Happy New Year to all!
It will only take 30 or Republicans to approve this IF Speaker Boehner puts in up for a vote as most Democrats will vote for it.
Now is the Speaker smart enough and able to swallow his pride to have the minority provide the majority of votes to approve this?
Somehow watch the Republicans screw around with this.
WASHINGTON (AP) — ‘Hours past a self-imposed deadline for action, the Senate passed legislation early New Year’s Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The pre-dawn vote was a lopsided 89-8′.
“It shouldn’t have taken this long to come to an agreement, and this shouldn’t be the model for how we do things around here,” said Senate Republican leader Mitch McConnell, who negotiated the agreement with Vice President Joe Biden’.
‘Shortly after the Senate vote, President Barack Obama said, “While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay.”
‘Officials said the White House had succeeded in gaining a one-year extension of long-term unemployment benefits about to expire on an estimated two million jobless’.
‘Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than Obama had campaigned for in his successful drive for a second term in office’.
‘Yet some Republicans recoiled at the prospect of raising taxes at all’.
‘At higher levels, the rate would rise to a maximum of 39.6 percent from the current 35 percent. Capital gains and dividends in excess of those amounts would be taxed at 20 percent, up from 15 percent’.
‘The deal also would also raise taxes on the portion of estates exceeding $5 million to 40 percent. At the insistence of Republicans, the $5 million threshold would rise each year with inflation’.
‘Spending cuts totaling $24 billion over two months aimed at the Pentagon and domestic programs would be deferred’.
‘In addition to preventing higher rates for most, the agreement would retain existing breaks for families with children, for low-earning taxpayers and for those with a child in college’.
‘Also, the two sides agreed to prevent the alternative minimum tax from expanding to affect an estimated 28 million households for the first time in 2013, with an average increase of more than $3,000. The law originally was designed to make sure millionaires did not escape taxes, but inflation has gradually exposed more and more households with lower earnings to its impact’.
‘The legislation leaves untouched a scheduled 2 percentage point increase in the payroll tax, ending a temporary reduction enacted two years ago to help revive the economy’.
‘The legislation would delay for one year a 27 percent cut in fees for doctors who treat Medicare patients’.
‘Also included is a provision to prevent a threatened spike in milk prices after the first of the year’.
‘Officials also decided at the last minute to use the measure to prevent a $900 pay raise for lawmakers due to take effect this spring’.
“One thing we can count on with respect to this Congress is that if there’s even one second left before you have to do what you’re supposed to do, they will use that last second,” the president said in a mid-afternoon status update on the talks. Yet when the roll was called nearly 12 hours later, only six Republicans and two Democrats opposed the measure’.
‘Passage would send the measure to the House, where Speaker John Boehner, R-Ohio, refrained from endorsing a package as yet unseen by his famously rebellious rank-and-file. He said the House would not vote on any Senate-passed measure “until House members — and the American people — have been able to review” it.
‘Obama used his appearance not only to chastise Congress, but also to lay down a marker for the next round of negotiations early in 2013, when Republicans intend to seek spending cuts in exchange for letting the Treasury to borrow above the current debt limit of $16.4 trillion’.
“Now, if Republicans think that I will finish the job of deficit reduction through spending cuts alone — and you hear that sometimes coming from them … then they’ve got another think coming. … That’s not how it’s going to work at least as long as I’m president,” he said.
“And I’m going to be president for the next four years, I think,” he added’.
‘Obama’s remarks irritated some Republicans’.
‘Sen. John McCain of Arizona whinned they would “clearly antagonize members of the House.”
From : http://news.yahoo.com/senate-approves-fiscal-cliff-legislation-89-8-072548955–finance.html