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BREAKING

U.S. Rings in New Year With Dive Off Fiscal Cliff

With no House vote scheduled, automatic tax hikes and spending cuts kick in at midnight

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by Lisa Fine

Staff Writer t

Image: AP

The House of Representatives scheduled no vote on a fiscal cliff deal for Monday, ensuring automatic tax hikes and spending cuts on New Year's Day, news reports say.

As dire as it may sound, the plunge over the edge may not turn out to mean much. In the coming days, if lawmakers approve the tax package being negotiated by Senate leaders and the Obama administration, they could retroactively cancel the effects.

House GOP sources told CNN that the main reason the House did not schedule a vote in the final hours before the deadline was the Senate deal was incomplete. When it is finalized, it must be considered and voted on by the Senate.

But there may also be a major political advantage for both parties in delaying a vote. A vote tonight is for tax hikes, yet a vote tomorrow would be to cut taxes that have already gone up. CNN said that distinction may help get more House Republicans to vote for the deal.

Reaction to the missed deadline from global markets remains to be seen. The stock markets closed for today and will reopen Wednesday after the New Year's Day holiday.

Via CNN and Huffington Post
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Comments (view in Forum)

  • jessejaymes
    !
    It's a disaster because the GOP and the Dems in the Senate reached a compromise of some limited sort and the rogue House continues to put their agendas above those of the nation and have in fact declared themselves to be the ruling Junta of America. This sort of thing has to stop.
  • PNWest
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    This whole thing could have been averted long ago. The Senate passed the Middle Class Tax Cut Act (SB 3412) in July.( http://www.govtrack.us/congress/bills/112/s34... ) Obama is willing to sign it. The bill would pass if it was brought up for a vote but Boehner refuses to bring it up for an up or down vote. It really is as simple as that. This is a case of the republicans putting party before country - AGAIN.
  • PNWest
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    @Republican5001 The only dictatorship in the senate has been that of the minority republicans filibustering everything in site. Senate Minority Leader and turtle impersonator Mitch McConnell even went so far as to filibuster his own bill.

  • View all 18 replies >

  • armenia4ever
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    @AceLuby Damn right it is. Us libertarians have been screaming for ages about the consequences of deficit spending. However, we were told to shut-up and be considerate and that printing tons of money and federal stimulation of the economy would fix all of our problems..... then the housing bubble burst.
  • u
    AceLuby
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    @armenia4ever Unfortunately the damage was done when tax cuts were promised instead of paying down the debt. At this point its like yelling at your wife 2 years after she maxed out your card and you just lost your job... The damage is done.
  • Fishbone345
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    @AceLuby No, its a bit like yelling at your wife after she continues to do the same damn thing that got you in the predicament in the first place, making it that much worse.

  • View all 10 replies >

  • FollowTheMoney
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    It's hype, it's always hype with congress. After they play this partisan crap for a while to appease their voters, they can make their real plan retro active. Then pretend that that was the best they could do, under the circumstances, so they can keep working as elected officials, to make our lives better. The message... We need them to run things because it's much too complicated for the common man to figure out.
  • jessejaymes
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    I don't follow the changes in the laws and rules as closely as I once did but can't Obama hold them until they come up with something? I seem to remember Presidents basically putting Congress on lock down.
  • PNWest
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    Have you looked at world opinion lately? The rest of the world looks at the GOP as batsh%t crazy. Check the polls sometime.
  • jessejaymes
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    @PNWest Nah they don't care. Have you ever heard a parent say they are a bad parent? Ever heard a white supremacist admit to being a racist? You're not about to hear a right winger admit his bunch is part of the problem. This is America. It's always SOMEONE ELSE'S FAULT!!!
  • Fishbone345
    !
    @jessejaymes In the thread about what Romney is doing now, I posted that he'd write a book blaming the 47%, or those who receive gifts as the reason for his shortcomings instead of addressing his participation in it.
    The posters that responded to me all took jabs at the President, proving my point that Americans always seek blame outside themselves. It was a blast.
  • jessejaymes
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    @Fishbone345 We read what the others posts. We don't always agree. But what we do agree on is that both parties are corrupt to the core and until the majority of voting America comes to terms with that reality, nothing changes.
  • hwyangel
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    Of course. A raise for the Senate and a Tax hike for the people, what self respecting Democrat wouldn't agree to that?

