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

Contango

@ wiredmama222:

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.

Dr. Information

@wired...lady, the only thing they did here was jack up taxes so they can spend more and kick the can down the road. Thats IT!!!!!!!!!!!! It's funny because the Republicans are the ones meeting in the middle. Your messiah is the one saying my way or the highway. Time to take off the blinders, but I know that wont happen.

arnmcrmn

@DOC, Do not argue with this big dog loud mouth. I've been posting online for years and these people are just out to rile you up.

The Big Dog's back

It's really hard trying to get Repubs to pay for what they already spent. Ever try to collect on a bet with a Repub?

mikel

wired, apparently you do not realize that it was prezo himself that said he would not concede to any gop wants, desires etc. in the end the only thing he gave up was increasing the tax increase limit from $250,000 to $450,000. also, you accuse the gop of not doing anything and making poor decisions over the last 10 years. however, you do realize that during the bush administration that congress was controlled by democrats right? congress has the power to set the spending limits not the prez. so, during the bush years it was the democrats that actually ran up the numbers not bush himself.

so, you never answered one of my previous questions that i had asked you about income vs spending. why not?

donutshopguy

wired,

Of course you can continue with avoiding the 400 lbs gorilla in the room (national debt). You must not be sick of that.

SamAdams

There was no excuse for the "fiscal cliff" or the bad last-minute legislation. A budget should have dealt with that long, long ago (in fairness to the Democrat-controlled Senate, it's tough to approve a budget when the Democrat-controlled White House hasn't presented one in over three years). Meanwhile, Democrats and Republicans alike voted for this ridiculous measure and both kicked the can as far as March when the President will doubtless demand the debt ceiling be raised yet AGAIN.

What we REALLY need is comprehensive tax reform. That's not a new idea. It's been around for years. And Democrat Presidents and Democrat-controlled Congresses have refused to consider it just like the Republican Presidents and Republican-controlled Congresses before and after them.

Know what I'm getting out of this? It's still all about power and politics. It's not about "we, the people" at ALL. Unfortunately, "we, the people" are the ones who continuously get shafted while the politicians continue to make excuses and deliver explanations that strain credulity.

Boehner wouldn't negotiate, and then caved. Obama wouldn't negotiate at ALL. Biden negotiated a LITTLE. McConnell then caved. And Obama's on his way back to pick up his multi-million dollar vacation where he left off. Reminds me a whole lot of 18th Century France...

The Big Dog's back

Aloha sam.

Contango

99% of those "temporary" Bush tax cuts have now become the permanent Obama tax "rates."

The Mkt. is up because it likes certainty.

The next "fecal cliff" is the federal debt ceiling debate - should be fun.

OMG.LOL.WT_

Interest on the HORRIBLE NATIONAL DEBT is 1.4% of GDP.

Contango

@ OMG.LOL.WT_:

You're right, 'no big deal.' Go back to sleep. We'll wake you if anything important happens.

http://money.cnn.com/2012/03/05/...

OMG.LOL.WT_

OK Thanks

Kimo

With all the money people saved by shopping at "Save Money So The Chinese Can Live Better", everyone should be flush with cash.

After "saving" all that money, howinthehell could anyone be broke?

KnuckleDragger

LOL. Your family must be ticked off that you didn't get them anything for Christmas. From what I saw there aren't any stores, chain or mom and pop that carry many products made in America. You just won't face facts, the future of America isn't overpaid unskilled union factory jobs. Now you can go back to writing apology letters to your family members, they must be proud.

Jack5Jon

I am an independent, so do not label me as a supporter of one party or the other. In all the comments I have read (both from politicians and bloggers) are two items I do not read.

One, why has no one in Congress mentioned stopping foriegn aide? Of all the trillions we have given away; it seems the US has to send OUR troops into wars to these same countries. We sacrifice our fine soldiers; and, add to more spending. Five years ago I wrote the GAO asking for a ten year breakdown of how much money we gave away to which countries. I have never received an answer.

