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President Obama will be having a press conference at 1:30 PM EST, and we’ll be broadcasting it live (above).
This while the Associated Press reports a possible deal:
The proposal in the works would raise the tax rates on family income over $450,000 to 39.6 percent, the same level as under former President Bill Clinton. Also, estates would be taxed at 40 percent after the first $5 million, up from 35 percent to 40 percent. Unemployment benefits would be extended for one year.
A Republican official familiar with the plans confirmed the details described to The Associated Press…
An agreement on the proposed deal would also shield Medicare doctors from a 27 percent cut in fees and extend tax credits for research and development, as well as renewable energy.
The deal would also extend for five years a series of tax credits meant to lessen the financial burden on poorer and middle-class families, including one credit that helps people pay for college.
The deal would achieve about $600 billion in new revenue, the officials said.
So more taxes and spending. Let’s see what the House has to say.
16 Comments
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No chained CPI. That’s good. I don’t like the estate tax or the one year extension of unemployment. And it seems we still have to go through the debt limit. Not sure I’m on board with this. Gotta hear more.
“The potential agreement that’s being talked about.” ???
Obama says deal is not done, still talking. Still dealing with automatic spending cuts.
Obama: If I sell out the American people I will live like a king for the rest of my life.
Fair trade off.
We’re going to hurt seniors, students, and the middle class, only if we can also “reform the tax code” too.
Declaring victory before a deal is complete is generally a poor idea.
I propose that all legislation be subject to a 30-day “Public Review and Comment Period,” similar to draft regs published in the Federal Register, prior to enactment.
I don’t know whether I’ll still have a job come Wednesday (our federal contract could get the axe), and I have no way to find out until after it’s already done.
What the heck is this shared sacrifice? They’ve already trampled the poor and the middle class into dust. I’m not personally prepared to sacrifice more families, the elderly and college students.
Oh, they’ll get to chained CPI. POTUS has definitely said he wants that to be part of a Grand Bargain–what they’re talking about here is only a stop-gap measure, I think. Look for the Grand Bargain to come a little later.
Sorry, I couldn’t keep listening, or I’d have taken a hammer to my laptop screen. But the part I did last through had nothing of substance.
Well, I’m good with this. I have always had a strategy to turn down any pay raise that would put me above $449,000. My momma didn’t raise no stupid children.
THis is where a “Time Machine” would come in handy, huh?
Anybody know Mr. Peabody’s email address???
The debt deal give the Rs a reprieve to take another shot. Since O already gave up chained cpi, expect that on the next go round.
Well, I’m not good with it. I expect a raise that will bring me just over the threshold. Bummer.
I have too much trouble listening to him. Do you expect him to give up chained cpi on this go round or hold it to negotiate the debt limit?
Its becoming a bad deal I hope Burnie Sanders complements is threat to vote no
Better yet Bernie and Paul make a joint statement Ron Paul offering to vote yes if there is finally a cut in the military budget.
http://my.firedoglake.com/richardkanepa/2012/12/29/kucinich-and-ron-paul-can-save-the-us-economy-from-collapse-and-starvation-in-the-next-26-hours/