Senate Fiscal Cliff Doomsday Countdown Thread

Well, it has definitely passed.

 

So I don't have to cannabilize my not-huge retirement savings yet? Sell my condo/move in with Mom or whatever? I *am* trying to find a job. Not a good job, even, just a job that pays the bills.

 

Approved. Guess the screws were on them too tightly.

 

It passed.


Boehner and Ryan voted for it.

Cantor voted against it.

Only a minority of Republicans voted for it.



Obama to speak in 15 minutes.

 

assemble the middle class backdrop!

 

Odd, according to some of the news reporters on my twitter feed Ryan voted yes.

I need sleep.

Also since Rubio's name has been thrown around as a possible 2016 candidate, it should be noted that he was a No vote.

 

Yeah, he did, like I said above.


So, in 2 months is the next fight, over...
*the sequester cuts (which could lead to recession)
*debt ceiling (which could lead to default)
*government funding for a year (which could lead to government shutdown)

Obama wants Medicare Reform as part of that package, but only if there's more revenue too and it doesn't hurt senior citizens. But will not allow the debt ceiling to be used as a bargaining chip.

 

Well, just like many pundits have said that Republicans think that Obama can be rolled, I think it's now clear that the GOP has had to blink as well. Obviously they didn't want to vote for this in the House, and probably not in the Senate either, but they did. Remember that when the next fight happens.

 

And Boner and Ryan are going to be primaried in 2014.

 

we're still in a damned recession, sd.

 

We haven't been in a recession for years. It ended pretty early in the first year of Obama's term.

 

High unemployment. Yes. (though the rate has been going down)

Recession? No.

 

it's been baby steps reduction in unemployment, baby steps growth. we're treading water at best. it's practically a zero sum game.

 

And in retaliation for I guess, in their minds being forced to pass the fiscal Cliff bill, the House has rejected relief funding for Hurricane Sandy victims.

 

Well that's not petty.

 

Interesting rundown on how things unfolded: http://www.politico.com/story/2013/01/the-fiscal-cliff-deal-that-almost-wasnt-85663.html

It's going to be rough sailing for the debt ceiling battle. I generally side with Reid, who I think recognized the leverage Democrats had and wanted to maximize it. Boehner must have been convincing today in getting his caucus to recognize that if they voted down the bill en masse, or amended it, that they would be taking on virtually all the blame for the consequences of its failure.

 

'tis but a slight victory. The tax threshold is at 400k, beyond that the rich have a permanent tax cut yet things like tax credits for college tuition are not. And did I read that SS and Medicare are on the table as negotiable for the next debt ceiling fiasco?

 

In a way, the Republicans are now in a much stronger position when it comes to the debt ceiling (and sequestration) debate.

Why? Because Obama now has what he wanted. "The Rich" have gone back to the Clinton-era rates that he insisted on. That means that tax rates are off of the table in the next round of negotiations.

What does that leave? For the most part, the only revenue-increasing options left are:
1) Spending cuts
2) Tax reform (i.e. closing loopholes, but not changing rates), or
3) Borrowing more

#3 is basically a non-starter right now and we all know that. That means that there will have to be some combination of 1 and 2, which is what the Republicans have been demanding for quite some time. That can easily give them the edge in the next round.

It ain't over yet.

 

.....which is what I've been saying all along. The psychology has shifted from "Obama deserves a victory" to "the Republicans compromised, now it's Obama's turn to yield" for the next round.

On technical terms, KK, you are correct as well. Taxes are "done", now on to spending cuts.....

Peace,

V-03

 

Adam West loves you!

 

They scrapped the vote on aid for hurricane Sandy. Are you even friggin kidding me?

 

3) Borrowing more


We'll go right on borrowing. Not doing so is the real non-starter.

 

Yeah, that's how I see it too right now.

Tax rates are done. Tax reform isn't.

And I think the "spending cuts" should really be focused on Entitlement Reform, since everyone know that Medicare (not discretionary spending) is the real deficit-driver.




The challenge is going to be Medicare Reform that doesn't hurt benefits. And the CPI/inflation thing should definitely be on the table, Democrats need to deal with it.

Obama can score some victories too, in tax reform. Like getting rid of the subsidies for Big Oil, and the tax breaks for companies that ship jobs overseas.

 

CNBC just had a story on the 'pork' in the fiscal cliff bill. If you want to see what else was voted for check out the article here. Just what NASCAR, asparagus, algae, and rum have to do with the fiscal cliff is beyond me.

 

What about military spending? Or are we still doaling out wads of cash to protect ill defined overseas intrests.