Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Lounge > D.C.

Reply
 
Thread Tools Display Modes
Old 07-20-2012, 10:41 AM  
Direckshun Direckshun is offline
Black for Palestine
 
Direckshun's Avatar
 
Join Date: Oct 2006
Location: Springpatch
Casino cash: $1203085
The Fiscal Cliff Approacheth

In an effort to make this thread sticky-worthy, I am going to update this OP to keep casual glancers informed.

This post is the official one-stop shopping of the key points/developments of the fiscal cliff negotiations.

Far as I understand, the fiscal cliff:

1. Gets rid of the Bush tax cuts for the wealthy.
2. Gets rid of the Bush tax cuts for everybody else.
3. Slashes defense spending by something like $500 billion.
4. Slashes domestic programs like the NIH, Head Start, and medicine/drug care for the poor by $500 billion.

The new idea is for Democrats to allow the cliff to hit, then immediately introduce a bill that would bring 2, 4, and some of 3 back. But not 1.

Here is a chart detailing exactly what the fiscal cliff is going to do, financially:

Spoiler!


Quote:
Originally Posted by Direckshun View Post
New CBO projection: if the fiscal cliff hits, we are in another recession, and lose two million jobs.

http://www.reuters.com/article/2012/...87L0JV20120822
The poor would be hurt by the fiscal cliff:

Quote:
Originally Posted by Direckshun View Post
Overall, if the tax breaks from the 2009 stimulus are allowed to expire—the EITC and Child Tax Credit expansions, along with American Opportunity Credit for college tuition—the poorest 20 percent of Americans would see their taxes go up by $209 on average, reducing their after-tax income by 1.9 percent, according to the Tax Policy Center.
As would the middle class:

Quote:
Originally Posted by Direckshun View Post
According to estimates by the Tax Policy Center, more than half of all married couples will owe an additional tax of around $4,000 unless Congress acts. And more than a third of families with children will fall subject to the AMT, with parents of three or more children facing an extra tax of $4,700.

Among married couples with at least two children and adjusted gross income between $75,000 and $100,000, the center estimates that 84 percent will face a significantly higher tax bill this year because of the AMT.
There seems to be some consensus between the parties that substantial revenues want to be raised. Boehner and the GOP hopes that's through limiting tax deductions rather than tax raises.

Obama's opening offer, essentially:

Quote:
  • Allow the Bush tax cuts on high earners to expire. $849 billion
  • Limit itemized deductions to 28 percent, close some loopholes and deductions on high earners, eliminate tax breaks for oil and gas companies, eliminate the carried interest loophole, plus a few other items. $584 billion
  • Create a special "Buffett Rule" tax rate for millionaires. $47 billion
  • Restore the estate tax to 2009 levels. $143 billion
  • Limit corporate income shifting to low-tax countries. $148 billion
  • Other miscellaneous tax increases and reductions. About -$200 billion
  • Total: $1.6 trillion

Last edited by Direckshun; 11-14-2012 at 09:54 AM..
Posts: 43,004
Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:02 PM   #736
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $49150
Quote:
Originally Posted by dirk digler View Post
The only people digging their own graves will be the Republicans if this doesn't come up for a vote.

The House\Boner couldn't get it done so they got on their knees and begged the Senate to bail them out, they did by a 98-6 vote. It is up to the House Republicans to do the right thing.
First, there aren't 104 senators. And in that vote even a few dems voted no because they really see where we are heading. This fiscal cliff you're so worried about is nothing compared to the one we'll eventually face. There isn't any denying it.

Second, the democrats now own our debt. When the eventual ramifications of their fiscal policy are fulfilled they will pay a huge price. You can't print money forever and republicans are starting to distance themselves from it.
Posts: 24,436
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:03 PM   #737
dirk digler dirk digler is offline
Please squeeze
 
dirk digler's Avatar
 

Join Date: Jul 2003
Location: Clinton, MO
Casino cash: $179220
CNN is reporting that the House is going to put the Senate Bill unamended at around 9:30pm. It will pass.

