WASHINGTON — The Senate moved the U.S. economy back from the edge of a “fiscal cliff” on Tuesday, voting to avoid imminent tax hikes and spending cuts in a bipartisan deal that could still face stiff challenges in the House of Representatives.
In a rare New Year’s session at around 2 a.m., senators voted 89-8 to raise some taxes on the wealthy while making permanent low tax rates on the middle class that have been in place for a decade.
But the measure did little to rein in huge annual budget deficits that have helped push the U.S. debt to $16.4 trillion.
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.
But with the New Year’s Day holiday, there was no real world impact and Congress still had time to draw up legislation, approve it and backdate it to avoid the harsh fiscal measures.
That will need the backing of the House where many of the Republicans who control the chamber complain that President Barack Obama has shown little interest in cutting government spending and is too concerned with raising taxes.
All eyes are now on the House which is to hold a session on Tuesday starting at noon.
Obama called for the House to act quickly and follow the Senate’s lead.
“While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country and the House should pass it without delay,” he said in a statement.
“There’s more work to do to reduce our deficits, and I’m willing to do it. But tonight’s agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans,” Obama said.
Members were thankful that financial markets were closed, giving them a second chance to return to try to head off the fiscal cliff.
But if lawmakers cannot pass legislation in the coming days, markets are likely to turn sour. The U.S. economy, still recovering from the 2008/2009 downturn, could stall again if Congress fails to fix the budget mess.
“If we do nothing, the threat of a recession is very real. Passing this agreement does not mean negotiations halt, far from it. We can all agree there is more work to be done,” Majority Leader Harry Reid, a Democrat, told the Senate floor.
A new, informal deadline for Congress to legislate is now Wednesday when the current body expires and it is replaced by a new Congress chosen at last November’s election.
The Senate bill, worked out after long negotiations on New Year’s Eve between Vice President Joe Biden and Senate Republican Minority Leader Mitch McConnell, also postpones for two months a $109 billion “sequester” of sweeping spending cuts on military and domestic programs.
It extends unemployment insurance to 2 million people for a year and makes permanent the alternative minimum tax “patch” that was set to expire, protecting middle-income Americans from being taxed as if they were rich.
‘Imperfect solution’
The tax hikes do not sit easy with Republicans but conservative senators held their noses and voted to raise rates for the rich because not to do so would have meant increases for almost all working Americans.
“It took an imperfect solution to prevent our constituents from a very real financial pain, but in my view, it was worth the effort,” McConnell said.
House Speaker John Boehner — the top Republican in Congress — said the House would consider the Senate deal. B ut he left open the possibility of the House amending the Senate bill, which would spark another round of legislating.
“The House will honor its commitment to consider the Senate agreement if it is passed. Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members … have been able to review the legislation,” Boehner and other House Republican leaders said in a statement.
Boehner has struggled for two years to get control over a group of several dozen Tea Party fiscal conservatives in his caucus who strongly oppose tax increases and demand that he force Obama to make savings in the Medicare and Social Security healthcare and retirement programs.
A campaign-style event held by Obama in the White House as negotiations with Senate leaders were taking place on Monday may have made it more difficult for Republicans to back the deal. In remarks to a group of supporters that resembled a victory lap, the president noted that his rivals were coming around to his way of seeing things.
“Keep in mind that just last month Republicans in Congress said they would never agree to raise tax rates on the wealthiest Americans. Obviously, the agreement that’s currently being discussed would raise those rates and raise them permanently,” he said to applause before the Senate deal was sealed.
Obama’s words and tone annoyed Republican lawmakers who seemed to feel that the Democrat was gloating.
“That’s not the way presidents should lead,” said Republican Senator John McCain, Obama’s rival in the 2008 election.
A deal with the House on Tuesday, while uncertain, would not mark the end of congressional budget fights. The “sequester” spending cuts will come up again in February as will the contentious “debt ceiling,” which caps how much debt the federal government can hold.
Republicans may see those two issues as their best chance to try to rein in government spending and clip Obama’s wings at the start of his second term.
…and why in heck couldn’t they have done this months ago instead of causing a whole lot of people anxiety? Totally ridiculous, on both sides.
Too simple. The right-wing had a choice. They can accept increased taxes for everyone which could prove deadly to them in the next election, or increased taxes for a few but that could not come about until that choice was really taken from them by the current law. Let’s hope frankly that Americans in 2014 realize just how disastrous this tea-party and their pledges to people like Koch and Norquist can be to the country as a whole.
I have conseded in my mind to tax increases upon the upper income earners, which in my opinion is nothing more than a penalty for being successful. The fact that the President and his fellow Democrats are so unwilling to address the out of control spending that has plagued this nation for so long is nothing short of criminal. The relatively small amount that will be raised through taxing the wealthy will not even scratch the surface without meaningful reductions in our governments spending habits. Wait and see, this country will be in such dire straights four years from now there probably will not be such a thing as the middle class, we will all be poor.
Are you by any chance of Mayan ancestry?
good one
You remind me of the old cartoon of the little dog that pranced around the big dog trying so hard for his approval. Good luck.
Woof! Woof! Run along now fluffy little kitty. Scaramouche, scaramouche, will you do the Fandango?
Hardly a fan of Queen and not close to resembling a black masked clown. And you?
What’s wrong ‘prettyfoolish’ not quick enough on the draw for the reply or is the larger dog sticking up for his minion.
Senator Snowe dropped her doomsday bomb on her way out with her last vote to approve the legislation that will destroy the future economy. A legacy of infamy and a lasting curse for Maine Republicans. Skip ad and view.
http://www.youtube.com/watch?v…
What’s wrong, having a hard time to come up with any type of an intelligent response today….oh that’s right you usally do struggle in that area.
Just fiscally prudent, unlike our Dear Leader.
Agree wholeheartedly with you! It is irresponsible to keep spending more than what is earned and put it on the backs of taxpayers at any level. Neither party is looking out for their consituants in my opinion.
The problem is revenue NOT spending —Bush gave it all away . Consider this: CLINTON not only balanced the budget; he ran a surplus. Baby bush quickly fettered that away and made into a 11 TRILLION deficit !!! Facts are facts You can yammer away all you want…. Their is NOTHING fiscally responsible about the R’;s , never has been . OBAMA inherited the results of BUSH and R policies .
