Time to bring the senate bill to the house floor!

[ScienceRocks]

In order to avoid the cliff we must bring the senate bill to the house floor. This is the only way to get it to Obama to avoid the cliff.

Do you agree?

 

[ScienceRocks]

We would only need to get about 2/3rds of the democrats and 1/3rds of the republicans to be able to pass it. It would hopefully go from the house to Obama.

 

[waltky]

Granny says it's dat end o' the world like dem Mohicans said...

Lacking GOP support, Republicans yank ‘fiscal cliff’ ‘Plan B’
21 Dec.`12 In a stinging setback for Republican House Speaker John Boehner, a lack of support from inside his own party for his “fiscal cliff” fall-back plan forced him late Thursday to cancel a much-trumpeted vote on the measure.

“The House did not take up the tax measure today because it did not have sufficient support from our members to pass,” Boehner said in a written statement released after an emergency meeting of House Republicans. The measure, dubbed “Plan B,” would have let Bush-era tax cuts expire on income above $1 million annually, while extending them for everyone else. It appeared that Boehner faced a rebellion from conservatives opposed to any tax hike, while House Democrats starved the bill of their support, making passage impossible. Boehner’s dramatic defeat cast fresh doubt on efforts to avert the “fiscal cliff” and spare Americans across-the-board income tax hikes come Jan. 1. Those increases, coupled with deep automatic spending cuts scheduled to take effect the same day, could plunge the fragile economy into a new recession. Talks between the speaker and President Barack Obama were at a stalemate, according to aides on both sides.

After the cancellation of the vote, Republican House Majority Leader Eric Cantor announced on Twitter the House "has concluded legislative business for the week. The House will return after the Christmas holiday when needed." Boehner’s “Plan B” had aimed to shift any blame for going over the "fiscal cliff" to Obama and Senate Democrats led by Harry Reid. Polls show a narrow majority of Americans say they would hold the GOP responsible if a deal is not reached to avert the "cliff." “Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff,” the speaker said. He pointed to House passage of Republican bills that would stop all of the tax increases and replace the automatic cuts. “The Senate must now act.”

White House press secretary Jay Carney said in a statement Thursday night that Obama's "main priority is to ensure that taxes don’t go up on 98 percent of Americans and 97 percent of small businesses in just a few short days. The president will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy." The vote had initially been scheduled for 7:30 p.m. But House Republican leaders’ vote counting showed up coming up short. Rather than suffer a defeat in a floor vote, they pulled the bill.

Earlier, the White House had pressed Boehner to stick with negotiations with Obama and threatened to veto “Plan B,” which top Senate Democrats mocked as “dead on arrival” in the upper chamber. “Instead of taking the opportunity that was presented to them to continue to negotiate what could be a very helpful, large deal for the American people, the Republicans in the House have decided to run down an alley that has no exit while we all watch,” Carney told reporters. He also indicated that communications, even at the staff level, were on hold.

MORE

See also:

Fiscal cliff setback rattles shares, euro
21 Dec.`12 - Global stock markets weakened on Friday and both the euro and gold slipped, as a new setback in talks to avert a U.S. fiscal crisis and evidence of Europe's ongoing economic difficulties stoked investor nerves.

A proposal from Republican leader John Boehner to avoid the so-called fiscal cliff failed to get support from his party on Thursday, casting fresh uncertainty over talks to avoid across-the-board tax hikes and spending cuts that could push the U.S. economy into recession in 2013. Anxiety was exacerbated by weaker-than-expected data from key corners of Europe, as German consumer morale dropped to its lowest level in more than a year, Britain revised down growth figures and Sweden slashed its economic forecasts. The combined worries prompted widespread selling in most major stock markets and saw investors head for traditional safe-haven assets.

The dollar and yen and U.S. and German Government bonds all rose as falls on London <.ftse>, Paris <.fchi> and Frankfurt <.gdaxi> equity markets compounded tumbles in Asia to leave MSCI's global index <.miwd00000pus> down 0.4 percent. Futures prices also pointed to sharp falls when trading resumes on Wall Street later, with the S&P 500 Dow Jones and Nasdaq 100 all seen losing around 1.4 percent. Nevertheless, European and global share indices remain on course for their fifth straight week of gains. In the U.S., the S&P 500 is up about 1.8 percent so far this week and 14.8 percent on the year. "Risk assets look vulnerable over the holiday trading period. The recent performance of key benchmarks has priced in a satisfactory outcome to the U.S. fiscal discussions, which is far from a done deal," said Peel Hunt strategist Ian Williams.

Boehner will hold a news conference at 10 a.m. ET (1500 GMT), likely to focus on the budget wrangling. Bickering U.S. politicians have only 10 days left to resolve their differences and prevent automatic tax hikes and spending cuts worth around $600 billion kicking in in the new year. Most observers are still assuming the two sides will avert disaster but tensions are likely to intensify over the normally quiet Christmas period as the deadline draws near. "The markets are likely to interpret this as signaling even tougher negotiations in coming days," Mohamed El-Erian, chief executive of bond giant PIMCO, told Reuters.

CLIFF HANGER

 

[ScienceRocks]

Obama keeps talking about a senate bill. So let's take this one to the house floor...

 

[konradv]

We would only need to get about 2/3rds of the democrats and 1/3rds of the republicans to be able to pass it. It would hopefully go from the house to Obama.

If only 1/3 of the Republicans would be expected to back the bill, can Boehner really be expected to bring it to the floor, after what happened this week? With Cantor ready to put a knife in his back it would seem to be political suicide for Boehner to do it. IMO, we're going over the cliff and the Cantorites are going to have to take the blame.

 

[Sallow]

We would only need to get about 2/3rds of the democrats and 1/3rds of the republicans to be able to pass it. It would hopefully go from the house to Obama.

