The compromise fiscal cliff bill overwhelmingly passed by the Senate was an unsatisfying attempt to avert an unnecessary, self-imposed catastrophe that demanded passage by the Republican-controlled House of Representatives.
Looked at in the best light, the bipartisan measure was written to stave off tax hikes for virtually every working American as Michael Kors Purses well as excessively deep spending reductions ― a one-two punch that set a course toward economic recession.
Perfect it was not ― far from it ― but under dire circumstances, a sufficient number of House Republicans got behind it.
Given the size of the Michael Kors Bags Outlet debt ― $16 trillion ― taxes had to go up on someone, and those best positioned to pay a bit more are those at the top of the income ladder.
President Obama and the Senate were right to raise rates on those earning more than $400,000, or families earning more than Michael Kors Bags $450,000. The previously discussed threshold of $250,Michael Kors Hamilton Tote Ch,000 for the hike would have hurt New York, since we have more high earners, and a higher cost of living, than elsewhere.
So too, given the labor market’s continued struggles, it made sense to extend unemployment insurance ― even as a costly, temporary cut to the payroll tax had to expire, hiking taxes for many working people and hitting the poor the hardest.
The bill’s shortcomings were plentiful. It dodged spending restraint ― postponing that inevitable reckoning for another eight weeks.
Just months ago in the presidential campaign, Obama made clear he wanted a balanced plan that would combine tax increases with significant cuts to government outlays.
But, given the precarious deadline and the severe consequences of failure to meet it, the House had an obligation to vote swiftly.
After all, when Republican congressmen previously failed to come to terms, Speaker John Boehner stepped back and handed over the job, saying “it’s up to the Senate to act.”
Rep. Eric Cantor, Site Michael Kors Boehner’s No. 2, said at the time “The House will honor its commitment to consider the Senate agreement if it is passed.”
Well, then the Senate passed it, but Cantor balked, with a spokesman saying, “The lack of spending cuts in the Senate bill was a universal concern amongst members,” after a caucus Tuesday Michael Michael Kors Bags afternoon.
What? Remember: It was the House that rejected a grand bargain that would combine tax increases and spending cuts; it was the House that jibbed even at Boehner’s Plan B, which would have limited tax hikes to those earning $1 million.
It was the Michael Kors Diaper Bag House that ran the clock down to an unworkable time frame.
Even so, House Republicans finally got 98% of the Bush-era tax rates locked into place, and they can move on to fight on spending another day, having joined in eliminating the immediate threat to the economy.