House, Senate Approve ‘Fiscal Cliff’ Bill

Official portrait of United States House Speak...

Official portrait of United States House Speaker (R-Ohio). (Photo credit: Wikipedia)

Editor’s note:  Well it’s about damn time!

WASHINGTON — Congress’ excruciating, extraordinary New Year’s Day approval of a compromise averting a prolonged tumble off the fiscal cliff hands President Barack Obama most of the tax boosts on the rich that he campaigned on.  It also prevents House Republicans from facing blame for blocking tax cuts for most American households, though most GOP lawmakers parted ways with Speaker John Boehner and opposed the measure.

Passage also lays the groundwork for future battles between the two sides over federal spending and debt.

Capping a holiday season political spectacle that featured enough high and low notes for a Broadway musical, the GOP-run House voted final approval for the measure by 257-167 late Tuesday.  That came after the Democratic-led Senate used a wee-hours 89-8 roll call to assent to the bill, belying the partisan brinkmanship that colored much of the path to the final deal.

Read more:  http://readingeagle.com/article.aspx?id=440254

Senate Approves “Fiscal Cliff” Deal, Crisis Eased

WASHINGTON (Reuters) – The Senate moved the U.S. economy back from the edge of a “fiscal cliff” on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives.

In a rare New Year’s session at around 2 a.m. EST (0700 GMT), senators voted 89-8 to raise some taxes on the wealthy while making permanent low tax rates on the middle class that have been in place for a decade.

But the measure did little to rein in huge annual budget deficits that have helped push the U.S. debt to $16.4 trillion.

The agreement came too late for Congress to meet its own deadline of New Year’s Eve for passing laws to halt $600 billion in tax hikes and spending cuts which strictly speaking came into force on Tuesday.

Read more:  http://www.nbr.com/news/story?id=tag%3Areuters.com%2C0000%3Anewsml_BRE8A80WV#.UOMJA-TAdcz

Progress Seen In Last-Minute ‘Fiscal Cliff’ Talks

English: President Barack Obama addresses a jo...

English: President Barack Obama addresses a joint session of the United States Congress in the chamber of the House of Representatives at the United States Capitol on 24 February 2009. Español: Presidente Barack Obama dando un discurose por una sesión conjunta del Congreso de los Estados Unidos en la cámara de la Cámara de Representantes en el Capitolio de los Estados Unidos, 24 de febrero de 2009. (Photo credit: Wikipedia)

WASHINGTON — Working against a midnight deadline, negotiators for the White House and congressional Republicans in Congress narrowed their differences today on legislation to avert across-the-board tax increases.

Congressional officials familiar with talks between Vice President Joe Biden and Senate Republican leader Mitch McConnell said one major remaining sticking point was whether to postpone spending cuts that are scheduled to begin on Jan 1.

Republicans want to replace across-the-board reductions with targeted cuts elsewhere in the budget, and the White House and Democrats were resisting.

At the same time, Democrats said the two sides were closing in on an agreement over taxes.  They said the White House had proposed blocking an increase for most Americans, while letting rates rise for individuals with incomes of $400,000 a year and $450,000 for couples, a concession from President Barack Obama’s campaign call to set the levels at $200,000 and $250,000.

Read more:  http://readingeagle.com/Article.aspx?id=439707

Senate Leaders To Make Last-Ditch ‘Fiscal Cliff’ Effort

WASHINGTON (Reuters) – President Barack Obama and U.S. congressional leaders agreed on Friday to make a final effort to prevent the United States from going over the “fiscal cliff,” setting off intense bargaining over Americans’ tax rates as a New Year’s Eve deadline looms.

With only days left to avoid steep tax hikes and spending cuts that could cause a recession, two Senate veterans will try to forge a deal that has eluded the White House and Congress for months.

Obama said he was “modestly optimistic” an agreement could be found.  But neither side appeared to give much ground at a White House meeting of congressional leaders on Friday.

What they did agree on was to task Harry Reid, the Democratic Senate majority leader, and Mitch McConnell, who heads the chamber’s Republican minority, with reaching a budget agreement by Sunday at the latest.

Read more:  http://www.mcall.com/news/local/sns-rt-us-usa-fiscalbre8a80wv-20121109,0,6642146.story