.You can RIGHTLY “blame” Obama for ONE thing — the stimulus– which was 750 BILLIION of the 16 trillion in deficit. All the rest can be tied DIRECTLY to BUSH and R policies and votes..
You are incorrect maam. The national debt was the same at the end of Clinton’s term as when he was elected so he did not run a surplus the entire term. He also benefited from the internet boom that crashed the last year of his second term. Clinton had nothing to do with the boom unless you actually believe Algore invented the Internet.
A five trillion deficit in just four years under Obama, and you can’t figure out who is to blame? This “crisis” again demonstrated that there is only one party serious about reducing spending and eliminating the debt, and it certainly is not the Democratic Party!
it’s revenue and spending. we have to come to the table with that.
Ok so why does this president and every liberal in congress keep renewing the Bush tax cuts?
This whole issue of tax increases…fiscal cliff….are because the “baby Bush” tax cuts expired last night. The fiscal cliff means that we will going back to Clinton era taxes……and oh by the way the balanced budget you mentioned? The president does not creat the budget….congress does….it was the Republican lead congress that made that happen.
Your profile names seems to be very appropriate.
in August 2012 the house of representatives voted to extend the Bush era tax cuts. the vote in the house was 256 -171.
you seem to be exhibit A for clueless conservative ranters….
there is a whole world of knowledge and fact out there, why don’t you use it instead of pulling bogus statements that are blatantly false from your nether regions?
your profile name seems to be very inappropriate.
You are saying the the national debt was zero when President Bush took office? Interesting. How many balanced budgets did President Clinton submit to congress?
How many budgets has President Obama got through Congress since being elected….NONE. How can a country run with any effciency without a budget. The left only can recall the facts that they make up.
Dude, that type of ignorance is why Obama was reflected. Fact: the government has doubled spending in 11 years. Fact: fed revenue is higher today than during Clinton years and was much higher during Bush. We don’t have a revenue problem. Fact.
yes and a huge portion of that spending was war…remember? who was interested in that?
The joy of hate….
If you believe that the problem is not spending you are off your rocker. Bush has his degree of blame, large or small is irrelevent at this point. The government can’t sustain the current level of spending and survive. What you on the left seem to not understand is the government can’t be everything to everybody. If you call the Republicans financially irresponsible and think that the Democrats are you are delusional.
Okay lets go back to the clinton tax rates and his spending levels.
Who is the blond woman stepping out with this lame excuse for a peoples representative ??
How does she rate front page coverage worldwide ??
I still vividly recall just 8 or 9 years ago when Bush 43 was in office and the GOP was vehemently arguing FOR an increase in the national debt. They, the GOP, put out some propaganda BS about it being OK so long as the national debt was within some percentage of the GDP. Remember that? So PLEASE don’t blame this debt upon the Democrats! As regards a tax “penalty” for being successful, the reason the wealthy should be taxed more is because they have become wealthy on the backs of the poor. If the people who work for the wealthy were paid a gosh dang living wage the country would not require all of the social programs, unemployment, and other assorted expenses, all of which require a higher tax rate to cover the costs. Not to mention that the higher wages would also contribute more to the tax base in the first place! Then we have the infrastructure which, once again, the wealthy use to create wealth but were paid for by the middle class. You people simply don’t get it! Having said that I do agree that the income tax formula needs to be completely revamped to increase revenue. I say no deductions at all, not for corporations nor people either. Then make income tax a flat tax so that when you earn a buck you pay X percent. The only exception should be for those who do not earn a living wage and for them it should be graduated. Want to cut expenses, stop foreign aid to countries after 5 years (some of whom have been getting aid for over 60 years!), stop special interest payments and government support to corporations, stop disaster aid such as rebuilding homes for people who build them where they shouldn’t be when the wind blows, KEEP LOBBY GROUPS OUT OF CONGRESS!, end foreign tax havens, control banking, stop defending the world when it’s done simply to help American business interests and let the UN take this role on. Do all of these things and the budget will end up balanced, everyone will pay a fair share, and life for Americans will once again be fruitful and good.
In 2000 the debt as a percentage of GDP was just under 40%, by 2008 the percentage grew to just over 60%. In the two years that Obama has been in office the percentage went from just over 60% to around 85%. I am not nieve enough to think that Obama was responsible for all the growth in our debt, but the debt is what it is and needs to be reined in. The Democrats flatly refuse to address the spending problems of our government, which is the problem. The government has enough revenue they are just reckless in how that revenue is handled. I agree with revamping the tax code, flat tax, no deductions for anyone, everyone pays 10% federal tax and a 5% state tax, through payroll deduction and there is no income tax to file. This will never happen as there are too many jobs on the line within the IRS, accountants, tax preperation companies and tax lawyers.
I think we are more or less on the same page. Perhaps where we differ is on where the cuts should be made.
There are cuts to be made in every agency and every program. This government creates so much waste it is unbeleivable. Entitlements have the largest budgets and probably have the highest amount of wasteful spending. I am not advocating to leave those that can’t take care of themselves in the cold, but those that choose to not take care of themselves is another story. The Military and Homeland Security can cut as well, though not to the point that would compromise our security. Every agency has opportunities to cut. We should take every agency and department to a zero based budget and build from there and implement a line item veto for the President.
let’s not bring up facts from the past shall we?
Dick Cheney two time Vice President and darling of the conservative movement:
“Reagan proved deficits don’t matter”
Guttcheck’s corollary:
“unless the president has a mocha hue. then it is an un American affront to our sterling national reputation for frugality. (haw haw haw) and will be characterized as such by haters.
