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Sun Dec 30, 2012, 02:13 PM

‘Major setback’ in fiscal cliff talks

Negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell have suffered a “major setback” after Republicans demanded the inclusion of a new method for calculating entitlement benefits as part of the fiscal cliff package, according to Democratic sources.

The provision, known as “chained CPI
,” is opposed by many progressives because it would result in lower payments for Social Security beneficiaries.

Democrats are objecting to including this as part of the current negotiations on a scaled-down fiscal cliff deal. They say they’ve already given ground on other issues, including raising the threshold for new taxes to around $400,000 annually, as well as showing flexibility on estate taxes, sources said.

Read more: http://www.politico.com/story/2012/12/fiscal-cliff-no-deal-as-final-hour-approaches-85587.html#ixzz2GZ20pBVX

Link to segment on MSNBC where I saw the news. Thanks to cal04: http://video.msnbc.msn.com/msnbc/50324578/#50324578

18 replies, 1815 views

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:22 PM

1. Watching on MSNBC. Link to video

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Response to cal04 (Reply #1)

Sun Dec 30, 2012, 02:27 PM

6. That's where I saw it. I looked for a link after. Can I put your link in my OP?

TIA.

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Response to jenmito (Reply #6)

Sun Dec 30, 2012, 03:57 PM

12. Please do.

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Response to cal04 (Reply #12)

Sun Dec 30, 2012, 04:12 PM

13. OK, I will.

Thanks.

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:23 PM

2. Was just about to post this. Thanks for posting. K&R eom

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Response to Purveyor (Reply #2)

Sun Dec 30, 2012, 02:29 PM

7. Thanks for the K&R. n/t

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:26 PM

3. Just go over the cliff already. It will slash their beloved military budget, and perhaps get us out

of Afghanistan sooner.

Yes, a lot of people are going to be hurt, but we can look at it another way, they will be starting from scratch, and this current Congress will be gone, so maybe the new Congress will finally start doing their job

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Response to still_one (Reply #3)

Sun Dec 30, 2012, 02:30 PM

8. That's how I feel. n/t

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:26 PM

4. ‘Fiscal cliff’ talks hit by setback over Social Security benefits

Talks between Senate Democrats and Republicans have hit a “major setback” on Sunday after Republicans demanded cuts to Social Security benefits be included in the deal, Democratic sources said.

Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) have been negotiating since late Friday on a package to avoid the $500 billion in automatic tax increases and spending cuts known as the “fiscal cliff.”

(snip)
Today, the GOP added a new demand to the talks: the deal should include a new measure of inflation known as chained consumer price index (CPI). The change would tend to reduce Social Security and other entitlement benefits even while raising some tax revenue.

"The Democratic caucus will be told later today that the talks have reached a setback over chained CPI," a Democratic aide said. "I can only conclude that McConnell included that new demand after he briefed Speaker Boehner and Boehner said he needs to have cuts."

http://thehill.com/blogs/on-the-money/budget/274907-fiscal-cliff-talks-hit-by-setback-over-social-security-benefits

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Response to cal04 (Reply #4)

Sun Dec 30, 2012, 04:19 PM

15. " Boehner said he needs to have cuts."

I hope he is talking about cutting his salary and Congressional benefits
for they are just part time workers anyway

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:26 PM

5. Republicans get to own the failure of talks and cutting social security

benefits.

Geniuses,

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Response to geek tragedy (Reply #5)

Sun Dec 30, 2012, 02:31 PM

9. Exactly. n/t

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Response to jenmito (Original post)

Sun Dec 30, 2012, 02:35 PM

10. It is the Republicans fault

they have to agree with Harry or else. Once people realize that Repubs are trying to mess with SS they will not be happy

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Response to jenmito (Original post)

Sun Dec 30, 2012, 03:00 PM

11. I think this is where we all need to contact our Senators

and Congress critters. Especially those in Republican districts. Ewww..that means I have to get in touch with Peter King's office. I understand that can be a bit of an adventure. Anyway, public outcry has worked with SS issues before, and worked wonderfully. But the Republicans need to feel some heat from their own constiuents, too.

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Response to jenmito (Original post)

Sun Dec 30, 2012, 04:16 PM

14. let the taxes go back to 70% for the top rate

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Response to jenmito (Original post)

Sun Dec 30, 2012, 04:31 PM

16. Thanks jenmito! And, there's reportedly this..

CNN: corker just confirmed...chained CPI off the table


http://www.democraticunderground.com/10022098495

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Response to Cha (Reply #16)

Sun Dec 30, 2012, 07:15 PM

18. No problem, Cha! And yeah...

I saw that on MSNBC. Thanks!

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Response to jenmito (Original post)

Sun Dec 30, 2012, 05:12 PM

17. Chained CPI should not be discussed by them because it is part of Social Security

and Social Security has nothing to do with the fiscal cliff (debt).

Republicans like to make stuff up.

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