ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Fiscal Cliff Deal Reached

Updated on January 01, 2013
President Obama
President Obama

Senate Has Approved A Deal To Avoid The Worst Of The Fiscal Cliff

According to the Washington post a fiscal cliff deal has been reached early on Tuesday morning that will avoid the worst of the fiscal cliff. Income taxes will rise sharply which will fulfill President Obama’s promise to raise taxes on the rich and avoid the worst effects of the “fiscal cliff.” The agreement was brokered by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.), passed 89 to 8 and will now head to the House. Leaders have not guaranteed that this will pass but top officials believe it could win passage in the next few days.


About The Half Assed Deal

This agreement will primarily target taxpayers who earn more than $450,000 per year, and will come from income and . This deal will also protect citizens earning less than $250,000 in household income.

Republicans gave in on the spending cuts, by agreeing to a two-month delay in budget reductions that would be paid for in part with new tax revenue, which they have been resisting. While there is much more to this it seems quite silly that this is what had to come down to the final hour.

Now the measure heads to the House, and Speaker John Boehner has pledged to bring it to a vote in the coming days, and is predicted to pass with bipartisan support despite the delay.

Senior aides predicted the measure would pass the House with bipartisan support. But Boehner’s decision to delay the vote meant the nation would tumble over the cliff at least briefly.

Obama praised the emerging agreement earlier on Monday despite the deal only raising about $600 billion over the next decade instead of the $1.6 trillion the president initially was seeking to extract from the nation’s wealthiest citizens.

It amazes me how many people just go along with what they hear and allow themselves to be manipulated so easily. The tax increase on the wealthy has been sold by a president that does his best to come across to the middle class as one of there own. He won his election this way despite a very poor first term and remained the entire time as popular as ever.

Its simple, raise the tax on the wealthy and it will be the middle class who suffers. These "wealthiest of Americans" will simply pass the extra debt on down the line. Jobs will be terminated employee, benefits will be cut, and companies will close the doors on account of this. When this happens unemployment has to be paid out, and there will be less spending by all Americans which will hurt the economy even more. The only logical solution is to quit spending money we don't have.

Comments

    0 of 8192 characters used
    Post Comment

    • gmwilliams profile image

      Grace Marguerite Williams 4 years ago from the Greatest City In The World-New York City, New York

      This is indeed interesting. We all will see how this goes.

    • POWERS1205 profile image

      POWERS1205 4 years ago

      It's incredibly convenient that taxes can be agreed upon but budget cuts can't. It's just the continual fleecing of America

    • Miller2232 profile image

      Sinclair Miller III 4 years ago from Florida

      Something that was finally agreed upon.

    • ib radmasters profile image

      ib radmasters 4 years ago from Southern California

      deferring the cliff is a deal but it is not a solution.

    Click to Rate This Article