Cliff Update

The GOP has dropped its demand that moving to chained CPI for calculation of Social Security benefits be part of the fiscal cliff deal.

They play to return to it as part of the debt ceiling negotiations instead.  Those are going to be fun!

Both parties in the Senate have apparently agreed to extend the Bush tax cuts for families making up to $400,000 or $500,000.

Right now they’re fighting over the Dem position that the spending cuts called for in the sequestration be delayed for two years.  The GOP is balking at this and doesn’t want to use increased tax revenue for more spending.

Negotiations continue, and the Senate is going to reconvene tomorrow.

Boehner’s Hearty “Bah, Humbug”

In a few hours the House will vote on the GOP’s Plan B, which would raise taxes only on those making more than $1 million a year.  Because, you know, those struggling folks making 7 or 8 or 9 hundred thousand dollars can’t possibly afford a penny more.

The GOP’s bill will also restore the cuts to defense spending that are part of the sequestration scheduled for January 1.

Now, you may be thinking, if they raise revenue by such a tiny amount and restore the defense spending, where are the deficit cuts the GOP is always promising?

Don’t worry, the GOP plan also cuts food stamps and Medicaid.

Nothing quite says “Happy Birthday, Jesus!” like snatching bread and medicine from the mouths of the poor.