House gives final passage to fiscal cliff bill

Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.
Associated Press
Jan 1, 2013

Final approval came in the House on New Year's Night. The vote was 257 to 167.

The Senate passed the bill less than 24 hours earlier.

The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.

It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.

Another provision is designed to prevent a spike in milk prices.

 

Comments

EdO's

Bankruptcy at an accelerated rate and these worthless representatives crow about averting a fiscal cliff. They are selling us out to the highest bidder.

Average Joe doesn't comprehend "trillion".

Ask yourself why are prices increasing on everything? Look up what monetizing the debt means.

mikel

you are correct ed. most of the bloggers on here have no idea how much this actually hurts the country!

Licorice Schtick

Register Blogs - def. - A dozen or so people with nothing better to do, tapping time away, each thinking he or she is the only one online who REALLY understands what's going on.

Contango

@ Licorice Schtick:

If you understand microeconomics (personal finance), you have a 'fairly' good grasp of macroeconomics ( national and world economies).

Countries like individuals can and do go bankrupt.

Every great nation or empire in the history of the world has ended in fiscal failure through currency manipulation and too much debt.

The U.S. is currently and has been living beyond its means.

And yes, having been successful with my personal finances, I think I gotta pretty good grasp of "really" what's goin' on.

44846GWP

You wish.

Contango

@ Zippy:

The S&P was up 13% for 2012.

Ya shoulda takin' your savings that you blew on a depreciating asset and bought appreciating ones.

Read: "Rich Dad, Poor Dad."

4shizzle

@ Licorice Schtick

Good definition.
Most of these "experts" have puffed up imaginations of themselves. Reality and truth trump opinion.

Contango

@ 4shizzle:

If you "truly" believe in Obamanomics: Get out your credit cards, borrow as much as you can from your savings and others and use debt in order to spend your way to wealth.

4shizzle

@ contango

What is your solution to all these problems?

Contango

@ 4shizzle:

#1: Dust off "Simpson-Bowles" and debate it.

IMO, we're in so (bleepin') deep, that the only "solution" is the other side of the fiscal toilet.

Remember: Don't personally save money; borrow, borrow, borrow and spend, spend, spend in order to help the U.S. economy!

4shizzle

I wanted to know YOUR solution. Is 'Simpson-Bowles' your solution?
Briefly clue me what does'Simpson-Bowles ' mean.

Does that mean for example : Millionares/billionares pay no taxes and get rid of SS and Medicare?

KnuckleDragger

LOL. You just made my point about being one or the dozen or so that licorice was talking about. Uninformed party hack...Doesn't even know what Simpson-Bowles is, despite the commission being formed by his messiah to address the spiraling national debt.

4shizzle

What is your solution, brilliant one?

And besides-- I wasn't talking to you.

KnuckleDragger

Whaaaa!!! Look up Simpson-Bowles Commission, it is a pretty good solution. The problem is that Obama ignored what was said in their report because it called for cuts in nearly all government programs. The fact is he wants to grow government, and the only way he can do that is to tax everyone heavily. Just because you don't like the facts doesn't mean they are no longer facts. Obama put together this bipartisan commission and then ignored them when he found out that doing the right thing would not get him re-elected. Why should you worry though, you are likely one of the majority who doesn't pay any income taxes.

4shizzle

I haven't seen anything great yet.

YOU tell me what's so great about it.
Millionares/billionares pay no taxes and get rid of SS and Medicare?

(I'm sensing you are going to be a waste of time.)

Contango

@ 4shizzle:

http://thehill.com/blogs/on-the-...

A TRA86 style approach: Lower taxes, broaden the base, reduce spending.

Not a "solution," but it very well may stay off the executioner for a while.

Are you doin' your "patriotic" duty as a good consumer and spending much more than your income?

mikel

licorice, no, i don't think that i am the only one that knows what is going on. what i do know is that we can not continue to spend money that we don't have! of course, you may not have a problem with that.

Maggdi

And yet here you are Tick. Apropos somehow...

KnuckleDragger

ROTFLMAO! Since you are one of those dozen, I guess you would know. Between yourself, big dog, Don S, and 4shizzle, I haven't seen a more uninformed bunch of Democratic Party hacks anywhere. This isn't the only blog I'm on but it is definately one of the most ignorant. At least in other blogs the liberals there actually make the attempt to do some research. I'm sure I will now be bombarded with insults...that's OK I have my big boy pants on. LOL

4shizzle

Do you always wear your underwear outside your big boy pants ?

KnuckleDragger

No, but it's apparent you wear your brain on your backside.

4shizzle

Your mother dresses you funny.

Contango

Obamanomics: Tax, borrow, print and spend until bankruptcy ends.

Dr. Information

Horrible deal yet again. The guys on capital hill do not care. More taxing, more spending.....next to nothing in cuts to fix our debt. Print, Spend, Spend Spend,....oh and tax.

Contango

Also, remember to borrow!

We're spending about $360B annually to service the national debt. So far so good as long as interest rates stay artificially low.

When rates 'eventually' rise again - look out!

http://www.treasurydirect.gov/go...

Japan's new PM wants to print Yen to "infinity and beyond." It's beginning to look like a 1930s style worldwide currency race to the bottom.

Maggdi

It seems to be a habit with this administration that these important bills are voted on in the middle of the night ( holidays preferred ) and information released on Fridays after business hours... nothing to see here people, move along.

wiredmama222

The next cliff is the one about spending so hang on, guys. This isn't over yet. This is just the first cliff, not the end so give it time. The next one in less than three months has to do with spending. Then you can shout and yell about how bad the spending habits are and how little they are doing in Washington. And they will have a fresh batch of people to do it with. Maybe the new kids on the block can screw it up even more. That should make it interesting.

What gets me is, what the heck were these people in congress doing all this time? They sure weren't doing their darn jobs or this wouldn't have gone to the last minute and beyond. They certainly had plenty of time to do it right the first time, but they can't bend, cooperate or give one single inch it seems to help the American public. Now that seems pretty unfair to me...but what the heck do I know, I am just a citizen whose life is being affected by the Republican's attitude of "do it my way or else" attitudes. I am getting really sick of that.

Maggdi

"but what the heck do I know"...apparently you know enough to blame the Republicans for all the woes of the world. Funny thing is I can find plenty to blame on both sides. Are you able to find something the Democrats are at fault for?

The Big Dog's back

Let me think...... NO!

Maggdi

Question Answered! What a breath of fresh air... To the point and Honest! May I suggest though, that blindly following others has caused the greatest human suffering mankind has known.

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