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Post by mcnoch on Dec 31, 2012 16:54:12 GMT -5
There is no agreement, so the USA has now jumped from the fiscal cliff. Let's see what will happen in the next weeks.
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Post by mcnoch on Dec 31, 2012 17:00:51 GMT -5
There would be little practical difference in settling the issue Monday versus Tuesday, sources said. One exception: If lawmakers approve a bill on Tuesday -- after tax rates have technically gone up -- they can argue they've voted for a tax cut to bring rates back down, GOP sources said.
That is Washington at it's best.
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Post by Deleted on Dec 31, 2012 17:32:48 GMT -5
We are going over the cliff as the do nothing congress will not vote on anything today.
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Post by boxcar on Dec 31, 2012 18:13:09 GMT -5
>We are going over the cliff as the do nothing congress will not vote on anything today. <
Are we talking congress or the Dems here? I have yet to read of a Dem budget proposal, except that of Obama, which was not even placed on the Senate floor.
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Post by Swampy on Jan 1, 2013 2:42:11 GMT -5
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Post by boxcar on Jan 1, 2013 11:16:32 GMT -5
Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than Obama had campaigned for in his successful drive for a second term in office. Spending cuts totaling $24 billion over two months aimed at the Pentagon and domestic programs would be deferred.
(That is a disgrace. We are going one trillion dollars in debt every year and all they seem to be able to do so far is a 24 billion cut. This is some more of “spend today and cut over a ten year period“).
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Post by boxcar on Jan 1, 2013 12:11:57 GMT -5
The agreement came too late for Congress to meet its own deadline of New Year's Eve for passing laws to halt $600 billion in tax hikes and spending cuts which strictly speaking came into force on Tuesday.
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Post by Swampy on Jan 1, 2013 17:33:41 GMT -5
The House Republicans aren't going to pass the deal, which means the automatic cuts will come into place, sending the US economy back into a recession. I'm surprised - I've been thinking that the US will go over the cliff, but then, after the Senate passed it, I thought they would come through after all. Now, however, I go back to my original position. I'm ambivalent about what they want - I want to cut spending, like any conservative, but not when the economy is so weak. So I'm not sure what position I would take.
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Post by Deleted on Jan 1, 2013 19:11:30 GMT -5
I'm thinking that come tomorrow at the close of the stock exchange that I will be a much poorer man. Even though I know it isn't entirely their fault, right now I hate those f(**(&g Republicans in the House.
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Post by Swampy on Jan 1, 2013 23:25:05 GMT -5
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Post by Sir John on Jan 1, 2013 23:47:38 GMT -5
Meaningless in the overall context of the US economy.
It changes little, if anything. Spending, the BASIC problem, is near to unchanged and tax income goes up a bit.
The "cliff" is still there.
SJ
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Post by boxcar on Jan 2, 2013 1:24:51 GMT -5
$1 IN CUTS FOR EVERY $41 IN TAXES...
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Post by Swampy on Jan 2, 2013 2:09:09 GMT -5
They have to cut, but, if they do when the economy is weak ...
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Post by Deleted on Jan 2, 2013 9:37:19 GMT -5
There are two ways I look at this debacle. One, personally, the vote was very good financially for me RIGHT NOW. Secondly, in the longer term, it was not in the best interest of the country.
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Post by boxcar on Jan 2, 2013 9:46:30 GMT -5
The DOW is up over 200 this morning.
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