And so my fellow Americans, we finally cross the fiscal cliff finish line, panting wearily with our shorts around our ankles. Late last night Congress passed the Senate's budget deal. Our middle-class tax cuts have been preserved. We will tax the rich a little bit more. And tomorrow the sun will come up same as always.
Okay, so now that the dust has settled, what have our elected officials agreed to, exactly? And which can did we just kick down the road? Here's the big picture.
More from The Stir: House Speaker Boehner Slings F-Word During Fiscal Cliff Negotiations
- It's called the fiscal cliff "bridge," and it was largely worked out by Vice President Biden and Senate minority leader Mitch McConnell.
- The bridge extends tax cuts for 98 percent of Americans. That means all of us with an annual household income under $450,000 for couples or individual income under $400,000.
- Some unemployment benefits extended.
- Stimulus tax credits for college tuition extended for five years.
- Doctors who provide care for Medicare patients won't get a pay cut.
- The bill adjusts the Alternative Minimum Tax for inflation.
- The bill raises the Estate Tax on estates worth over $5 million to 40 percent.
- The bill is expected to raise $600 billion in NEW revenue over 10 years.
- Across-the-board cuts to entitlement programs worth $1.2 trillion are postponed until March 1.
- The bridge is just the first stage of a full deal. By that March 1 deadline, we'll have to deal with entitlement reform, tax reform, and spending cuts.
And that's where we are. In other news, perhaps sensing our exasperation with the job they're doing, Congress voted down a raise for itself as part of the deal. But they also failed to pass the Sandy Aid bill. GUYS! What a bunch of drama queens. Here's a little comic relief for the day.
Are you surprised the bill was passed or did you think they'd agree to something by the deadline?
Image via Medilldc/Flickr
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Comments 10
Looks like it's written correctly to me: tax cuts extended for those making under $400k/$450k.
I'm glad that they were able to able to compromise. Hopefully, they will be able to compromise on other things that need to get done. The one thing that bothers me is that a lot of people have lost their jobs or taken a pay cut due to the economy, why can't our Congress take a paycut, too?
Pinkmani- Congress is up for a raise right now and there is a small group of Congressman that are trying to fight it (but since they are from the teaparty they are being ignored.) Not only do I think that Congress should forfeit their raise I think they should forfeit their lifetime of annual pay. You should get paid while you are in Congress and once you are out your pay should stop and I think that is something all Americans can agree with. I also think that our ex-Presidents need to forfeit their lifetime pay also. Every living ex-President is a millionaire so they don't need our money every year and it should be enough we pay for them to have Secret Service for life.
This deal is a joke and the country should be ashamed of what their government did today. This changed nothing and in March I wouldn't hold my breath for slashing spending when Obama is already talking about how much money he wants to spend. We are all in for a shit storm because we are a leaderless country right now and there is nothing to be done about it. To be honest I really hope we are able to replace our current Speaker of the House with someone that isn't so much of an asshat.
I agree with you wamom223...this was a joke. A huge dramatic hoopla that accomplished nothing.
*sigh*