Winners and losers in the fiscal cliff deal

Winners and losers in the fiscal cliff deal

Posted by Chris Cillizza on December 31, 2012 at 9:45 am

The deal is, finally, done.

After the usual hemming and hawing, horse-trading and partisan hysterics, Congress and the White House have seemingly agreed to a deal to get the country passed the so-called “fiscal cliff.”  (Worth noting: The deal has yet to pass the Senate or House — meaning that it is not totally done just yet. But, it does appear to be as close to a done deal as possible.)

With the conclusion of this latest round of wait-until-the-last-possible-minute negotiations, we thought it made sense to cut through all the spin and give you what you really want — a list of who won and who lost in the cliff fight.

Our picks are below.  Agree? Disagree? The comments section awaits. Continue reading “Winners and losers in the fiscal cliff deal”

It’s official: Deal reached on “fiscal cliff”

It’s official: Deal reached on “fiscal cliff”

 Updated 10:04 p.m. ET

As revelers in Times Square and cities and towns across the country wait for the ball to drop to ring in the new year, politicians in Washington have announced that a ball is not likely to drop on the average taxpayer. Negotiators have come to an agreement on the so-called “fiscal cliff” – and with less than three hours to spare, CBS News has confirmed.

Vice President Joe Biden traveled to Capitol Hill to brief Senate Democrats on the details of the deal; both Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., have signed off on the agreement, White House and congressional sources told CBS News’ Chief White House Correspondent Major Garrett.

Now that lawmakers have settled on a deal, it’s unclear when the Senate will vote but it’s expected that if it passes, the House will vote tomorrow at the earliest. Continue reading “It’s official: Deal reached on “fiscal cliff””

Biden, McConnell continue ‘cliff’ talks as clock winds down

Biden, McConnell continue ‘cliff’ talks as clock winds down

By and , Updated: Monday, December 31, 10:25 AM

Video: After saying he was “gratified” Republicans dropped a proposal to slash Social Security benefits as part of a “fiscal cliff” deal, Senate Majority Leader Harry Reid, D-Nev., said there was still “significant distance” between the two parties, and adjourned debate for the evening on Sunday, saying the Senate will return at 11 a.m. EST tomorrow to continue negotiations.

Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) continued urgent talks Monday over a deal to avoid the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.

With a New Year’s Eve deadline hours away, Democrats abandoned their earlier demand to raise tax rates on household income over $250,000 a year. President Obama had vowed repeatedly during his reelection campaign to allow tax cuts to expire for incomes over that level.

Democrats also relented on the politically sensitive issue of the estate tax, according to a detailed account of the Democratic offer obtained by The Washington Post. They promised instead to hold a vote in the Senate that would guarantee that taxes on inherited estates remain at their current low levels, a key GOP demand. Continue reading “Biden, McConnell continue ‘cliff’ talks as clock winds down”

COLA calculation is at the center of latest fiscal cliff standoff

COLA calculation is at the center of latest fiscal cliff standoff

Matt Rourke/AP

With fiscal cliff negotiations stalled, Senate Republican Leader Mitch McConnell has called his old dance partner Vice President Joe Biden in from the sidelines.

“I have also placed a call to the vice president to see if he could help jump start the negotiations on his side,” McConnell said on the floor Sunday afternoon. “The vice president and I have worked together on solutions before and I believe we can again.” Continue reading “COLA calculation is at the center of latest fiscal cliff standoff”

Federal workers feel unease over potential layoffs, furloughs unleashed by ‘fiscal cliff’

 Federal workers feel unease over potential layoffs, furloughs unleashed by ‘fiscal cliff’


By , Published: December 24

Federal employees have been skeptical for months that the biggest cuts to government spending in history could really happen. But with the “fiscal cliff” a week away, workers are now growing increasingly alarmed that their jobs and their missions could be on the line.

President Obama and members of Congress headed out of town late last week for a Christmas break without reaching a deal to avoid $110 billion in automatic across-the-board spending cuts, which would hamstring operations ranging from weather forecasting and air traffic control to the purchase of spare parts for weapons systems. So civil servants are bracing for the blow, wondering whether their work will be upended — and whether they may be forced to take unpaid days off.

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