JUMP: WASHINGTON FAILS TO BEAT ‘FISCAL CLIFF’ DEADLINE

December 31, 2012 2:51 pm  

(Breitbart) – Numerous sources report that the House of Representatives will not be able to vote on any Senate deal to avoid the “fiscal cliff” before the midnight deadline tonight, even if the Senate were able to reach agreement, which it has not yet done. The nation will now go over the “fiscal cliff” of tax hikes and spending cuts.

Republicans and Democrats had appeared close to an agreement earlier today, based on allowing the Bush tax cuts to expire for households earning more than $450,000, and allowing other tax rates to rise. Democrats would not, however, agree to significant spending cuts, and balked at Republican proposals to maintain the amount of the sequester, perhaps while while adjusting its composition to protect defense spending.

Markets had rallied on hopes that a deal would be reached. Those hopes seem to have been premature.

Earlier today, President Barack Obama held a press conference at which he did not reveal any new information but, while saying he was hopeful an agreement would be reached, mocked Congress and signaled that he would call for tax hikes in the future. That conference may have poisoned talks in an intensely partisan environment. President Obama did not play a significant role in the final negotiations between the parties.

Polls suggest that the public will blame Republicans for the failure to avoid the fiscal cliff, though disapproval of the President has been rising sharply. The two sides will now hope to resume negotiations even as tax rates rise for all categories of income, spending cuts take effect for defense and for entitlements, and the federal government hits the debt ceiling approved in 2011, as Treasury Secretary Timothy Geithner warned last week.

http://www.breitbart.com/Big-Government/2012/12/31/It-s-Over-Congress-Will-Fail-to-Beat-Deadline-Talks-Resume-Next-Year

Happy New Year From The Tea Party
Video: Dianne Feinstein Says Her Goal is to Disarm All Americans

Top Stories

Suspicious of the White House? You Should be, Says Gohmert A Republican member of the House of Representatives says the Obama White House is more interested in attacking whistleblowers than in going after real...
Obama Hosts Q&A Session, Americans Ask Him Why He Sucks Twitter users point out Obama's never-ending failures (Infowars) - President Barack Obama hosted a question and answer session on Twitter Thursday,...
Obama to Force Faith-Based Grant Recipients to Hire LGBT Employee... (Breitbart) - The Obama Administration is poised to require faith-based recipients of federal grants to accept applications from LGBT individuals, acc...
Michelle O. Cracks Down on Campfire S’mores (EAG News) - That piece of chocolate bar and marshmallow – key ingredients in the s’more – are just too unhealthy for Michelle Obama’s food po...
WH Doubles Down: Obama ISIS Strategy a ‘Recipe that has Suc... (Breitbart) - As the debate continues over whether Islamic State terrorists have been successfully “degraded” by President Obama’s military stra...
‘Obamaphone’ Fight Pivots to Internet (Politico) - Conservatives have reserved their worst epithet for the Lifeline program, which provides discounted phone service to low-income families:...

Comments


Please help us stay spam-free. Mouse over a spam post and click the X to report spam.