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

BREAKING – Obama Pardoned TRAITOR Manning, So Ted Cruz DESTROYED ... (Angry Patriot) - The worst thing Pres. Obama could do before leaving is pardon Hillary Clinton, but he did the second-worst thing—he set free the tra...
BREAKING: Michelle Obama Just Made THIS Nasty Move Against Donald... (Angry Patriot) - Michelle Obama is putting party before country… again. Her tweet in support of Representative John Lewis is beyond disrespectful for...
Obama’s Chelsea Manning ‘Pardon’ Proves The ... (The Duran) - Russian "election hack" narrative falls apart in light of Chelsea Manning clemency. We applaud Obama for commuting the prison sentenc...
BREAKING – Just Before Leaving Office, Obama Caught In $2.6 BILLI... (Angry Patriot) - Barack Obama’s legacy just got another massive, and rather expensive, blemish. American taxpayers are livid over this betrayal, but ...
BREAKING – Obama Set to Become 1st President in HISTORY to Do THI... (Angry Patriot) - Liberals loved that Obama was the first African-American president of the United States. Unfortunately, the man has had some dubious...
Obama Commutes Chelsea Manning’s Jail Term Army leaker to go free in May, instead of 2045 (NY Times) - President Obama on Tuesday largely commuted the remaining prison sentence of Chelsea Ma...

Comments


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