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Tue Jan 1, 2013, 03:01 AM

President Obama insisted on sequester buy down

Fiscal cliff negotiations between the White House and Congressional leaders involved late-night discussions in the Oval Office and an ultimate hardline from President Barack Obama, according to a source familiar with the process.

The source said it was the president who insisted the final deal include a pay down on the sequester and a tax increase that hit at least individuals making $400,000 a year and $450,000 for households. That’s where the deal ended up.

On Monday, Republicans agreed to a plan that raises $620 billion in revenue over 10 years and makes a $24 billion down payment on deficit reduction through a combination of revenue and spending cuts – also a priority for the president. Those spending cuts have been pre-determined and will be evenly divided between defense and non-defense areas.


(snip)
Senate Republicans brought their first offer: allowing income taxes to rise for households earning $750,000 or more – significantly higher than the $450,000 threshold the Democrats won in the end; indexing Social Security to CPI; keeping the estate tax at the current rate; paying for the sequester by means-testing Medicare. The offer included no extension of unemployment insurance and no tax credits for low income people and for education, a source familiar with the discussions said. The final deal includes both.



http://politicalticker.blogs.cnn.com/2013/01/01/obama-insisted-on-sequester-buy-down/

7 replies, 1520 views

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Arrow 7 replies Author Time Post
Reply President Obama insisted on sequester buy down (Original post)
cal04 Jan 2013 OP
JDPriestly Jan 2013 #1
TDale313 Jan 2013 #2
whathehell Jan 2013 #5
Skittles Jan 2013 #6
whathehell Jan 2013 #7
Cha Jan 2013 #3
cal04 Jan 2013 #4

Response to cal04 (Original post)

Tue Jan 1, 2013, 03:12 AM

1. I'm still not clear about what happened to the chained CPI and various pensions, Social Security,

SSI, etc. What happened on that? Or is that yet to be decided?

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Response to JDPriestly (Reply #1)

Tue Jan 1, 2013, 03:29 AM

2. Chained CPI not in this deal.

We'll see if it rears its ugly head in future talks, but it was kept out of today's deal.

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Response to TDale313 (Reply #2)

Tue Jan 1, 2013, 04:33 AM

5. Good....Let's hope it's Ugly Head has been beat down permanently. n/t

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Response to whathehell (Reply #5)

Tue Jan 1, 2013, 06:30 AM

6. we'll see it again

and again and again - it is now a political football

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Response to Skittles (Reply #6)

Tue Jan 1, 2013, 08:01 AM

7. You're probably right, unfortunately....It should NEVER have been put on the table. n/t

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Response to cal04 (Original post)

Tue Jan 1, 2013, 03:36 AM

3. Thanks cal04.. HAPPY NEW YEAR2013~

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Response to Cha (Reply #3)

Tue Jan 1, 2013, 03:52 AM

4. You're very welcome Cha. Happy New Year!

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