If only 1/3 of the Republicans would be expected to back the bill, can Boehner really be expected to bring it to the floor, after what happened this week? With Cantor ready to put a knife in his back it would seem to be political suicide for Boehner to do it. IMO, we're going over the cliff and the Cantorites are going to have to take the blame.

Looks like it.

Personally..I think it's for the best.

There's going to be massive layoffs in Republican controlled states.

Not that I want to see that..but..if you are going to talk about cutting spending, might as well see what that really means.

 

[waltky]

Granny says dem do-nothin' politicians got us slidin' down dat slippery slope...

Slipping towards the fiscal slope
21 December 2012 - House Speaker John Boehner had hoped Republicans would accept his 'Plan B'

Everyone - including the financial markets - thought President Obama and the Republican leadership were on course to some kind of budget deal. It wouldn't be pretty, but they would find some way to delay or prevent most of the $600bn in tax rises and spending cuts that will otherwise hit the economy on 1 January. Not any more. Right now, they don't seem to be on any path at all. The only good news for President Obama is that he is not going to get the blame. Against the odds, the events of the past few days have strengthened his hand relative to the Republicans, who were already disadvantaged by the result of the Presidential election. What happens to the economy as a result of all this may well depend on how and whether he and his fellow Democrats decide to use that new power.

Remember how we got here: in the days after the election, many hoped that President Obama's victory would pave the way for Republicans to climb down in their opposition to all and any rise in taxes. And, to some extent, that has come true. House Majority Leader John Boehner signalled early on that he was willing to sign up to a deal which would force wealthy Americans to pay more taxes - though by limiting their deductions rather than charging them higher rates. His 'Plan B' went further: it would not have renewed the Bush tax cuts for incomes over $1m.

Democrats considered that a terrible plan, which would really only raise taxes on the top 0.1% of households. Even the very richest would pay much less than under President Obama's plan, which would keep the Bush tax cuts for 'only' the first $250,000 of income. (On the Boehner plan, remember people earning more than $1m would keep paying the lower rates on any income below that amount). There were lots of other reasons for Democrats to hate Mr Boehner's Plan B: it would have hit low income families by allowing benefits to expire for lots of unemployed people, and it would stall the President's plans for extra infrastructure investment.

For many - on either side of the aisle - that all made passing Plan B bad news for Democrats, and a 'no brainer' for the Republicans. Either President Obama allowed it to go through, which would have given them nearly all of what they wanted on the tax side, without most of the spending on the Democrats' wish list. Or - much more likely - the President would veto it, making the Democrats look like the ones who were holding the economy to ransom.

More BBC News - Slipping towards the fiscal slope

See also:

End of Bush Tax Cuts Will Affect All Demographics, Income Earners
December 21, 2012 – If the Bush tax cuts expire on Jan. 1st, individuals of all demographics and income brackets will experience tax increases, according to a June report from the conservative Heritage Foundation.

“On January 1st, 2013 a $494 billion wave of tax hikes will take effect, hitting every American household, regardless of income,” according to a Heritage infographic from June 11th. Currently, House Speaker John Boehner and President Obama are in talks to avert the ‘fiscal cliff’ when Bush tax cuts expire and sequestration takes effect. On Thursday, the House failed to pass Boehner’s “Plan B” proposal, which would have increased tax rates on all those making $1 million or more.

Heritage utilized Census and IRS data to determine tax increases if Congress lets the Bush tax cuts expire, compared with what individuals are currently paying. In a report entitled “The Cost of Taxmageddon: Impact by State and Congressional District,” author William W. Beach broke down the dollar amount of taxes citizens in each state and congressional district will have to pay. Of the 50 states, California will experience the largest tax hike, at $61,852,511,863. Researchers provided tax figures for 5 different groups: families, baby boomers, low-income workers, millennials and retirees.

Here are the tax increase dollar amounts for each group:

Families, Average Income $70,662: $4,138 tax increase.

Baby Boomers, Average Income $95,099: $4,223 tax increase

Low Income Workers, Average Income $24,757: $1,207 tax increase

Millennials, Average Income $23,917: $1,099 tax increase

Retirees, Average Income $42,553: $857 tax increase

Source

 

[Lakhota]

I prefer the cliff. I think it will help shake things out...

 

[Remodeling Maidiac]

Who the hell is granny?

 

[C_Clayton_Jones]

We would only need to get about 2/3rds of the democrats and 1/3rds of the republicans to be able to pass it. It would hopefully go from the house to Obama.

If only 1/3 of the Republicans would be expected to back the bill, can Boehner really be expected to bring it to the floor, after what happened this week? With Cantor ready to put a knife in his back it would seem to be political suicide for Boehner to do it. IMO, we're going over the cliff and the Cantorites are going to have to take the blame.

Looks like it.

Personally..I think it's for the best.

There's going to be massive layoffs in Republican controlled states.

Not that I want to see that..but..if you are going to talk about cutting spending, might as well see what that really means.

The ‘cliff’ would be better than any last minute, cobbled together bill.

Getting rid of the Bush tax cuts alone would be worth it.

 

[ScienceRocks]

At least if we go over the cliff a large part of the 47% would be paying taxes. This is good.

The free shitters would become tax payers!

 

[Politico]

Who the hell is granny?

The person who explained how Congress works to Matthew.

 

[ScienceRocks]

Who the hell is granny?

The person who explained how Congress works to Matthew.

I know how congress works, asshole.

 

[C_Clayton_Jones]

At least if we go over the cliff a large part of the 47% would be paying taxes. This is good.

The free shitters would become tax payers!

Actually not...

Congress will quickly pass legislation putting tax rates back to 2012 levels – for those making less than $250,000 per year.