Oh yes indeed, Bush wasn’t the first to run the deficit up. Under Reagan the deficit tripled! As for Cheney, well after Bush started the two wars (who through a sleight of hand didn’t add them to the deficit numbers) Cheney’s company literally made billions! So much for his credibility. I’m not familiar with Guttchecks rendition of Cheney’s statement unless Guttcheck is supposed to be a racist view of someones personal take on it. Is this a check of your gut reaction or someone else’s?
my point was that the actual quote from Cheney was fine with folks who are now attempting to claim the mantle of fiscal prudence. BUT…. Obama is simply out to ruin the country since he is 1. a socialist 2. not American 3. bent on destroying the Constitution 4.stupid and lazy. you know, like a “welfare queen”
Whoa there fella. Wow! Tell the truth, you’re just trying to deliberately fire people up here aren’t you? No one still believes those Limbaugh/Coulter/Carr lies. Get on track will ya.
Baby Paul was outrageous on 24 hour news last night He’ll be getting a email from me .
your political opinion and reason fits your sceen name perfectly…
for every 1$ in spending cuts there is $40 in tax increases…..there is no good here for anybody and your support of this kind of economic suicide is duly noted…
…because they just can’t accept that OBAMA won a VOTE of the majority of the PEOPLE, YET AGAIN!!!They refuse to accept the will of the people.( is NOT their ‘will’). They are suffering from post election result disorder If they don’t like obama attitude they are certainly not going to like the peoples attitude toward them.
A message to the GOP: despite all the money in the world and every effort to suppress the vote, YOU lost !!! Your 2 years of obstructing governmenrt is OVER !!! The People have had it with you. You do NOT rule in a vacuume WE ARE YOUR BOSS . Get in line; or get out. Do the people;s work or get out before we FIRE you !!!
Please stop this non sense. GOP, Obama, blah blah blah..this IS the reason we are doomed! Thank you! Sheep.
Obama is far worse than W ever imagined being. He is nothing more than a bankster backed shill. Enough! I get it , you think your “team” won! Ahhhhh, nope! We all LOSE!
Divide and conquer genius. Hate to break it to you but these “parties” are controlled by the same people!
Unbelievable…….
51% is not much of a mandate, and barely a majority….just pay your taxes & seek help for your B.D.S.(Bush Derrangement Syndrome)
51% was the mandate Romney was going to claim.
wassmatter, have you ALREADY forgotten that all the predictions from the right had Romney winning a giant electoral landslide…
but when the election was over and the electoral results showed that the “landslide” was actually in Obama’s favor(with basically the same numbers reversed) suddenly it’s not a mandate, etc, etc.
selective memory will only ever enable you to make more bad choices.
party on, Garth!
And you would be gloating all over the place if your man had done so well.
So they could slip themselves a tax break, a pay raise, get overtime, sick of their drama, they need to go and deficit gone.
There was numerous attempts to put together a sound fiscal plan by the congressional comity that was formed to tackle this issue, but Reid tabled or shot down every proposal in the name of politics.
The headlines should read “the senate comes up with another plan that is totally unreasonable”
To think that the senate averted this crisis is wishful thinking, the writer of this article evidently does not know how the system works.
They still have not done anything…the House has not considered the Senate’s deal. I think they are scheduled to convene at noon today (from CNN); but “there are no promises”.
http://www.cnn.com/2013/01/01/politics/fiscal-cliff/index.html?hpt=hp_t1
You are correct to note that the ridiculousness stems from both sides of the political divide. The reason for this brinksmanship arises not from political difference, but from political strategy. Now, everyone involved will pat themselves on the back and claim to have averted certain disaster, and hope that the public forgets that the potential crisis was fabricated by these very folks.
because that would have interfered with their faulty plan “to make Obama a one term president” ?
Bingo.
Because some of those in the GOP think compromise is admitting defeat?
The tea party in particular.
Senator Snowe dropped her doomsday bomb on her way out with her last vote to approve the legislation that will destroy the future economy. A legacy of infamy and a lasting curse for Maine Republicans.
http://www.youtube.com/watch?v=JlSQAZEp3PA
Because anxiety breeds fear.
If both houses pass this, then, maybe we can begin as a Country to heal.
Nope. If you read the article you’ll see (mere) mention that the decisions on big spending cuts have been delayed, yet again, for 2 more months.
“..also postpones for two months a $109 billion “sequester” of sweeping spending cuts on military and domestic programs.”
All they did was take the heat off for 60 days. I am NOT happy with this part of the agreement!
The bill was written by Pass D. Buck, the legislator from “legislate later”.
The House members should go back to their districts. They’d be *lucky* to get jobs selling used cars.
Boehner’s plan? to get his speakership reaffirmed before he sells out the Tea Party.
I’m betting a dollar there is no deal until after the new members are affirmed.
I am betting you are correct.
Rs put themselves into one heck of a corner a year and a half ago. They agreed to a 50/50 split on spending cuts — 50% defense and 50% social programs. They will not have the guts to cut defense.
Just you watch part two of this scenario. We will see if they REALLY “believe” in spending cuts, IF the cuts include their favored “spending “, too. They won’t .The ONLY reason THEY have delayed this day for a year and a half day IS GUTS. They don’t have the GUTS to cut defense—-too many BIG businesses ( and BIG contributors) RELY on the taxpayers paid US contracts, including BIW.
I guarantee there will be NO spending cuts— NONE . The GOP will huff and puff and kick the can down the road. AND they will raise the debt limit (all the while “blaming” Obama and the D’s ) . Remember you heard it here first..
The GOP will not have the GUTS to cut defense . NONE of them EVERYONE of them has at least ONE defense contractor in their state who will not let them cut defense. including our own BIW.
he GOP never thought they would have to face the day that they had to make “good’ on the debt ceiling “deal ” to CUT defense . They managed to delay it for a year and half. They thought they would have “control ” of the white house by then.OOPS . Well that DAY is just around the corner and they don’t “have” the white house.
It is one heck of a mess they made for themselves. This could be fun watching them twist in the wind. The GOP doesn’t WANT to cut spending. BIG business who rely on the US taxpayers $billiion contracts won’t LET them cut spending..
This piece is written as if the Senate somehow saved our nation, and all is well. Doesn’t the author realize that it has to pass the House of Representatives, or has that “changed” down there too.
Did you bother to read the article. It states quite specifically that the House still has to pass it and that Boehner has said that may result in changes.
