eleventh hour they will come to a compromise..kick the can further down the road. In March, the debt ceiling will need to be raised and we'll be right back with the same finger pointing by our lack-of-leadership president at that time. A true leader offers solutions. This isn't about dems/repubs it is about the American People.

Fiscal Cliff FAQs
http://www.washingtonpost.com/blogs/w...

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2papa1(649 comments)posted 1 year, 8 months ago

the middle class will be protected either in the 11th hour or shortly after jan 1st, thanks to a president that truly cares about the "regular person" who keep this american machine running. the economy grows from the middle out, not from the top down, as reagan would have people believe. obama has offered compromise, even had, i call them earned benefits, not entitlements, on the table and boehner didn't have the spine to buck the extremeist in his party. anything that occures after jan 1st will be on boehners' head and this worst repub controlled congress in history. a pox on their house if it happens.

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