Courtesy of Politico:Washington inched closer to a deal that would avert massive tax increases, but Congress will still fall short of passing legislation before a new year deadline, sending the country over the fiscal cliff at least temporarily as the two sides struggled to iron out the final details of a high-stakes package.
The main holdup right now: Automatic spending cuts poised to kick in during the year, which the two parties have vowed to reverse but have failed to broker an agreement over how to do just that.
Last-ditch negotiations between Senate Majority Minority Leader Mitch McConnell (R-Ky.) and Vice President Joe Biden — friends from two decades-plus of Senate service — produced an agreement to increase marginal income tax rates to 39.6 percent on individual income more than $400,000 and households that earn more than $450,000.
You know the conservative talking heads over at Fox and the Right Wing radio shock jocks are going to do their damnedest to blame this on the President, but there is NO way that he deserves any of the blame for the failings of Congress. THAT blame rests solely on the Republicans and the teabagging obstructionists that are now apparently in the driver's seat.
The President has worked night and day to make a deal, and reached out twice to the American people to help him. He even caved in on the amount to be taxed, moving from the promised $250,000 and above to $450,000 and above.
That resulted in getting him into a LOT of hot water with the liberals, and I am not very damn happy about it either, but I will say this, the man has done EVERYTHING he could to keep this potential crisis from occurring, and I hope that the American people are aware of that and make sure to blame the appropriate individuals.
Here's a hint, there is an "R" next to their name, and they care MORE about getting reelected than about any of YOU people.
Update: Well believe it or not, it looks like some patched together deal has been reached and there is talk of a possible vote tonight. Here is more from Ezra Klein:
President Obama and Senate Republicans reached a sweeping deal late Monday that would let income taxes rise significantly for the first time in more than two decades, fulfilling Obama’s promise to raise taxes on the rich and averting the worst effects of the “fiscal cliff.”
Vice President Biden arrived at the Capitol just after 9 p.m. to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell (R-Ky.). A Senate vote on the package could be held by 10:30 p.m., beating a midnight deadline, Democratic aides said. The Republican-controlled House will begin considering the bill on Tuesday, with a final vote expected in the next day or two.
The agreement emerged after White House officials gave in on the last contested issue, yielding to GOP wishes on how to handle estate taxes, aides said.
The revelations about the pending deal came after Obama had said a pact was “within sight,” and House Republican leaders announced they would hold no votes Monday night, making it appear that that the nation would go over the fiscal cliff for at least a day.
I can't say I am happy about the White House giving anymore ground, but again it definitely speaks to who is the most serious about getting a deal done before tomorrow.
I am also hearing from various reporters that this is only a temporary fix and does NOT indicate how the final deal may look. I guess we have to hold out final judgement until then.
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