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Wed Nov 21, 2012, 03:25 PM

Parameters of a fiscal cliff deal in place

An Emerging Fiscal Cliff Deal?

November 21, 2012
Categories: Budget & Taxes

Ezra Klein is growing increasingly confident about the “fiscal cliff,” saying that “Washington appears to be preparing to deal with it in a smooth, timely, reasonable way.”

“December 21st, people keep saying. We’ll have a deal by December 21st… Here’s how it could work: The top-income tax cuts expire, as Obama wants. Those cuts only raise about $80 billion in 2013, so they’re a ‘down payment’ on reform. And their cost is that the Democrats identify roughly $80 billion in spending cuts that can be passed into law now — so Republicans also get a ‘down payment’ on the bigger deal. And all this happens in the context of a framework for a larger deal, which includes the promise of tax reform in 2013.”

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Reply Parameters of a fiscal cliff deal in place (Original post)
Mojo2 Nov 2012 OP
geek tragedy Nov 2012 #1

Response to Mojo2 (Original post)

Wed Nov 21, 2012, 03:29 PM

1. Congressional Republicans are incapable of cutting such a deal.

Klein wrote:

If Republicans are no longer inclined to fight to the death over the Bush tax cuts for income over $250,000 — and many in their coalition aren’t — this could go surprisingly smoothly.

Protecting the wealthy is the one thing on this planet they are inclined to fight to the death over.

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