I am glad they grew a brain.
Posts: 47,298
dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.
  Reply With Quote
Old 01-01-2013, 06:08 PM   #738
dirk digler dirk digler is offline
Please squeeze
 
dirk digler's Avatar
 

Join Date: Jul 2003
Location: Clinton, MO
Casino cash: $179220
Quote:
Originally Posted by mlyonsd View Post
First, there aren't 104 senators. And in that vote even a few dems voted no because they really see where we are heading. This fiscal cliff you're so worried about is nothing compared to the one we'll eventually face. There isn't any denying it.

Second, the democrats now own our debt. When the eventual ramifications of their fiscal policy are fulfilled they will pay a huge price. You can't print money forever and republicans are starting to distance themselves from it.
lol..I edited that. Dumb me.

I agree we need to cut spending (entitlements) but there is no reason why we need to commit a self-inflicted wound right now and raise everyone's taxes.

There will be a vote on the spending cuts and debt limit in February.
Posts: 47,298
dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.dirk digler 's phone was tapped by Scott Pioli.
  Reply With Quote
Old 01-01-2013, 06:09 PM   #739
Pitt Gorilla Pitt Gorilla is offline
Banned!
 
Pitt Gorilla's Avatar
 

Join Date: Sep 2000
Location: NOT Columbia, MO 65201
Casino cash: $104668
Quote:
Originally Posted by dirk digler View Post
CNN is reporting that the House is going to put the Senate Bill unamended at around 9:30pm. It will pass.

I am glad they grew a brain.
Eh, they'll still find a way to f it up.
__________________

That rabbit is crazy; I'm Brian Waters!

Kotter: "You are lucky I'm truly not the vindictive or psycho type...I'd be careful from now on, and I'd just back the hell off if I were you....otherwise, the Mizzou "extension office" life might get exciting"

Kotter: "You're just gay. G-A-Y. Gay."
Posts: 20,289
Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.
  Reply With Quote
Old 01-01-2013, 06:12 PM   #740
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $49150
Quote:
Originally Posted by dirk digler View Post
lol..I edited that. Dumb me.
I knew you would so I quoted you as fast as I could.
Posts: 24,436
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:12 PM   #741
petegz28 petegz28 is offline
Supporter
 
petegz28's Avatar
 

Join Date: Feb 2005
Location: Olathe, Ks
Casino cash: $244358
what's another $4 trillion in debt anyway???
__________________
"Finally, anyone who uses the terms, irregardless, a whole nother, or all of a sudden shall be sentenced to a work camp."

Stewie Griffin
Posts: 62,099
petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.petegz28 is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:17 PM   #742
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $49150
Quote:
Originally Posted by Pitt Gorilla View Post
Eh, they'll still find a way to f it up.
Yeah heaven forbid you have to pay your fair share of the shit pile of debt we've generated.
Posts: 24,436
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:24 PM   #743
cosmo20002 cosmo20002 is offline
Debunking your bullshit
 
cosmo20002's Avatar
 

Join Date: Aug 2002
Location: KC area
Casino cash: $117496
Quote:
Originally Posted by mlyonsd View Post
First, there aren't 104 senators.
I guess you didn't see that executive order Obama signed right after the election.
__________________
Quote:
Originally Posted by Chris616 View Post
As long as Jesus Christ was the president of the US and approved of it Yes.
Posts: 15,190
cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.cosmo20002 is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 06:57 PM   #744
mlyonsd mlyonsd is offline
Supporter
 

Join Date: Aug 2000
Location: Spink, SD
Casino cash: $49150
Quote:
Originally Posted by cosmo20002 View Post
I guess you didn't see that executive order Obama signed right after the election.
Obama proves there is more than one way to get past the filibuster.
Posts: 24,436
mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.mlyonsd is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 07:06 PM   #745
Comrade Crapski Comrade Crapski is offline
Banned
 

Join Date: Mar 2012
Location: Sea of Green 23.4
Casino cash: $28270


"$41 dollars of tax increases for every $1 of spending cuts? Where do I sign."
Posts: 3,833
Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.
  Reply With Quote
Old 01-01-2013, 07:27 PM   #746
BigRedChief BigRedChief is offline
Brainwashed
 
BigRedChief's Avatar
 

Join Date: Dec 2003
Location: Swims with fishes
Casino cash: $291913
Assuming it passes the House, here is what's still ahead:



1. Debt Ceiling: Congress has to raise the debt ceiling soon. Real soon.
On Monday, Treasury Secretary Tim Geithner made it official: Federal borrowing has reached the $16.394 trillion debt ceiling.



