UPDATED: THERE IS A ‘FISCAL CLIFF’ DEAL BETWEEN REPUBLICANS & THE WHITE HOUSE

[gsprofval]

UPDATED: THERE IS A ‘FISCAL CLIFF’ DEAL BETWEEN REPUBLICANS & THE WHITE HOUSE (HERE’S WHAT YOU NEED TO KNOW) Posted on December 31, 2012 at 9:09pm by Becket Adams Print »Email » Comments (87) [Editor's note: Updates will be added to this article as they become available]: A pleased-looking Sen. Mitch McConnell (Courtesy the New York Times) With just hours to go before the Jan 1. deadline, the White House and Senate Republicans have reportedly reached a deal to avert the so-called “fiscal cliff.” Wall Street Journal ✔

 @WSJ Breaking: White House official says fiscal cliff deal is reached. on.wsj.com/ShHjC6 31 Dec 12 ReplyRetweetFavorite Republican leadership has already “okay’d” the deal and Rep. Nancy Pelosi (D-Calif.) and Sen. Harry Reid (D-Nev.) have allegedly signed off on it. Major Garrett

✔ @MajorCBS Reid = Yes. McConnell = Yes. Pelosi = Yes Boehner/Cantor/McCarthy = ? The whole ballgame. Welcome 2013. #fiscalcliff 31 Dec 12 ReplyRetweetFavorite The deal would extend Bush-era tax cuts for family incomes below $450,000, according to the Associated Press.

 Robert Costa@robertcostaNRO What I hear: In final deal, traditional IRA accts will be encouraged to transfer to Roth. Dems won't love, but generates short term rev

31 Dec 12 ReplyRetweetFavorite “Income taxes go up for individuals making over $400K,” writes ABC News’ Jonathan Karl, “40% Estate tax kicks in at $5 million, indexed for inflation.” “Tax rates on cap gains and dividends go to 20 percent — permanently,” he adds. Another part of the deal involves delaying the automatic spending cuts that were scheduled to take effect on Jan. 1. “Two month delay in the fiscal cliff spending cuts intended to give Congress more time for more comprehensive measure,” reports CBS News’ Mark Knoller. However, it should be noted that postponing the automatic spending cuts (i.e. the “sequestration”) for two months means that they will come up again for debate just as we again turn our attention to the debt ceiling. “The US debt will now remain unchanged until the next ‘deal’ since debt ceiling was just breached,” writers at Zero Hedge note.

Also, this from National Review’s Robert Costa: Robert Costa@robertcostaNRO So: 1 month of 2 month sequester delay is paid for by this IRA change. Short term volntry transfer IRA tax leads to less gov rev longterm.

 31 Dec 12 ReplyRetweetFavorite Vice President Joe Biden headed to Capitol Hill late Monday to meet with Senate Democrats and sell the plan.

 After arriving at the Capitol, Biden and Sen. Reid ignored reporters’ shouted questions about whether a deal had been reached, Biden responding only, “Happy New Year.”

GOP leaders are reportedly confident that the deal with pass in both chambers by wide margins. But there are some things to keep in mind. Although it seems that leaders in both parties are on board with the deal, it’s unclear whether the “legislative language for [a] ‘cliff’ deal will be ready for Senate vote tonight or tomorrow,” Knoller notes.

 Also, even if the bill ​is approved the Senate — which it probably will be — the House is another matter. Many GOP members object to the income, estate, and capital gains tax increases.

[29again]

And once again, it's at the eleventh hour!  Glad that McConnell and Biden got something worked out, it doesn't sound TOO hateful on the tax end, from what I could read.  But they kicked the cuts down the road a bit...  we'll be getting that WITH the debt ceiling at the same time.  What fun that will be.  I also want to say that I hope that McConnell gets some credit (as an R) for pulling this off.. 

I also hope that the 2 houses of Congress just get this thing passed...

[AlekD]

Paragraphs please.

[rocketracer]

Tax increases.

No spending cuts.

Quoting AlekD:

Paragraphs please.

[tnmomofive]

No spending cuts? Well go figure..eye roll.So once again they fail to do the right thing..disappointed.

[Citygirlk]

Well that sucks.

Quoting rocketracer:

Tax increases.

No spending cuts.

Quoting AlekD:

Paragraphs please.

[143myboys9496]

 Tax increases on those making over $400,000. They made permanent the Bush era tax cuts for under $400,000. Just to check in, this was a republican concession.

NO spending cuts. THAT has been delayed for 2 months. Just to check in, this was a point of negotiation the GOP wanted from Barry, and didn't get. Surprise, surprise.

We've also reached the debt ceiling. And Geithner can finagle some stuff, but again, only until March.

Quoting rocketracer:

Tax increases.

No spending cuts.

Quoting AlekD:

Paragraphs please.

 

 

[143myboys9496]

 I've tried pulling the article and making a post but my computer won't copy it. It must be hungover from last night...

[SallyMJ]

The spending cuts are delayed? Which can mean never? Good job at negotiating a "balanced" deficit reduction plan. Since the spending cuts are delayed, I'd call this a deficit INCREASING plan.

Good job, everyone.

[stringtheory]

The spending cuts are delayed solely to be able to avoid the fiscal cliff deadline ... Both sides have proposed cuts, they just couldn't agree enough to sign off on them in time.

Quoting SallyMJ:

The spending cuts are delayed? Which can mean never? Good job at negotiating a "balanced" deficit reduction plan. Since the spending cuts are delayed, I'd call this a deficit INCREASING plan.

Good job, everyone.

[SallyMJ]

But the problem with not getting them in this fiscal cliff agreement is that, yes they will debate these - but they never have to come to agreement, ie, it is very possible that the spending cuts never materialize. It's not like this has never happened before! (Seriously.)

Very, very foolish, IMO.

Quoting stringtheory:

The spending cuts are delayed solely to be able to avoid the fiscal cliff deadline ... Both sides have proposed cuts, they just couldn't agree enough to sign off on them in time.

Quoting SallyMJ:

The spending cuts are delayed? Which can mean never? Good job at negotiating a "balanced" deficit reduction plan. Since the spending cuts are delayed, I'd call this a deficit INCREASING plan.

Good job, everyone.