HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Senate Dems Balk At Last-...

Mon Dec 31, 2012, 09:51 PM

Senate Dems Balk At Last-Minute GOP Fiscal Cliff Demand

Source: Talking Points Memo

The parties are nearing agreement that the Bush tax rates, including on capital gains, should be locked in for income up to a minimum of $450,000. Republicans would like to kick that up to over $500,000. Democrats are also prepared to make permanent the current low estate tax, which is set to increase, and apply to much less valuable estates, in 2013.

In exchange, Democrats are asking to extend expiring unemployment benefits, and Medicare physician payments, without offsetting spending cuts.

The net effect of the measure would likely not reduce the deficit. But it would set up a spending-cut cliff early next year. And Democrats are balking. They insist that automatic spending cuts scheduled to take effect later this week be put off for longer than three months, as Republicans have offered.

And on the Senate floor Monday morning, Sen. Tom Harkin (D-IA), chairman of the Health, Education, Labor and Pensions Committee, panned the deal, and argued that any deal should be cut from a post New Year’s baseline after all the Bush tax cuts have expired.


Read more: http://tpmdc.talkingpointsmemo.com/2012/12/fiscal-cliff-debt-limit-sequester-bush-tax-cuts.php?ref=fpnewsfeed



These four paragraphs are lower in the article...So we don't really know what the final deal is..but the Republicans look like they will get their way on the estate tax...and the 450,000 number. I wonder if progressive dems will go against the deal, as the article kinda implies..
We will know in a couple of hours..or so..

6 replies, 2072 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Senate Dems Balk At Last-Minute GOP Fiscal Cliff Demand (Original post)
Stuart G Dec 2012 OP
Zephie Dec 2012 #1
Stuart G Dec 2012 #2
Jackpine Radical Dec 2012 #3
bowens43 Dec 2012 #4
loyalkydem Jan 2013 #5
janx Jan 2013 #6

Response to Stuart G (Original post)

Mon Dec 31, 2012, 09:57 PM

1. All it sounds like is more "We'll deal with it later"

But maybe I'm misunderstanding. We're just moving the drive off the cliff off by a few months is what I got out of this.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zephie (Reply #1)

Mon Dec 31, 2012, 09:58 PM

2. Sounds like you are correct to me..we will know soon...nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Zephie (Reply #1)

Mon Dec 31, 2012, 10:19 PM

3. We're giving away some long-term concessions

on tax cuts for the wealthy in return for short-term benefits like Unemployment Insurance & temporary fixes to provider reimbursement rates for Medicare.

It doesn't smell like a winner to me.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Jackpine Radical (Reply #3)

Mon Dec 31, 2012, 10:27 PM

4. absolutely. This is a HUGE loss for Democrats.

Once again Democrats refuse make a stand. When the going gets tough Democrats run away. 'No deal' would have been preferable. Then we would have the needed revenue and huge cuts in military spending. And of course now that they try to sneak this in at the very last moment on New Years eve it's not even possible to protest to our representatives.

The way this was done is slimy...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Stuart G (Original post)

Tue Jan 1, 2013, 07:36 AM

5. Randi called it

Randi Rhodes said there would be a deal at the last minuet. I wanted us to go off the cliff.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Stuart G (Original post)

Tue Jan 1, 2013, 11:23 AM

6. Why didn't we just take the plunge?

I don't get it.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread