General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMy Fiscal Cliff Prediction
We're going over and I don't think that's such a bad thing.
Some people will get hurt for the first week to 10 days, including the 2,000,000 people on long term unemployment (greater than 6 months). However, that can be fixed, retroactively, if the Republicans agree to it in a package.
Tax cuts, which start at under $250,000 will pass within the first week of the new Congress. Republicans can't vote against that. Spending cuts (without entitlements) will be instituted and a 1 year agreement on extending the debt ceiling will also happen.
What will stay is the estate tax increase, a large increase in capital gains and a far more progressive income tax system. The middle class will not get out of this completely unscathed, as we will see the return of the "payroll tax" for Social Security and Medicare.
This will be done without the 55 or so Republican teabaggers, which will signal Boehner's final stint as House Speaker.
Let's see how close I come to being correct on this.
nadinbrzezinski
(154,021 posts)Who is deadly afraid of the curb.
2naSalit
(86,765 posts)how do you speculate that it might impact DoD funding? I'd like to see a lot of it go away and redirect funding for implementing policies, education and modernizing infrastructure with sustainability in mind that we need really badly in the US of A. The infrastructure rebuild would create a lot of jobs right away.
louis c
(8,652 posts)but I do think that the Defense spending will be tied to the Debt Ceiling extension.
The budget cuts may not be as attractive to us as the tax cuts.
Moral Compass
(1,525 posts)You are describing the politically possible which is also the most likely.
God, politics is a messy business!
doc03
(35,363 posts)idea to start with. I wouldn't be really be surprised that the House doesn't vote for the tax cut under $250,000, I don't think the teabaggers care about the economy, they're nuts..
Skittles
(153,182 posts)help those who may be impacted!