Congress approved a plan to end Washington’s long drama over the “fiscal cliff” late Tuesday after House Republicans surrendered to President Obama’s demand to let taxes rise on the nation’s richest households.
The House voted 257 to 167 to send the measure to Obama for his signature; the vote came less than 24 hours after the Senate overwhelmingly approved the legislation.
House Speaker John A. Boehner (Ohio) and most other top GOP leaders took no public position on the measure and offered no public comment before the 10:45 p.m. vote. Boehner declined even to deliver his usual closing argument, leaving House Ways and Means Committee Chairman Dave Camp (R-Mich.) to defend the measure as the “largest tax cut in American history.”
The bill will indeed shield millions of middle-class taxpayers from tax increases set to take effect this month. But it also will let rates rise on wages and investment profits for households pulling in more than $450,000 a year, marking the first time in more than two decades that a broad tax increase has been approved with GOP support.
The measure also will keep benefits flowing to 2 million unemployed workers on the verge of losing their federal checks. And it will delay for two months automatic cuts to the Pentagon and other agencies that had been set to take effect Wednesday.
Many economists had warned that the scheduled tax increases and spending cuts would have plunged the economy back into recession.
Claus Encounters of the Third Kind
was a dismal year for Fox News. The PR arm of the GOP failed to fulfill
its prime directive: advancing the interests of Mitt Romney and the
Republican Party. It spent much of the year constructing an alternative
reality that left millions of its flock in shock when President Obama
won an overwhelming reelection.
Someone should explain to the Republican leadership that it was OBAMA who won the election based on what the people wanted.
Not gerrymandering House seats or other tricks. Just a nationwide popular vote. They really need to quit holding out for a deal on GOP terms! We American's have spoken.
Tax reduction for the middle class, and not for the wealthy. Keep Social Security, Medicare and Education. Cut other things, including wasteful defense and oil subsidies! How tough is this to understand???
Hillary Hospitalized with a clot near the brain....sick but hopeful she'll recover okay.
"As a child, Hillary Clinton wrote to NASA inquiring on how to become an astronaut - NASA replied saying girls could not be astronauts. " From the General Knowledge page.