And short minded Americans will soon forget that these are the same people who voted to get us in this mess in the first place. Here’s an idea for sweeping reform : limit politicians to one term , pay them minimum wage , put them on the social security retirement program , give them the same medical benefits that they just gave us , outlaw lobbiests and pac’s , sit back and watch America’s problems get fixed ! If nothing changes , nothing changes !
I couldn’t agree more. I have said numerous times that the title politician was never intended to be a career but rather a way to help serve your country. Politicians now look at being elected as a free meal ticket. We need a sweeping reform of our political system. Our forefathers would be flabbergasted to see what has happened to our countries once enviable democracy. When will “we the people” stand up for what is right and get all of these life long politicians out of office.
Those elected since 1984 have been paying into social security, They have the option of also joining the Federal Employee Retirement System (FERS) for a small percentage of their salary (1.3% for those elected prior to 2012 and 3.1% for those elected after).
i would say it is putting pressure on the house and ready to put the blame EXACTLY where it belongs ON THE HOUSE There is gonna be a lot of heat in that kitchen.
This really straightens the country out now. A big farce is all it is. A select few get taxed more which doesn’t amount to anything, the spending continues and we all had o wait till the last moment to be told we are saved. Obama wants a socialist nation, wants to make us like Europe and wants to spend on his cronies and throw a few bones to the sheep. When they tell us they can’t create jobs, sustain the spending, pay the recipient class and run business into the ground….guess wo gets taxed next. But we stuck it to the rich. Warfare on the middle class next so the “poor” can get more.
and yet it was the capitalist ( not the socialists) and their irresponsible behavior that “broke it” .
So many liars, cutthroats and thieves. Hey, boneheads. It’s over. Go home. We already did the taxation without representation schtick. You forgot to take that one out of the history textbooks.
There was never a “crisis” just the government (both parties) attempting to scare the us citizenry into a belief that society needs big all encompassing nanny-state Government. BTW anyone who actually believes that one party values freedom more than the other has not been paying attention.
this “crisis’ was manufactured BY ONE party (not both ) when the GOP refused to raise the debt limit ..
There is/ was no “crisis” and neither party has passed a budget since 1995
I have to ask the question of debt ceiling….so if you max out your credit card…can you call the bank and tell them to raise your limit? No…..you need to get a better paying job and or get your money situation in order and pay your bills. Its no different for the federal government. Un fortunately the feds idea of a better job is to take more of the money we earn, and they own the bank, continually raise the limit, and keep on spending. In the end we are the ones who end up paying the bills.
All this fuss because rich fat cats didn’t want to go back to the pre-Bush era tax rates. Now will come the threats from the Richey Richs that they’re going to increase their prices and move their companies. To them I say go ahead, we the people can probably do without your product and buy the same thing from real Americans. Get the heck out of this country and go live in China where the poor are so downtrodden and ignorant that they may (for a while at least) actually believe that your wealth makes you as special as you think you are. Good luck Kemosabe.
In your opinion, are there any good rich? And who is rich?
What a silly question. Of course there are some good rich people. They’re the ones who don’t forget where they came from and who or what it was that made it possible for them to get where they are. These folks are also the same ones that are more than willing to give back to support the system that’s made them so comfortable.
Who is rich? Someone with lots of friends who would show up to help them out at any time with the only expectation being that such assistance would if ever needed be reciprocated. Do you have a lot of friends like that?
yup those who thank the US by giving back .
StillRelaxin, do you pay taxes?
Yes. And I (unlike you I‘m sure) feel privileged to be so well off in America that I can easily afford to do my part to keep this great county moving forward. No I’m not over the 400K mark but if I were I think my mindset would move from privileged to “thrilled” to pay a few more bucks in taxes to keep this gravy train moving.
Taxes aren’t the real issue that should be being discussed here. It’s all about GREED and the feeling of some that they are “Entitled” to the wealth they have amassed under a system they tyrannically want to dismantle. If you’re rich in America, our system made you (or your daddy or daddy’s daddy) that way. Stop rocking the boat or that system and your ability to accumulate more wealth may someday vanish.
You are foolish.
It’s not “the rich”, (at least 150 of them signed on to raise taxes on them); it’s BIG BUSINESS.
Laugh about it shout about it when you have to choose anyway you look at it ,you lose……thank you Paul Simon
FIRE THE house . We need citizen’s NO confidence vote on the HOUSE!! !I am sick of them holding our county hostage!!!!
So the Deadline wasn’t actually a deadline.
Wow, big surprise so easy for them to pass FISA but it’s a big deal to give us a tax break
Senate punted
yup punted it to the house. Lets see if they fumble the ball
Oh no, we get screwed again! $1 in phony spending cuts for every $41 raised in taxes…..nice
For every $1 extra I earn at work, the wife spends $41 more dollars….makes sense – if you’re an idiot.
Brilliant move guys…..you just copied Greece & Spain…..how’s that working out for them!
Greece and Spain are completely different from us in every way.
wait & see
I would like the know who 8 said no on it.
Ask and you shall receive…..
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&session=2&vote=00251#position
We Americans get the government we deserve. Obama’s re-election and Reid holding power in the Senate have emboldened these, the most reckless spenders in the history of the world. The crisis is not over, it is still looming over us, growing like a cancer that is sure to kill this country.
When will the American people wake up to the threat of the debt and elect principled responsible leaders willing to show real courage to reduce it? It must be soon, or it will be too late.
ODD R’s didn’t care about deficits ( which when accumulated makes “the debt” ) when they were creating them HUH?? They actually said they were GOOD for the economy, before OBAMA became President .Talk about doing a 180. Hypocracy thy name is GOP.
“Deficits don’t matter.”*
*Dick Cheney
He meant that when it comes to elections, deficits don’t matter. And boy, did Nov 2012 ever prove him right!
Untrue. Context matters …
” [ Bush’s Treasury Secretary ] O’Neill, fired in a shakeup of Bush’s economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from “the corporate crowd,” a key constituency. O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. “You know, Paul, Reagan proved deficits don’t matter,” he said, according to excerpts. Cheney continued: “We won the midterms (congressional elections). This is our due.” A month later, Cheney told the Treasury secretary he was fired. The vice president’s office had no immediate comment, but John Snow, who replaced O’Neill, insisted that deficits “do matter” to the administration. Source: [X-ref O’Neill] Adam Entous,Reuters, on AOL News Jan 11, 2004″
In conservative circles, GWB’s legacy will forever be tarnished by his failure to curb Congress’ appetite for reckless spending and endless earmarks. However, he did attempt to address the unsustainability of Social Security only to be shouted down by the contemptible Dems and their cohorts in the press.
The debate regarding this most recent “crisis” reveals one irrefutable fact: Republicans are the only ones serious about addressing the biggest problem facing this country, its exploding debt. Dems are content to kick the can and send the bill to your grandchildren and mine as well.
More BS.
SS isn’t the budget’s “problem “
So we have the tax side fixed but delayed the spending side.regardless of party the problem still exists. Only in Washington would this be considered a solution!
Have no fear, those who control the house will deliver this deal still born when their turn comes.
OK so the senate has averted a crisis……really? There is absolutely no substance as to what the senate has agreed on and passed in this article? Why because it all just more smoke and mirrors from Harry Reid and the do nothing tax and spend liberals.
Hopeychangey Realities:
“The United States begins 2013 in uncharted economic waters; America has never been here before. Consider, for example, these seven “firsts” for the U.S. economy:
1. All-time record annual average gas price: In 2012, the average cost of a gallon of gas eclipsed the previous record by nine cents, bringing the annual average to $3.60.
2. All-time record food stamp participation: As of last month, for the first time in American history, 47,710,324 individuals — roughly one out of every seven people living in the United States — now receive food stamps.
3. All-time high youth unemployment: In the last four years, average youth unemployment eclipsed the previous record rising to 17.5% — the highest ever in recorded U.S. history.
4. All-time high number of Americans no longer in the labor force: Never before in U.S. history have so many been sidelined from the workforce. Today, a record 88,921,000 Americans are no longer a part of the U.S. labor force.
5. All-time record number of Americans collecting disability: Medical advancements and technological innovations have increased life expectancy and made workplaces safer. Still, the number of Americans collecting Social Security Disability Insurance (SSDI) has skyrocketed in the last four years. Today, a record 8,827,795 individuals collect a disability check averaging $1,130.34 a month.
6. All-time record number of Americans living in poverty: According to the U.S. Census Bureau, a record 46.2 million people in America are living in poverty, the highest number in the 53 years that the Census Bureau has collected the figure.
7. All-time record U.S. debt: The last four years have exploded the U.S. debt to levels never seen before in American history. Presently, the United States is $16,400,000,000,000 in debt.”
from http://www.breitbart.com/Big-Government/2012/12/31/Obama-s-New-Economic-Normal-Seven-Devastating-Facts
Obama and his pals are a DISASTER! Deny this simple fact at your peril (and unfortunately mine, too, my fellow voters.)
Does breitbarth (and you ) know we are in a DEEP and resistant recession, which explains MOST of those “firsts” ??? ( #2,3,4,5 ) HELLO? that is why you all LOST “The 47% ” and then some , voted for someone else. You all are totally and completely OUT OF TOUCH with America and the plight of Americans in these difficult times.
as to #1 the historic HIGH for the average price of gas ( and oil) was highest in august and the fall of 2008. ( under BUSH, by the way)
as to # 7 Bush and the R’s (policies ) OWN most of that . 11,000,000,000,000 when BUSH left . Yes it is fun to type all those 0’s You can rightly “blame” Obama for $1 trillion ( ‘the stimulus”) of the 16 triilion . The rest ? R policies “own”
We have a front row seat to the trainwreck taking place in Europe that is directly connected to the socialist philosophy that Obama is imposing on Americans, and yet you cheer him on.
Jefferson said that this country would succeed up and until the time when more people draw from the Treasury that contribute to it. Have you seen the latest numbers on welfare, including food stamps, disability, etc?
This country has lost its way because we have entrusted politicians with the power to spend our money to secure and maintain their power. We need to get back to this country’s mssion statement, the Constitution, and put an end to government playing the nanny in every aspect of our lives.
prettyfoolish, indeed, to deny that Republicans, today, right now, are the adults in the room, trying to curb the childish selfish impulses of the Democrats.
Do you know we are in a recession?? I know….. it is an inconvenient truth . Where were those R grownups when they were creating the deficit and the conditions for the crash??
PS Give me Jefferson’s exact quote. I think someone is “fooling” you.
Look it up yourself, foolish.
And as for the causes of the crash, take a look at Carter’s Community Reinvestment Act and the darlings of every pink fool like you – Fannie Mae and Freddie Mac.
And get your facts straight, for crying out loud! Obama and Reid/Pelosi have increased the deficit by over 5 trillion in just four years. Sheeesh!
Where are the spending cuts? Funding the government for 8 days isn’t going to make a difference.
A trillion in the Budget Control Act.
As “they” continue to divide us with left, right, Democrat, Tea Party/Republican “we” will continue to go in endless circles until “we” realize who “they” are?
8 opposed —3D’s 5 R’s—- Didn’t catch all the names, BUT they include : Harkins Bennet( D’s) and Lee, Sheldon , Rand, and Rubio ( R’s)
So we got a tax increase and the spending cuts ended up being a $30 billion increase for extending unemployment benefits.Let’s say you come home to find water running in your home and you are getting flooded.What Congress did last night was open the faucet further-these clowns just don’t get it.We have a SPENDING PROBLEM!!Guess I might as well head to the mall and get a $ 500 ipad and put it on credit.If my government can overspend ,why can’t I?
There were a trillion cuts in the Budget Control Act earlier last year.
Also, I’d love to see you try and pay your bills with no revenue. Good luck with that. It’s a spending AND revenue problem.
I’d love to see these proceedings televised. I’d love to see how my states reps et al conduct themselves “behind closed doors” in these serious matters.
Are you people serious? Arguing left vs right?! wake up. It’s a joke. Obviously.
And get over yourselves, especially you obama minions. Yeah, we all get it— you feel like your guy “won”—- uhm, hate to brake this to you, but the election is a farce. Two party politics are a farce. Divide and conquer! And we ALL lose! The sooner you realize this the sooner we can get back to supporting real politicians. Not some Goldman Sachs stooge like obama . The willful ignorance regarding this clown should have you all embarrassed and ashamed! Gloating? like some teenage groupie? Pathetic.
