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Dec 31 - Fiscal Cliff Deal Reached

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 Dec 31 - Fiscal Cliff Deal Reached
Unread 3 years agoclass of '05 - away - #1
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bobbysteels18 548 heat pts548 space
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Fiscal Cliff Deal Reached: White House, Hill Leaders Agree To Delay Sequester By Two Months


WASHINGTON -- Three hours shy of the midnight deadline, the White House and congressional leaders reached a deal to avert the so-called fiscal cliff, several sources confirmed to The Huffington Post.

Under the deal brokered by Vice President Joe Biden and Senate Minority Leader Mitch McConnell (R-Ky.), Congress would permanently extend the Bush income tax cuts at $400,000 and below, keep the estate tax threshold at $5 million and extend unemployment benefits for one year.

It would also temporarily delay the sequester -- i.e., billions of dollars in across-the-board spending cuts -- for another two months. The cost of continuing current spending levels will be paid for through an even mix of tax revenue increases and later spending cuts. Half of those cuts will come from defense spending; half will come from nondefense spending.

The deal includes other tax provisions as well: It extends the child tax credit and the college tuition credit for five years, individual and business tax extenders for two years, and the Medicare "doc fix" for one year. The Alternative Minimum Tax will be permanently fixed. The agreement also extends the farm bill for one year.

Notably, the fiscal package does nothing to address the debt ceiling, which the government just hit Monday. Treasury Secretary Timothy Geithner sent a letter to congressional leaders earlier in the day outlining emergency measures he can take to prevent the government from defaulting on the debt, but those measures will only delay default for a matter of weeks, until right around the time when lawmakers will have to address the sequester again. That sets up another major fiscal f!ght between the White House and Congress.

The deal still requires buy-in from members of both parties, and Biden was set to meet with Senate Democrats Monday night to try to sell them on the package. That could prove challenging given that key progressive groups, including the AFL-CIO, made it clear earlier Monday that they would oppose any deal that raised the income limit for extending the Bush tax cuts above $250,000.

Still, both Senate Majority Leader Harry Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.) gave the deal their blessing Monday night in a phone call with President Barack Obama, sources confirmed.

A Pelosi aide suggested that while the House Democratic leader backs the proposal on the table, she isn't completely wedded to it.

"She's been supportive all along," said the aide. "Though if House Dems have serious problems, that could move her."

Reid spokesman Adam Jentleson said Senate Democrats would have preferred to push off the sequester for longer than two months, but Republicans wouldn't agree to that. The deal on the table is "what we could get," he said.

Jentleson lamented that the sequester and the debt ceiling will now need to be addressed at the same time, in a matter of months. "It's a lot to deal with," he said.

House Speaker John Boehner (R-Ohio) has been mum since the deal was announced. His spokesman did not respond to a request for comment.

This story is developing. More details will be provided as they become available.



Fiscal Cliff Deal Reached: White House, Hill Leaders Agree To Delay Sequester By Two Months
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Props given to bobbysteels18 hot topic  (01-01-2013)

28 comments for "Dec 31 - Fiscal Cliff Deal Reached"

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Unread 3 years agoclass of '05 - away - #2
Freemind 41 heat pts41 space
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So you can go another year on unemployment... We'll gain less than $100 billion from tax revenue... And we still haven't done any real spending cuts.

This country is fu*ked.. At least i ain't gettin my taxes bumped.
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Unread 3 years agoclass of '04 - away - #3
SpyDa 163 heat pts163 space
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how can i check if my taxs being bumped up ?
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Unread 3 years agoclass of '08 - away - #4
iPunish901 12 heat pts12 space
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Freemind said:
So you can go another year on unemployment... We'll gain less than $100 billion from tax revenue... And we still haven't done any real spending cuts.

This country is fu*ked.. At least i ain't gettin my taxes bumped.
yea i figured this would happen, them n*ggas cant agree on anything to make an impact, but im also glad my taxes didnt go up. its selfish, but thats all i was looking for.
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Unread 3 years agoclass of '06 - away - #5
Yung Dilla 1249 heat pts1249 space
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Sorry for being stupid but what the hell does all this mean?? lol
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Unread 3 years agoclass of '11 - away - #6
NiMaD 1 heat pts space
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They just pushed this through past Jan 01 cause they knew tax increases where gonna happen that day no matter what. Now they can claim they signed to reduce taxes (back to what it was)

Just checked my check stub for the check I will get on fri and they took out 2X as much SS, Fed and State and 4X as much medicare. WTF. I even had OT so its like i didn't lol
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Unread 3 years agoclass of '06 - away - #7
nightmare 429 heat pts429 space
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NiMaD said:
They just pushed this through past Jan 01 cause they knew tax increases where gonna happen that day no matter what. Now they can claim they signed to reduce taxes (back to what it was)

Just checked my check stub for the check I will get on fri and they took out 2X as much SS, Fed and State and 4X as much medicare. WTF. I even had OT so its like i didn't lol
welp at least the sh*t will work retroactively
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Unread 3 years agoclass of '10 - away - #8
SoFresh170 24 heat pts24 space
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Im lost. Will wait till someone explains this
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Unread 3 years agoclass of '10 - away - #9
Sean McDevitt 8 heat pts space
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Freemind said:
So you can go another year on unemployment... We'll gain less than $100 billion from tax revenue... And we still haven't done any real spending cuts.