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  • twinertia
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    Didn't care from Day One. When this fails to financially matter (and we're having these same conversations again in a few years), you'll find all the usual suspects still going strong: big corporations, wheeler-dealer butt-head politicians, the military machine, and the same print/borrow/spend routine entrenched in DC.
  • Rocker
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    Twin, I said some time ago that the deal wouldn't be reached. The tax cuts really aren't wanted because the fed needs the income. The 1% keeps their rate and loopholes. And programs aren't cut. I don't know about the downgrading the US borrowing rate. That may have happened anyway.
  • mudpike
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    As much as I hate to pay more taxes, like most Americans to simply support the Liberal's illegal alien, welfare breeders & career welfare parasites just to expand a dependant , beggar type voter base - I will gladly do so - IF - it cuts their spending & support of these people & the thousands of Gov't. jobs Welfare has created. Welfare began as a 'hand up ' not a lifetime of generational 'hand outs'. It's simple - you want to eat , get a J.O.B..
  • Fishbone345
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    Welfare isn't the only area of the budget that has to be cut in order to get things back within reason, you realize that right? Defense spending has to decrease too.
  • mudpike
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    @Fishbone345 - No I don't. Except to bring the troops home & put them all along our borders to keep out the breeders sneaking in like thieves in the night to take advantage of the new-age socialist-Democratic party running & ruining this nation. You support this - simple - adopt a family . Don't expect us to support them.
  • Fishbone345
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    @mudpike Bringing them home to defend our pathetically open borders has been my argument all along.
    Defense spending doesn't go to the troops though, it goes to corporate whores like Haliburton, Lockheed Martin and Northrop Grumann. Who charge the US several times what something is worth. Which is approved by Congressmen and women, who are paid to vote by Lobbyists.
    This is why the budget can't be balanced. I agree that Welfare needs reform, but if you dropped it entirely, you still wouldn't be close to managing our debt and balancing the budget. The Defense spending is out if control. Oh and keep in mind that more often than not the military is told what they will be getting, regardless of their objections to it.
    Don't lecture me about Socialist Democrats running and ruining this country, you believe in Income Tax? Guess what? You are just as Communist as the rest. Arguing how much doesn't change that. ANY Income Tax is part of the Communist Manifesto. Second plank. Check out your book sometime. Not to mention the GOP support of NDAA 12, Patriot Act, Homeland Defense and the TSA. And scanning emails, warrant less tapping, SOPA and other Internet bans? About as Commie as it gets there.
  • u
    Jim49418
    !
    I like how the main stream media is blaming the "House" on this.
    The fact is, is that this bill is stuck in the Senate!
    I'm not sure why, but this bill went to the senate, before the house.
    I always thought it was the other way around.
    You can try and blame the GOP all you want.
    But the fact is, is that the dem;s in the senate couldnt agree, and it never went to the House for their approval, or dissapproval.
    It proves what a failure Obama is as a leader, when he cant even get his own people in the Senate to go along with him.
    Obama, and Boehner pretty much had come to an agreement.
    BOTH of them agreed to consessions. Now, what they agreed to, is stuck in the Senate!
    Go figure, the liberal media blames the GOP!
  • Knightkore
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    {Sigh} Sanctions against President Hussein Obama and congress until they balance budget...no taxes paid by any American...
  • u
    Jim49418
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    @Knightmare It's kind of hard to figure out.........
    We are in such a debt crisis, and yet Obama gives congress a huge pay raise!
    Some as much as 86%!!!
    Go figure.......
    I wonder if all of those folks who are getting their unemployment checks cut off next week will agree that Obama giving congress a huge pay raise was a good idea?
    Well, they voted for him, so,,,,,,,you reap what you sow.
  • Knightkore
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    @Jim49418 Change...I'm still trying figure out what change President Hussein Obama was referring to...oh well...you're right...this is what they voted for...someone who says every American {I'll get back to this} needs to share the pain...guess President Hussein Obama doesn't think he is every American...I'd say being president is the only part of that but then again...there is that birth certificate thing...
  • Knightkore
    !
    Perhaps if government could find some way to actually...oh nevermind...I think it's time to pay no attention the DC asylum any longer...
    GERONIMO!!!!!!!!!!
  • Thegrif
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    U hit the nail on the head, well they are getting a raise as Americans lose jobs. I believe in pay for performance and in my opinion they have done nothing to earn a raise.
    This whole thing was staged by Obama and both damn parties, it is obvious.
    But listen my fellow Americans, Have a Happy New Year and remember, why we may disagree on many details, I believe we do have America's best interest at heart, wish I could say the same for our political machine. Looks like both parties sold us out to me.

    Have a Happy and Safe New Year
  • DARSB
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    I wonder if the House inaction is due to Speaker Boehner once again not having the votes - and being unwilling to be humiliated in public by his own party once again.
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