The deal to avoid the fiscal cliff is done as the House passed the Senate version in a late night session on Tuesday.
The vote was 257-167. The fact that only 85 Republicans (out of 241) supported the deal calls into question Speaker Boehner’s leadership in the next congress, although it is doubtful anyone has the fortitude – or the stature – to challenge him. All but 20 Democrats voted for the bill.
Gone is the payroll tax holiday, which means 77% of American households will experience a tax increase in the new year. Taxes on dividends and capital gains go up for those making over $400,000 ($450,000 for families) while the estate tax now has a $5 million exemption. The rates for the rich climb t0 39.6%.
The deal also rescinded the pay raise granted Congress by an Obama executive order.
The measure also will keep benefits flowing to 2 million unemployed workers on the verge of losing their federal checks. And it will delay for two months automatic cuts to the Pentagon and other agencies that had been set to take effect Wednesday.
Read more at American Thinker. By Rick Moran.
Photo credit: Jessie Owen (Creative Commons)
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I read that for every $1 of spending cuts there are $41 of tax increases.
Even with that nobummer is feeling ….. NOT BALANCED YET!
C’mon America.
We need Moms in Congress.
THEY know how to manage a budget
Lets start now…..
In 2014 EVERY Incumbent gets voted OUT
Let’s Do it!
Are you with me?
The Constitution of the United States:
Article 1, Section 7. All Bills for RAISING REVENUE shall ORIGINATE IN THE HOUSE OF REPRESENTATIVES; but the Senate may propose or concur with Amendments as on other bills.
If the House passed the Senate version, the Bill is UNCONSTITUTIONAL!!!!!
my911:
100% correct perspective. I’ve been beating that drum for 5 years.
However……with only about a 15% approval rate incumbents snicker over their 95% re-election rate.
Apparently, since he deigns to walk among them, most feel that THEIR representative is doing just fine.
(“Hey! He got us a new bridge [and named it after himself], didn’t he?!?”)
It’s only the OTHER reps who are scoundrels.
There’s a lot of new blood in WashDC.
And it’s boiling mad.
But against the ‘old guard’ of WashDC insiders they don’t stand a chance.
“Throwing the baby out with the bathwater”: throwing the good representatives out with the unConstitutional ones…..just ain’t gonna fly.
Other inevitable measures, methinks, are looming on the horizon……
The republicans did not reject this legislation, guess what enough of them voted for it to get it passed, who would have guessed, a lot of those legislators were not reelected anyway or thought they could bull S*** their voters into thinking they did the right thing, this is what the Decloration of indeprendance calls Pretend legislation, phony legislation from lieing thieves who only want our money and could care less of our Constitunal Rights, security or Country, only their political future. surely i will be more careful the next election, before I vote for a no caracter, no intergiaty, useless Rino Republican who only believes in PRETEND legislation. I am getting sick I have to stop now.