Tuesday, January 1, 2013

Fiscal Cliff Deal Passed By Congress After Republicans Cave

The House passed the Senate "fiscal cliff" deal, not sure to cheer or not.  The tax cuts for incomes below $400,000, not $250,000 are all made permanent, which means less tax revenue.  The temporary payroll tax cut is gone, so all working class taxes go up some (some prog. opposed it to begin with because it came out of Social Security), on the other hand, unemployment benefits are extended and the Earned Income Tax Credit and Child Tax Credits are extended, a victory for progressives.  And the GOP were not able to add any cuts to Social Security and Medicare benefits, they are saving that fight for the Debt Ceiling cliff, so hand on for the next ride... it ain't gonna be pretty.  Now the Republican, and some corporate Democrats, will be pushing AUSTERITY (cuts to social programs)

Fiscal Cliff Deal Passed by Congress After Republicans Cave

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Fiscal Cliff Deal Passed By Congress After Republicans Cave