News

OPEN YOUR PARACHUTES: We’re Going over the Fiscal Cliff


Despite word that Republicans and Democrats had reached a tentative deal to head off the Fiscal Cliff, Congress is now not expected to complete a vote today before the midnight deadline — at which an automatic combination of widespread tax increases and spending cuts is set to take effect.

This includes tax increases for every working American and the end of extended unemployment benefits for some 2 million out-of-work Americans.

The Fiscal Cliff: Top 10 Facts You Need to Know

The complex animal that is the fiscal cliff is really putting a damper on the Obama victory celebration.

Click here to read more

The news comes shortly after President Obama’s lighthearted press conference, in which he challenged Congress to take action on the emergency deal on the table — which addressed tax hikes but failed to address spending.

Marked by jokes and laughter, the president’s comments angered Republicans with both their tone — chiding Congress — and substance — indicating he’ll want future tax increases on top of those included in the current deal:

Now, if Republicans think that I will finish the job of deficit reduction through spending cuts alone … If they think that’s going to be the formula for how we solve this thing, then they’ve another thing coming. … And if we’re serious about deficit reduction and debt reduction, then it’s going to have to be a matter of shared sacrifice. At least as long as I’m president.

Now, with no vote before midnight, the Fiscal Cliff takes effect and lawmakers will be working to reverse it, not prevent it.

The Fiscal Cliff: Top 10 Facts You Need to Know Vol. 2

Why should you care about the Fiscal Cliff? Because it will screw you out of a ton of money. We break down the numbers.

Click here to read more

Respond To This

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More News you need to know

Follow

Get every new post delivered to your Inbox.

Join 446 other followers