Posts tagged: fiscal cliff
RE: Divided House passes deal to end latest fiscal standoff/New York Times
Congressman Raul Labrador's reaction to “fiscal cliff” deal: Idaho First District Congressman Raúl R. Labrador issued the following statement after voting against the Biden-McConnell bill to resolve the “fiscal cliff” issue: “Like I have been saying for months, bills that pass during lame duck sessions are not good for the country. This was a difficult vote, but as far as I am concerned the Biden-McConnell deal is worse than no deal at all. It temporarily ends the debate but does nothing to solve the problems that our country faces—in fact, it is a perfect example of why our country is $16 trillion in debt. The deal does nothing to address out of control spending and delays the only meaningful cuts Congress has been able to pass in the last two years. The president campaigned on a promise of a balanced approach—$2.50 in spending cuts for every dollar of tax increases.” More below. (AP photo: President Obama, with VP Joe Biden, makes statement re: budget deal Tuesday)
Question: Do you support the deal struck to avoid the “fiscal cliff”?
WASHINGTON – The government will reach the $16.4 trillion debt limit Monday, Treasury Secretary Timothy Geithner told congressional leaders Wednesday, adding a new and possibly dramatic wrinkle to negotiations aimed at averting the “fiscal cliff.”
The news came as President Barack Obama and the Senate prepared to return to Washington today, and Republican leaders in the House of Representatives conferred by phone Wednesday to plot strategy.
If no alternatives are adopted, Bush-era income tax rates will expire at the end of the year and $109 billion in automatic spending cuts will take effect Jan. 2.
In his letter, Geithner said the Treasury “will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations.” More
$16.4 trillion! So, what's at the bottom of the fiscal cliff?