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BREAKING - Fiscal Cliff Dive: Congress Will Miss Deadline After House Punts On Vote

Posted by on Dec. 31, 2012 at 4:24 PM
  • 128 Replies

 

Fiscal Cliff Dive: Congress Will Miss Deadline After House Punts On Vote

Fiscal Cliff Dive

Speaker of the House John Boehner, R-Ohio, walks to a closed-door GOP caucus as Congress meets to negotiate a legislative path to avoid the so-called "fiscal cliff" of automatic tax increases and deep spending cuts that could kick in Jan. 1., at the Capitol in Washington, Sunday, Dec. 30, 2012. (AP Photo/J. Scott Applewhite)
 

WASHINGTON -- The United States government will miss the end of the year deadline to resolve the so-called fiscal cliff, House Republicans conceded on Monday afternoon.

The House of Representatives will adjourn December 31 without voting on a bill to delay the impending tax hikes and spending cuts that will take start to take place tomorrow. Majority Whip Kevin McCarthy (R-California), the party's whip, sent the following update to members on Monday afternoon.

Good afternoon. Thanks for your patience. Here's the latest on the Floor schedule:

There will be a Special GOP Conference Meeting at 5:00 p.m. in HC-5. Immediately following Conference tonight, roughly 5:30-6:00 p.m. we will have our first and only vote series of the day on suspensions.

Walk off the Floor: 6:00-6:30 p.m.

 

The Senate has not yet finalized a deal to resolve these issues. But it is widely expected that they will come to an agreement by the end of Monday. Because of that, the markets may not react too negatively to the House missing the deadline by a few days. It helps that stock exchanges are closed on New Years Day.

Still, the inability of Congress to resolve this issue on time is the capstone to a session that was historically unproductive. The new Congress convenes on January 3rd.

by on Dec. 31, 2012 at 4:24 PM
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Replies (1-10):
sweet-a-kins
by Emerald Member on Dec. 31, 2012 at 4:30 PM
5 moms liked this

 of course they couldn't be bothered with doing things on time

sweet-a-kins
by Emerald Member on Dec. 31, 2012 at 4:32 PM

 

WASHINGTON -- One of the remaining sticking points holding up a fiscal cliff deal appears to have been resolved, as negotiators have decided to extend unemployment benefits without offsetting the cost.

A source familiar with negotiations told The Huffington Post that lawmakers would treat the provision as "an emergency measure that shouldn't be paid for." A Senate Democratic and Republican source each confirmed the plan.

What that means is that the $30 billion pricetag for a year-long extension will simply be added to the deficit. Republicans have in the past objected to reauthorizing federal unemployment compensation because of its impact on the deficit, though in recessions since World War II Congress has generally added extra weeks of benefits without paying for them.

Over the past several days, lawmakers had tried to find ways to offset the cost of unemployment benefits. They remained at an impasse as recently as Monday morning. Republicans have said little publicly about unemployment insurance during negotiations to avert the fiscal cliff, the nickname for steep spending cuts and tax hikes scheduled to take effect at midnight on Monday.

Getting unemployment insurance extended for a year without the offsets represents a major victory for the administration, which has long touted the stimulative impact and moral necessity of the policy. The Congressional Budget Office says keeping the benefits through next year buys some 300,000 jobs and increases economic growth.

Federal unemployment compensation kicks in for jobless Americans after they use up the standard 26 weeks of aid provided by states. The benefits lapsed on Saturday, halting benefits for more than 2 million Americans. Any missed compensation can be paid retroactively once federal unemployment insurance is reauthorized.

Earlier this year, Republicans pushed for fewer weeks, and got them: Congress reduced the maximum duration of state and federal benefits from 99 to 73 weeks. Only nine states have high enough unemployment rates to qualify for the full duration, and as their rates decline so will the number of weeks of benefits. Republicans earlier this year also won reforms to the unemployment system, including a provision that will allow states to drug test unemployment claimants in limited circumstances.

emeraldangel2.0
by on Dec. 31, 2012 at 4:33 PM

DAMMIT

emeraldangel2.0
by on Dec. 31, 2012 at 4:34 PM
4 moms liked this

damn them. damn them damn them! they are playing with people's livelihood here!

prettygirl326
by Member on Dec. 31, 2012 at 4:36 PM
3 moms liked this

 Let me guess, it's Obama's fault lol..no really, Congress has a history of taking their sweet time on important matters. Unfortunately, America will pay for it. Again.

sweet-a-kins
by Emerald Member on Dec. 31, 2012 at 4:38 PM
3 moms liked this

 Republicans couldn't be bothered working on holidays or apparently passed 6PM...

So again, they are losers who cannot get the job done and we PAY...

Quoting prettygirl326:

 Let me guess, it's Obama's fault lol..no really, Congress has a history of taking their sweet time on important matters. Unfortunately, America will pay for it. Again.

 

gludwig2000
by Gina on Dec. 31, 2012 at 4:40 PM
10 moms liked this

 What do they care if they miss it? Their families will not go hungry, and they don't have to worry about whether or not they can pay their bills. They don't work for us, and anyone who believes otherwise needs to wake up. They stopped caring about America and her people a long time ago, and now think only about their own interests!

prettygirl326
by Member on Dec. 31, 2012 at 4:41 PM
2 moms liked this

 Yep. They are probably mad about Obama's tax hike for the rich idea. I mean, he is in the bracket as well and will be taking one too. So obviously he truly believes it will work out for the best.

Quoting sweet-a-kins:

 Republicans couldn't be bothered working on holidays or apparently passed 6PM...

So again, they are losers who cannot get the job done and we PAY...

Quoting prettygirl326:

 Let me guess, it's Obama's fault lol..no really, Congress has a history of taking their sweet time on important matters. Unfortunately, America will pay for it. Again.

 

 

emeraldangel2.0
by on Dec. 31, 2012 at 4:42 PM
2 moms liked this

not even an hour ago they were close to a deal. now this shit

a lot of congressmen better start packing their bags. because as far as i'm concerned, come 2014, they are out of a job

katinahat
by Member on Dec. 31, 2012 at 4:49 PM

Typical.

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