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”
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”