Obama has a more aggressive policy with drones than W. In fact, he’s gotten away with far more than W And Cheney! why? How many innocent women and children has Barak murdered? A lot….way too many.
You understand Goldman invested in Mitt, right ? As did all the investment banks we bailed out ( by 7 -1 ) They were ALL in Mitt’s ,not Obama’s, top 10 contributors here’s the link :
http://www.opensecrets.org/pres12/
….with all the money a campaign can buy and you all STILL lost !!!
check out the “outside money ” while you are at the site
I lost? Hardly, we ALL lost. And, FYI, I don’t belong to any political faction. I take pride in the fact that I think for myself. Thanks though.
Goldman Sachs invested in Obama. Period. That’s all you need to know.
It’s insulting really, you’re comment, because not only has Barak taken tons of Goldman cash, he had ex Goldman employees working in the whitehouse!
Whatever Goldman gave Romney is irrelevant! The Goldman Obama link is real and it runs deep! Come on….
Although to my knowledge he has never directly worked for Goldman, he has taken boatloads of their money (an investment repaid many times) and he calls Robert Rubin, the former head of Goldman Sachs “my friend Bob”. (See the video clip of then Senator Barack Obama’s address to the Goldman-Rubin funded Hamilton Project in a link below where he uses these words and calls for cuts in entitlements and more NAFTA-type agreements).
Jesse Unruh, the late California politician and political thinker, once called “money the mother’s milk of politics.” Certainly, Obama sucked at the teats of Goldman Sachs more than any other politician in recent times. It began for him as little-known Senator from Illinois with a razor- thin resume whose ambitions outshine his accomplishments. Obama’s eloquent, heavily prepped address to the Democratic National Convention caught not only the eyes of the Democratic top brass, but that of the big bankers. As early as the Spring of 2006, Senator Barack Obama was intimately involved with Bob Rubin and Goldman Sachs through his involvement with the Hamilton Project.
Fittingly, Senator Obama was chosen by Rubin and the Hamilton Project to give the inaugural address of the Hamilton Project in April, 2006. An excellent, seminal discussion of the Hamilton Project by Dr. Kirk James Murphy, M.D., can be found here. A video clip of then Senator Barack Obama speaking at the inauguration of the Hamilton Project in April, 2006 can be found here and here (with an excellent discussion) and here. Here Obama heaps lavish praise on Robert Rubin (“my friend Bob”) and on the Hamilton Project while setting out its (and his subsequent administration’s agenda) of cuts in entitlements, the need for more NAFTA-type free trade pacts and a pro-big corporation government. In 2006 then, Obama was a Goldie and articulating its desires and policies.
Little wonder then, that Goldman and Rubin heavily funded Obama as a Senator (his biggest campaign contributor) and as a presidential candidate. Goldman Sachs employees (and they were not the floor cleaners) contributed $994,795 to Obama’s presidential bid, almost four times the amount they gave to his Republican opponent, according to OpenSecrets. Over Obama’s entire career, Goldman has been his second biggest contributor, according to OpenSecrets, giving him more than $1,051,000. Goldman not only wanted Obama to win, they paid lots of money to insure that their man would occupy the White House. Again, as William Black noted:
“The highest return on assets is always a political contribution.”
Goldman’s 30 pieces of silver investment in Obama reaped them billions of dollars in returns as the TARP bailouts and the subsequent news about Goldman Sachs has shown. So although Obama may never have “worked for” Goldman in the traditional sense, he’s one of Robert Rubin’s boys and on Goldman’s books.
University of Minnesota political scientist Prof. Lawrence Jacobs, described the giant squid’s attachment to the Obama administration:
almost everything that the White House has done has been haunted by the personnel and the money of Goldman . . . as well as the suspicion that the White House, particularly early on, was pulling its punches out of deference to Goldman and its war chest.
You can be insulted all you want to be. Facts is facts. Your info and quotes are 4 years old . Goldman switched teams and backed a different horse this time around
.Isn’t it interesting the GOP was silent on Geitner’s appointment as secretary of treasury and supported him with their votes ? Why do you suppose that was?? PS Timmy is going to be gone soon.
“those quotes are four years old” hahahah i love that one! How dare I mention such ancient history!! HAHAHA
uh, yeah, as you say, “facts is facts”.. Goldman Sachs owns Obama. Fact. One more time, how many ex employees of goldman sachs worked for obama?
My god, this guy got more wall street money than anyone in history in 2008! Yet, somehow thats old hat? Thats your argument? Not to mention the ties he STILL has to sachs! The bailouts! Hello!!
Hhaha..Amazing
“My god, this guy got more wall street money than anyone in history in 2008! ” not true at all by the way …..and 2008 isn’t 2012…like I said look at the open secrets website for more recent info heck you can even look at the last race too …Apparently the BIG boys weren’t too happy with Obama’s performance on their behalf since 2008 and changed their bets and placed it on another horse in 2012 … They lost both times.
The problem with creating myths is believing the ones YOU create.
They lost both times? Hahaha…wow..ok..if by lost you mean won, yeah, no kidding!!
What in earth? Wow…
….and nothing about ex goldman employees on Obamas team? Convenient that you keep forgetting to address that one. Nice try wit the Geitner bit though–not.
Name
Relation to Goldman Sachs
and its offshoot the Hamilton Project
Position in Obama Administration
1 Obama, Barack Goldman Sachs employees contributed $994,795 to Obama’s presidential bid. President
2 Biden, Joe Goldman has been a major campaign contributor to Biden. Vice President
3 Altman, Roger Hamilton Project member and was Assistant Secretary of the Treasury under “Mr. Goldman Sachs”, Robert Rubin. He is “one of those power brokers with all encompassing contacts within the Democratic Party”.
4 Brainard, Lael Associate and protégé of Robert Rubin. United States Under Secretary of the Treasury for International Affairs
5 Buffett, Warren He has invested billions in Goldman Sachs. He is one of Obama’s fundraisers and economic advisers.
6 Clinton, Hillary In 2008 she received $415,000 (inflation adjusted) from Goldman Sachs. United States Secretary of State
7 Craig, Gregory He left the White House to become Goldman Sach’s chief lawyer in defending against its SEC suit. He was Obama’s White House Counsel.