This country is fu*ked.. At least i ain't gettin my taxes bumped.
somehow i always agree with this guy
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Unread 3 years agoclass of '06 - away - #10
Bama Boy 81 heat pts81 space
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SpyDa said:
how can i check if my taxs being bumped up ?
Do you make over 400k a year?
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Unread 3 years agoclass of '05 - away - #11
Andrefrbk 895 heat pts895 space
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Yung Dilla said:
Sorry for being stupid but what the hell does all this mean?? lol
It means c*ck in a.ss. Spread wide.

Basically poor will continue to becoing poorer.
Middle class will continue to join the poor.
And rich will pay a small amount still in comparison to the rest of US.
The budget is bloated, and obama aka cool shade niggr will get the $40B+ dollars in jets he ordered a couple months ago.


[pic - click to view]

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Unread 3 years agoclass of '06 - away - #12
nightmare 429 heat pts429 space
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Andrefrbk said:
It means c*ck in a.ss. Spread wide.

Basically poor will continue to becoing poorer.
Middle class will continue to join the poor.
And rich will pay a small amount still in comparison to the rest of US.
The budget is bloated, and obama aka cool shade niggr will get the $40B+ dollars in jets he ordered a couple months ago.


[pic - click to view]

im going to have to agree
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Unread 3 years agoclass of '11 - away - #13
Kadillac87 203 heat pts203 space
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SoFresh170 said:
Im lost. Will wait till someone explains this
Basically no matter who you are, your taxes will go up. If you take home a paycheck, you will take home less money due to the payroll tax cut expiring. If you earn over $400,000, your income taxes will go up. If you have money in stocks, your capital gain taxes will go up.

And in another two months, we will have another fiscal cliff debate with spending cuts and the debt ceiling.

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Unread 3 years agoclass of '04 - away - #14
SpyDa 163 heat pts163 space
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Bama Boy said:
Do you make over 400k a year?
nope
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Unread 3 years agoclass of '04 - away - #15
GUCCI C0ND0MS  space
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Kadillac87 said:
Basically no matter who you are, your taxes will go up. If you take home a paycheck, you will take home less money due to the payroll tax cut expiring. If you earn over $400,000, your income taxes will go up. If you have money in stocks, your capital gain taxes will go up.

And in another two months, we will have another fiscal cliff debate with spending cuts and the debt ceiling.

this....

people up in here acting like sh*t is sweet and your taxes aren't going up, they are going up because the payroll tax cut has expired and this deal does nothing to address that...

notice how in all the headlines all they mention is that income taxes are going up for people that make 400k+, which affects less than 1% of America, yet they only mention that everyone taking home a paycheck including the poor and middle classes will have their taxes bumped later on in the article...they know most people just skim thru articles and just read the headlines and sh*t, they don't want everyone to really know about this sh*t for real...
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Unread 3 years agoclass of '12 - away - #16
Leezee 10 heat pts10 space
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Should have let the banks gone broke when we had the chance. It would have been though but we could have started over from scratch. Build a new sensible system instead of always trying to patch up lost cause.
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Unread 3 years agoclass of '07 - away - #17
dnycem 2 heat pts space
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Just seen my pay stub for my paycheck this weekend
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Unread 3 years agoclass of '07 - away - #18
ham00di 30 heat pts30 space
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"Fiscal Cliff Deal" why do Americans give everything a movie title, it should REALLY say we owe over 16 Trillion Dollars and we need raise our debts further, keep it up because at one point the Creditors will say time to repay us!

Assume you have an account with Debt and everytime you get close to the top you raise it so you can borrow more, so you borrow thousands and say to everyone im okay honestly im going to cut my spending by Dollars lol Eventually the bank is gonna say hey there no more money for you until you start repaying some of your debt.
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Unread 3 years agoclass of '05 - away - #19
P-Hill|M 21 heat pts21 space
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They already taking too much out my pay checks... now they're going to take more?
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Unread 3 years agoclass of '07 - away - #20
JordanWest86 18 heat pts18 space
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Just about everyone gettin 2% less than they normally would on their paychecks. In all honesty, we just been gettin 2% more than we should have the last 2 years. They should have never givin that cut with the state of Social Security anyway but was good while it lasted.

Am glad to see Obama and the GOP met in the middle on a lot of sh*t but not really knockin a dent on the deficit by any means. But really this is what needs to be done, stabilize the economy and then start knockin that debt with some haymakers.
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