Two, why can't the two parties in Congress agree on a flat tax program? I asked the IRS for the total individual and business incomes (be it wages, dividneds, interest, etc.) and total annual spending by the Federal Government. I wanted to figure out what the flat tax rate would be to cover the spending. I never heard from the IRS.
And, why doesn't the Congress try to imploy the methods Bill Clinton used to create the surplus we had at the end of his term?
Frankly, I believe it will take BOTH parties to work together to resolve our budget. I am so tired of the name calling and finger pointing. If this were a marriage, I would recommend a divorce.

Maggdi

Good questions all Jack... Answers: Not enough opportunity for graph... And Billy Jeff had a little help: A Republican Congress.

OMG.LOL.WT_

Irreconcilable differences for sure.

arnmcrmn

Absolutely kicked the can in this deal. Nothing was done but delay the inevitable. I feel bad for the middle class, they are the ones that are going to feel the brunt of all this bs. If we don't wrangle this debt and get control of it, eventually the money will run out because it won't be worth the paper its printed on.

Tax, Spend, Print, seems to be the new American way.

arnmcrmn

In praising Congress's huge new tax increase, President Obama said Tuesday that "millionaires and billionaires" will finally "pay their fair share." That is, unless you are a Nascar track owner, a wind-energy company or the owners of StarKist Tuna, among many others who managed to get their taxes reduced in Congress's New Year celebration.

There's plenty to lament about the capital and income tax hikes, but the bill's seedier underside is the $40 billion or so in tax payoffs to every crony capitalist and special pleader with a lobbyist worth his million-dollar salary. Congress and the White House want everyone to ignore this corporate-welfare blowout, so allow us to shine a light on the merriment.

http://online.wsj.com/article/SB...

.....who's fooling who now. You just cannot make this stuff up.

Contango

"One of the unintended consequences of all of these new taxes may be a population shift in the United States. Many people in higher income states like CA, NJ, NY or CT will be paying well over 50% now between Federal taxes (39.6%), the rise in Social Security taxes (2.00%), the new Obamacare tax (3.8%) and the increase in Medicare taxes (1.45% to 2.35%).

Add to this state income taxes and many people in those states will be paying 50-60% of their income in combined taxes."

Thanks to the politicos, we'll all eventually end up being wage slaves for the govt.

Remember: The Social Security tax and the Fed. income tax were all originally "rich man" taxes. Kinda "trickled down" didn't they?

http://www.zerohedge.com/news/20...

Watch as the underground economy grows and grows as the lower classes try to get out of paying increasingly onerous taxes.

arnmcrmn

^absolutely true. We are looking more and more like failing Europe each and every day.

Whoever posted makers vs takers said it right.

But then again, a city in CA just passed legislation that allows tax dollars to be used to perform transgender surgery. Oh Boy...no wonder CA is so broke.

cam

wow a repub congress voted it in yet people still want to blame the dems.

kURTje

Some of these posters keep me laughing. How's Dave's barber shop doing?

arnmcrmn

Believe me Im not happy with any of them, we just raised taxes in a crappy economy and kicked the can down the road for 2 months, all the while shot down federal help for the east coast because many Dems tried as usual to slip in a ton of PORK in the last minute......Examples?

Here they are, your tax dollars at work:
$2 million to repair roof damage at Smithsonian
$336 million for Amtrak-related expenses
$8 million to buy new cars for federal agencies
$150 million for fisheries in Mississippi and Alaska
$4 million for repairs at the Kennedy Space Center

How can anyone with a right mind vote YES for something like this. We demand more from our leaders, not the same things. Until this pork is removed, I say keep voting NO.

Contango

It's a d*mn shame when ya gotta read the foreign media in order to get the facts.

"Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal deal":

http://www.dailymail.co.uk/news/...

Even though I think that Al Gore is the biggest form of hypocrite, Al Jazeera tells ya things about U.S. foreign policy that never make it into the Obama Media Circus.

(Thanks to Second Opinion for pointing out the story.)

arnmcrmn

@Contago....and those liberals think they got this great deal.

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