Monday, December 31, 2012

We Have A Deal...Sort Of

From L.A. Times:

The White House said a deal has been reached to avert the “fiscal cliff” and dispatched Vice President Joe Biden to Capitol Hill late Monday, an indication lawmakers were heading toward a possible late night vote on the deal that could stop the tax hikes and spending cuts in the “fiscal cliff.”

The major outstanding issue – how to handle the automatic spending cuts that are slated to begin on Wednesday – was resolved as the White House and Republicans agreed to a two-month delay, as well as a mix of additional revenues and spending cuts intended to offset the lost savings.

The agreement would give Congress time to try to find a permanent deficit-reduction solution...
If the Senate votes late Monday, the House could return to session. Or Boehner could push the vote to New Year’s Day which, in a political twist that had been discussed for months, is advantageous for the GOP. It would allow the tax rates to raise for a few hours as lawmaker return to vote not on tax hikes, but rather tax breaks, for most Americans...

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