◼ Deficit 'fiscal cliff' bill actually spends $330 billion more - Washington Times
◼ SEE What tax hike really means for budget...Putting America's Tax Hike In Perspective - Tyler Durden/Zerohedge
◼ Frustration mounts Politico
“The Speaker said what’s been painfully obvious to us for a long time: the President wants to go over the fiscal cliff and he’s going to get his way,” said Rep. Michael Burgess (R-Texas)....
“This is disgusting for everybody involved” said Rep. Steve LaTourette (R-Ohio). “I think we have to have some spending cuts and the fact that the President won’t challenge his party on spending cuts is disgusting, the fact that we’re not where we need to be on the revenues is disgusting…and it’s just disgusting.”
◼ OBAMA DECLARES VICTORY... - Politico
"At this make or break moment for the middle class, the President achieved a bipartisan solution that keeps income taxes low for the middle class and grows the economy," the statement says. "For the first time in 20 years, Congress will have acted on a bipartisan basis to vote for significant new revenue.
◼ UNCERTAIN FUTURE IN HOUSE... - CNN
◼ House GOP opposition to fiscal cliff bill grows
Read more: http://www.politico.com/story/2013/01/senate-clears-fiscal-cliff-deal-89-8-85640.html#ixzz2GldRzJ9P - Politico
House Republicans now seem almost certain to tweak the legislation and send it back to the Senate because they believe it lacks sufficient spending cuts. But that would require the Senate to reconsider the measure before the new Congress is sworn in on Thursday, something officials say is all but impossible because any member can object to an effort to schedule a quick vote.
◼ House Leadership Statement on Senate Agreement
WASHINGTON, DC - House Speaker John Boehner (R-OH), Majority Leader Eric Cantor (R-VA), Majority Whip Kevin McCarthy (R-CA), and Republican Conference Chair Cathy McMorris Rodgers (R-WA) issued the following statement on the Senate agreement:
“The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members -- and the American people -- have been able to review the legislation.”
◼ The good, bad & ugly of the ‘fiscal cliff’ deal - Philip Klein/Washington Examiner @philipklein
The Good
At the start of 2013, income taxes were scheduled to go up on nearly every American, but if this deal becomes law, roughly 99 percent of taxpayers would be protected from those tax hikes. For over a decade, Democrats opposed the Bush tax cuts and prevented them from becoming permanent. Now, they have voted overwhelmingly to preserve about 84 percent of the dreaded cuts, which for years they demagogued as only benefitting the very rich....
The Bad
Taxes are still going to go up. Even with the cut off at $400,000 for individuals and $450,000 for families, the deal is still going to suck more money out of the economy and hit small businesses. And this is on top of the Obamacare tax hikes already slated to go into effect in 2013 – an additional Medicare tax, higher taxes on investment income and a tax on medical devices.
The ugly
Taxes are still going to go up. Even with the cut off at $400,000 for individuals and $450,000 for families, the deal is still going to suck more money out of the economy and hit small businesses. And this is on top of the Obamacare tax hikes already slated to go into effect in 2013 – an additional Medicare tax, higher taxes on investment income and a tax on medical devices.
Also, the deal doesn’t represent actual movement toward a simplified tax code with fewer deductions and lower rates. Instead, it extends a whole lot of special interest tax benefits.
Also, the deal doesn’t represent actual movement toward a simplified tax code with fewer deductions and lower rates. Instead, it extends a whole lot of special interest tax benefits.