8 Donilon, Thomas He was a lawyer at O’Melveny and Myers representing meltdown clients including Goldman Sachs. Deputy National Security Adviser to Barack Obama
9 Dudley, Bill He joined Goldman in 1986 and was partner and managing director until 2007. Federal Reserve Bank of New York President since January 2009
10 Elmendorf, Douglas He previously was the Director of the Hamilton Project. He became Obama’s Director of the Congressional Budget Office in January 2009.
11 Emanuel, Rahm Received large contributions from Goldman Sachs as a Congressman and was on a $3,000 a month retainer from Goldman while he worked as Bill Clinton’s chief fund raiser. Obama’s Chief of Staff, the very first person Obama selected to be in his administration.
12 Farrell, Diana She worked for two years at Goldman Sachs. Deputy Director of the National Economic Council
13 Friedman, Stephen He worked for much of his career with Goldman Sachs, holding numerous executive roles and still serves on the company board. Chairman of Obama’s Foreign Intelligence Advisory Board
14 Furman, Jason Former Director of the Hamilton Project He was director of economic policy for the Obama Presidential Campaign.
15 Fudge, Anne Trustee of the Brookings Institution within which the Hamilton Project is embedded Member of Obama’s budget deficit reduction committee
16 Gallogly, Mark He is member of the Hamilton Project’s advisory council. He is a member of President Barack Obama’s President’s Economic Recovery Advisory Board.
17 Geithner, Timothy A protégé of both Henry M. Paulson Jr., a former chief executive of Goldman Sachs, and Robert Rubin, former co-chairman of Goldman Sach. He was Obama’s Secretary of the Treasury.
18 Gensler, Gary He was a Goldman Sachs partner. Obama’s Commodity Futures Trading Commission head.
19 Greenstone, Michael Director of the Hamilton Project He was an economic adviser position to Obama.
20 Hormats, Robert 27 years at Goldman Sachs, including as the Vice Chairman of Goldman’s international arm. The top economics official at Obama’s State Department
21 Kashkari, Neel. Former Vice President of Goldman Sachs He worked for Obama on TARP oversight.
22 Kornbluh, Karen She was Deputy Chief of Staff to Robert Rubin. Obama’s Ambassador to the OECD
23 Lew, Jacob He sits on the Brookings-Rubin funded Hamilton Project Advisory Board. United States Deputy Secretary of State for Management and Resources
24 Orszag, Peter He was the founding director of Goldman Sachs’ Hamilton Project Obama’s Budget Director
25 Patterson, Mark Former lobbyist for Goldman Sachs verseer of TARP bailout funds, $10 billion of which went to Goldman.
26 Rattner, Steve A billionaire financier who sits on the Advisory Council of the Goldman funded Hamilton Project. He oversaw the Obama Administration’s rescues of General Motors and Chrysler,
27 Reischauer, Robert D. He has close ties to Robert Rubin and sits on the Advisory Council of the Goldman funded Hamilton Project. Appointed by Obama as one of the two public trustees of the Social Security and Medicare trust fund.
28 Rivlin, Alice She is a member of the Hamilton Project board and of the board of directors of the New York Stock Exchange. Appointed by Obama to his “deficit reduction commission”.
29 Rubin, James Son of Robert Rubin (see next entry). Served as a headhunter for Obama
30 Rubin, Robert 26 years at Goldman Sachs and its former co-chairman. Also former Chairman of Citigroup. Along with Goldman Sachs, he funded the Hamilton Project. Regarded by insiders as the de facto President of the United States.
31 Sperling, Gene In 2008 he was paid $887,727 by Goldman Sachs as a consultant. Advisor to Obama’sTreasury Secretary Tim Geithner on financial bailouts and other matters.
32 Storch, Adam Former Vice President of Goldman Sachs Obama appointed him Managing Executive of the Security and Exchange Commission’s Division of Enforcement.
32 Summers, Larry He landed a big-time job at Goldman Sachs after crashing as Harvard’s President. In 2008 Goldman Sachs paid him $135,000 for a single speech. Obama’s chief economic adviser and head of the National Economic Counsel.
Source: compiled from “A List of Goldman Sachs People in the Obama Government”, by fflambeau, April 27, 2010, http://my.firedoglake.com/fflambeau/2010/04/27/a-list-of-goldman-sachs-people-in-the-obama-government-names-attached-to-the-giant-squids-tentacles/
http://www.motherjones.com/politics/2012/01/mitt-romney-goldman-sachs-investments
Romney and his wife, Ann, have investments in nearly three-dozen various Goldman funds together valued at between $17.7 million to $50.5 million, according to a financial disclosure form (PDF) filed in August 2011. Those investments appear in the blind trusts and individual retirement accounts belonging to the Romneys. Romney’s been a loyal Goldman Sachs client. His 2007 disclosure, filed before his first presidential run, showed Goldman investments valued at between $18.2 million and $51.5 million.
http://www.huffingtonpost.com/2012/10/09/goldman-sachs-obama-romney-contributions_n_1950944.html
Hell hath no fury like a Goldman scorned.
In 2008, the notorious investment bank counted among the top donors working to elect President Obama, but the relationship has since turned sour. Goldman employees are throwing their weight behind Republican nominee Mitt Romney this election cycle, donating some $1.8 million to elect Romney, including both contributions to SuperPACs supporting the Republican candidate and direct contributions to his campaign, The Wall Street Journal reports.
Just four years ago Goldman employees donated more than $1 million to elect Obama. What went wrong? It could be personal. Obama has been no stranger to the popular rhetoric in recent years that’s characterized Wall Street as greedy and selfish. He once even referred to the financial industry as “fat cat bankers.” At the annual White House Correspondents Dinner in 2010, Obama hit Goldman directly….
While the President’s term has been kind to Wall Street profits, Goldman employees may also be annoyed by the increased regulation the bank has seen under President Obama with the Dodd-Frank financial reforms.