The Treasury Department, which runs the government's debt-issuance operation, can create about $200 billion of headroom by employing what it calls "extraordinary measures." That normally could cover about two months' worth of borrowing, although continuing uncertainty about tax rates and spending make it hard to determine precisely how long the extraordinary measures will last.



Deadline: Late February or early March.


What's at stake: Last year, political brinksmanship over the debt limit led to the downgrade of the country's credit rating, roiled stock markets and raised questions about the country's willingness to pay all of its bills on time. It also wasted $1.3 billion because of the uncertainty it wrought on the complex task of federal borrowing.



2. Sequester: The so-called sequester is a series of automatic cuts in federal spending that will reduce the budgets of most agencies and programs by 8% to 10%.



The cuts were born of the epic 2011 fight over the debt ceiling. The idea was to create a "trigger" so onerous and indiscriminate that both parties would have an incentive to devise a smarter way to reduce deficits. Instead, 17 months later, Congress is considering a deal that would set up yet another deadline.



Deadline: Bill would postpone many of the Jan. 2 cuts by two months.
What's at stake: The spending cuts as laid out in 2011 would ripple out across thousands of federal programs and projects and, the White House budget office said in September, "would have a devastating impact on important defense and nondefense programs."



3. Continuing Budget Resolution: The federal government works on a fiscal year that starts every Oct. 1. Problem is it has been years since it actually enacted a real budget on time.



There's a process for enacting a budget: Congressional committees are supposed to hold hearings. Experts and interested parties testify about proposals. Lawmakers deliberate over the right spending levels foreach federal agency and then roll it all up into a budget.
But Congress rarely ends up following that process. Instead, it usually passes short-term "continuing resolutions," which is fancy way of saying "Band Aid solution."



Deadline: The current continuing resolution expires on March 27.
What's at stake: Congress will have to pass yet another continuing resolution to avoid a temporary shutdown of some government functions, worker furloughs and a pullback in programs
__________________
Quote:
Originally Posted by Chris616 View Post
There is a place inside man where his life can be terminated on voice command. Its the fail safe device meant to be used at the end of times.
Posts: 41,477
BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.BigRedChief is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 07:54 PM   #747
Comrade Crapski Comrade Crapski is offline
Banned
 

Join Date: Mar 2012
Location: Sea of Green 23.4
Casino cash: $28270
Quote:
Originally Posted by BigRedChief View Post
Deadline: Late February or early March.





You really think there is any integrity to these deadlines?

Here's what's really next:

http://confoundedinterest.wordpress....ollar-deficit/
Posts: 3,833
Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.Comrade Crapski is too fat/Omaha.
  Reply With Quote
Old 01-01-2013, 07:59 PM   #748
Direckshun Direckshun is offline
Black for Palestine
 
Direckshun's Avatar
 

Join Date: Oct 2006
Location: Springpatch
Casino cash: $1203085
Basically we're facing a series of cliffs over 2013.

While tackling gun control and immigration reform.

So that's fun.
__________________
Posts: 43,004
Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.Direckshun is obviously part of the inner Circle.
  Reply With Quote
Old 01-01-2013, 08:52 PM   #749
|Zach| |Zach| is offline
For The Glory Of The City
 
|Zach|'s Avatar
 

Join Date: Sep 2002
Location: Kansas City
Casino cash: $40856
House voting live now.

http://www.c-span.org/Live-Video/C-SPAN/
__________________
Posts: 44,907
|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.|Zach| has an IQ even higher than Frankie's.
  Reply With Quote
Old 01-01-2013, 08:59 PM   #750
ChiefsandO'sfan ChiefsandO'sfan is offline
Alex Smith
 
ChiefsandO'sfan's Avatar
 

Join Date: Feb 2009
Casino cash: $1449244
Passed
Posts: 16,301
ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.ChiefsandO'sfan is too fat/Omaha.
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump


All times are GMT -6. The time now is 12:03 PM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.