31 Search results found for: “fiscal cliff”

Fiscal Cliff Averted

January 1, 2013

Early this morning, the Senate rang in the New Year by approving legislation to avert the economic impacts of the fiscal cliff. The bipartisan agreement makes changes to tax policy by allowing for the first income tax rate increase in nearly two decades and also delays the sequester by offering $24 billion in other spending reductions.  The House is scheduled to take up the legislation at noon today. Conservative opposition in the House has thwarted earlier fiscal cliff proposals and…

Fiscal Cliff Update

December 27, 2012

The Senate reconvenes today and will make a last attempt to legislate before large automatic tax increases and spending cuts take effect on January 1st. The House is scheduled to meet only in a pro forma session after Republican leaders said the Senate would need to act first to produce a legislative solution after their own “Plan B” effort fell apart last week. House GOP leaders have promised to give members 48-hours notice before calling them back to the Capitol….

Possible Deal to Avoid the “Fiscal Cliff”

December 18, 2012

A deal appears to be in the making to avoid the “fiscal cliff.”  Late yesterday, President Obama made a counteroffer back to House Speaker Boehner (R-OH) that would raise the top tax rates on income above $400,000, $400 billion in health care cuts, and $200 billion in discretionary cuts. The White House proposal also includes a debt limit increase for two years, a permanent extension of expired tax extenders, and a turning off “except in select areas” of the sequester….

FISCAL CLIFF COUNTDOWN: 15 DAYS

December 17, 2012

As we move into the last two weeks of the calendar year – and come ever closer to the edge of the “fiscal cliff” – House Speaker Boehner (R-OH) has offered to allow a tax increase on millionaires, which is a significant shift toward President Obama’s position on raising tax rates for the wealthy.  But is comes with a caveat:  Boehner would only agree to this if Democrats agree to significant spending cuts, including to entitlement programs. In exchange for…

17 Days to “Fiscal Cliff”

December 14, 2012

President Obama and House Speaker Boehner (R-OH) met for almost an hour yesterday at the White House to discuss issues related to the fiscal cliff, but there were no obvious signs of progress.  Instead, both sides appear to be holding fast to their partisan views on taxes and spending. This is the second face-to-face meeting they have held in the past week on a deal to extend expiring tax cuts and replace scheduled across-the-board spending cuts (sequestration). Republicans continue to…