But it’s not just Goldman Sachs that President Obama seems to have alienated. Employees from Morgan Stanley, JPMorgan Chase and Bank of America all count among big campaign contributors to Romney this election cycle after supporting Obama in 2008, the New York Post reports.
http://thinkprogress.org/economy/2012/03/14/444533/goldman-sachs-toxic-culture-romney/?mobile=nc
More than any other institution on Wall Street, Romney has ties to Goldman Sachs, the firm that was slammed in a New York Times editorial this morning by a resigning executive director who decried the firm’s “toxic and destructive” culture. Romney and his wife, Ann, have investments in almost three-dozen Goldman Sachs funds valued between $17.7 million and $50.5 million, according to his personal financial disclosure forms.
No Wall Street bank has been as generous to Romney’s campaign, his leadership PAC, and the super PAC that backs him as Goldman. According to an analysis of Federal Election Commission reports, Goldman Sachs employees have given the Romney campaign more than $427,000 during the 2012 cycle, nearly twice as much as he has received from any other major Wall Street bank (Citigroup employees have given roughly $274,000 to Romney, the second-largest amount). According to OpenSecrets.org, total contributions to Romney from Goldman Sachs, its employees, and their immediate family members totals more than $521,000.
The Free And Strong America Leadership PAC, which is affiliated with the Romney campaign, has received $30,000 from Goldman Sachs employees during the 2012 cycle. Goldman employees and their spouses, meanwhile, have given $670,000 to Restore Our Future, the super PAC backing Romney.
After making billions of dollars in the run-up to the financial collapse of 2008, Goldman Sachs benefited from a federal bailout that saved Wall Street banks. The company, like other Wall Street firms, stood opposed to the Dodd-Frank Wall Street Reform Act that was signed into law in 2010 and also fought regulations in contained, such as the Volcker Rule, which would prevent proprietary trading that made the bank billions but left taxpayers on the hook when it nearly collapsed. Romney has rarely missed a chance to tout his opposition to the law on the campaign trail, announcing that he’d repeal it even before he read it.
Hahahahaha.
Woo Hoooo hahahahaha!!,
Good luck to you…..
Yeah, whatever, I’ll refer you to the numerous previous facts regarding Obamas connection to Goldman Sachs…..again, romeny? Irrelevant. Keep trying.
Sorry, my bad, I forgot how ruthlessly Obama has pursued Wall Street! How he has really held them accountable!
Hahahahaha….
Thank you and your kind for the biggest betrayal of our constitution ever!
Got to love that two party thinking, huh? “My team is right” ” no my team is” …..
Seriously, do you have any idea how deep the Goldman Sachs Obama connection runs? Any idea at all?
Again, their investment in Romney is irrelevant! The number of Obama team members, official and unofficial, tied to Goldman and or one of their off shoots is staggering! Staggering…..
seriously ?? you are wrong . The proof is in the link above. Goldman changed teams .I bet they are regretting it ,now.
I’m confused. What exactly is your argument here? And what am I wrong about—aside from nothing?
Goldman backed obama as a senator and a president. Care to address the staggering number of ex goldman sachs employees working for obama? Doesnt matter if they worked under his first or second term. Irrelevant. As is your pathetic argument that its ancient history (four years, and never mind that the ex goldman employees are STILL there)and they “switched teams” I love it! Switched Teams!! Really? Thats how you view it? Cause here, on planet earth, thats called owning both sides!! “Switched teams”!! HAHAHA
Oh yeah, I bet they are truly regretting it! Obama has really held Wall Street accountable!! He’s really held their feet to the fire, huh!!! Hahahahaha
Thanks for the laughs at least……hahaha
Higher taxes and no spending cuts. What else did you expect. Here comes another surge of Tea.
There were a trillion cuts in the Budget Control Act earlier last year.
It would seem that everyone is been talking about equality lately…Marriage equality, fair share….etc….This country needs tax equality, everyone pays the same equal percent of their pay no matter how much you make. The rich….the poor…everyone, only then will there a solution to our countries government budget crisis.
When it comes to equality….you cant just pick and choose what should or should not be equal.
Ok, how about a flat 99 %?
We got what we elected… A total lack of leadership. We deserve the chaos. Tax and spend our way out of this mess? I hope it works but have my doubts. Let us give it a chance, tax some more and spend even more.
Collectively we deserve what we get – our kids don’t. A lot of politicians should be in jail and a lot of grown adults need to start acting like grown adults and try to stop this mess by being active in real life and not reality TV life.
Just kicking the can down the road…At some point the chickens will come home to rooste and it won’t end pretty..Which is why the Libs are hell bent on taking our guns…Connect the dots people…
It’s laughable that they came to a ‘deal’ two hours before the New Year. We went over the ‘fiscal cliff’ a long time ago.
Hope the VP and Congress enjoy the pay raises they were given by the president last Thurs. Once our taxes increase, the Americans who have lost jobs and may be clinging on to their homes, these people will Not be able to pay more in taxes. The elected Neglect to consider their fellow American.
I hear there are 27,856 lobbist in Washington right now, all wanting a peice of the pie.. and people believe they care about you!!! hahaha. There is no cliff, we the people are already sitting in the bottom of the hole..
Why does the Federal Reserve want more borrowing and less taxing??? They are the one’s who come up with the title fiscal cliff.. Why is that??
Oh goody they get their pay raises (read bribes) more business down the crapper and they want to cut a million less than what the chicago mobster spends on entertainment in a year. We are so screwed can you say third world garbage dump.
OMG! Who would have THOUGHT they would let this get right down to the wire! (Yeh, right) People, if you didn’t see this coming, you have NO concept of the politics game.
The Senate “Fiscal Cliff” bill will spend $41 for every $1 taken in taxes creating more and more “fiscal cliffs”. Can anyone do math anymore or do people just not care about the long term effects of being so foolish?
They get a payraise…and we get a paycut!
THIS IS WHY YOU NEVER VOTE FOR A DEMOCRAT…NO MATTER WHAT PROMISES THEY MAKE!
I hope you all learn this lesson!
I have never seen a newspaper site have so many computer issues.
The House passes the agreement 257-167, with 85 R votes.!!! Votes needed to pass— 217