Fiscal Cliff MEGATHREAD: Wile E. Economy falls off, lands in cloud at bottom

[Neil]

Your Martinusism has been noted.  I always figured that Asian girls were a gateway drug to homoness.

[Phillip V]

Senator Reid Says a Deal Is Unlikely Before the Fiscal Deadline

http://www.nytimes.com/2012/12/28/us/politics/senate-leader-fears-not-enough-time-for-fiscal-deal.html

“We are here in Washington working,” Mr. Reid said. “While the members of the House of Representatives are out watching movies and watching their kids play soccer and basketball and doing all kinds of things.”

[mongers]

Well at least it should liven up the first day of what looks like being a fairly dull/quiet start to 2013.

Also please spare a thought for all of those doomsday predictors/charlatans who've had to slave away over the holidays, whilst we enjoy ourselves,  to come up with some new BS, following the ending of the Mayan/2012 meal ticket. 

[jimmy olsen]

Looks like nothing's gonna happen

http://firstread.nbcnews.com/_news/2012/12/30/16254655-no-fiscal-deal-sunday-senate-to-return-for-dramatic-new-years-eve?lite

[11B4V]

Yes they will. High Drama is all.

[Tonitrus]

I dunno.  I wonder if the politicos perhaps got the idea that the "fiscal cliff" is the perfect device...tax increases and spending cuts needed for deficit reduction, and because it's "automatic", there is no direct blame either way.

[MadImmortalMan]

I dunno.  I wonder if the politicos perhaps got the idea that the "fiscal cliff" is the perfect device...tax increases and spending cuts needed for deficit reduction, and because it's "automatic", there is no direct blame either way.

I agree. There is a lot to "fix" after the fact if it goes through, but just going through fixes a lot on its own.

Taxes become more regressive after the cliff, but everybody and his cat will want to change that. We get a CapGains tax and an inheritance tax that come in. Buffett and his buddies already have that in hand. The rich will be fine. And the revenue we'll get from it will be insignificant. 40 bil. A week of national spending. Next Issue.

[Syt]

I dunno.  I wonder if the politicos perhaps got the idea that the "fiscal cliff" is the perfect device...tax increases and spending cuts needed for deficit reduction, and because it's "automatic", there is no direct blame either way.

Also, it gives them the opportunity to magnanimously lower taxes afterwards . . . though probably not by the amount they went up.

[Admiral Yi]

Taxes become more regressive after the cliff, but everybody and his cat will want to change that.

How's that?

[Razgovory]

Your Martinusism has been noted.  I always figured that Asian girls were a gateway drug to homoness.

Well not if they have a nice rack.

[derspiess]

Your Martinusism has been noted.  I always figured that Asian girls were a gateway drug to homoness.

Well not if they have a nice rack.

Which is-- not very often, sadly.

[MadImmortalMan]

Taxes become more regressive after the cliff, but everybody and his cat will want to change that.

How's that?

The Bush tax cuts shifted the tax burden more toward the higher earners. When they expire, that goes away.

Anyway, we've got an announcement coming in a half hour. Probably some agreement to delay everything keeping the status quo.

[mongers]

The President has spoken, not there yet, but hopeful of some compromise on some details ?

[MadImmortalMan]

Yeah. Ten hours left.


Word is, the Prez has balked on the sequestration cuts. We'll see.

[Kleves]

WASHINGTON — The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff."

House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day.

President Barack Obama and Senate Republican leader Mitch McConnell said Monday they are near a deal to avoid wide-ranging tax increases and spending cuts — the fiscal cliff — that take effect with the new year.

Both men said they were still bargaining over whether — and how — to avoid $109 billion in cuts to defense and domestic programs that take effect on Wednesday.

It remained unclear whether the Senate would vote Monday.

Congress could pass later legislation retroactively blocking the tax hikes and spending cuts