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After a ‘fiscal cliff’ deal, what next? - The Washington Post
Keywords:
Republicans and Democrats decided to tackle the U.S. fiscal cliff in several steps. The first step for the Bush tax cuts to be extended to single earners with income under $400,000, and couples earning under $450,000 was part of the agreement reached Jan. 1, 2013. Republicans see this as protecting small business owners who generate jobs in the U.S. economy. Democrats see this as progress in taxing the wealthy to reduce spending cuts in other programs. As expected the deal was reached between Senate colleagues Republican Mitch McConnell and former Democratic senator and Vice President Joe Biden, as rapport is missing in the relationship between Speaker Boehner and president Obama. The $110 fiscal cliff spending cuts on entitlements and defence will be postponed for 2 months till early March under the deal. Debt ceiling will not be raised and negotiations will be needed again by the end of Feb. 2013 to raise the debt ceiling. By March 27, 2013 short term funding measures lapse. Republicans see accepting tax cuts on the wealthy as a way to remove this issue in future negotiations to focus on spending cuts needed to improve U.S. finances.
An account of the events leading to the failure of talks on the fiscal cliff between Republicans and Democrats in Dec. 2012
06/13/2011
The relations between Republican and Congress have not improved after the reelection and are actually worse today, according to a WSJ report on the talks. The Democratic position has hardened with the election expecting Republicans to give in on taxes and spending, believing the president has a mandate from voters. The Republican leadership is not buying this and Republican members of the House and Senate much less.
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