Fiscal Bunny Slope Update and Breaking NewsPosted: January 1, 2013 Filed under: Breaking News | Tags: fiscal cliff 64 Comments
So, the Senate fiscal kick-the-can bill is now in the house Republican Caucus where there are two options under consideration.
The two choices: amend the bill with spending cuts – likely killing it for the 112th Congress – or vote to adopt the Senate measure and send it to President Obama for his signature.
During an evening vote series, members are being whipped on an amendment option: attaching a $328 billion spending cut measure to the Senate deal. That measure passed the House twice in 2012 on party-line votes. It reduced the deficit by $243 billion, left cuts to Medicare in place, turned off $72 billion of $109 billion in defense and non-defense spending set for 2013. The Senate throughout 2012 ignored this House measure.
When the standalone bill came up for a vote in May, it passed by 218 to 199 votes with 16 GOP “no” votes. In December, it passed 215 to 209 with 21 GOP “no” votes. Since that last vote, Rep. Tim Scott (R-S.C.), a “yes” vote, has resigned from the House to become a senator.
Sources confirmed that despite conservative grumbling about corporate tax “giveaways” in the Senate bill, tax breaks for corporations are not considered for amendment. The Senate deal contains dozens of “tax extenders” including for clean energy.
If there is more than a 217-vote majority within the Republican conference for the amended bill, it will be brought to the floor. If a majority cannot be found, the Senate deal will get an up-or-down vote, members said.
While House Republicans broadly oppose the legislation the Senate passed overwhelmingly early Tuesday morning, many of them emerged from their second closed-door meeting of the day believing that, ultimately, the House would approve the measure without amendments.
Meanwhile, stock markets around the world are on USA Economy Death Watch. Believe me, markets will not react will to what’s going on right now–starting in about an hour–when the Hong Kong, Singapore, and Tokyo markets open up. Ask me why all of my money is sitting in FDIC insured bank accounts right now and not enriching my brokerage firm. Yes, folks, it’s the House Republican Dysfunction Show!
Let me provide some background music while I explain what’s going on with the Republicans in the House.
So, what are the folks that are willing to tank-the- country over fear of losing their seats to even more crazy people in 2 years doing now? Well, combine that with political ambitions of Ryan, Cantor, and other “up and comers” that would cook their grandmother for the main dish at a fundraiser for their 2016 presidential bids and it’s drama worthy of any Three Stooges short.
Conservative opposition to the agreement stems from a host of issues, including the fact that the deal does not include any spending cuts, would significantly add to the nation’s deficit and raises taxes on those making more than $400,000 a year.
And Cantor’s not alone in opposing the deal: the agreement is universally disliked within Republican circles, and even Democrats in the House and Senate have voiced complaints about the deal.
The lack of spending cuts in the Senate bill was a universal concern amongst members in today’s meeting,” said Boehner spokesperson Brendan Buck. “Conversations with members will continue throughout the afternoon on the path forward.”
Rep. Steve LaTourette, a Boehner ally, said there were “two schools of thought” expressed in the meeting: To accept the deal and “live to fight another day,” or amend the measure and send it back to the Senate.
CNN and Twitter appear to be the sole sources of news on this at the moment. The news readers are still recovering from the champagne brunches and aren’t working. Mostly, CNN has turned into a breif show of representatives that want to be counted in the “I’d rather tank the country than piss off my insane base” number. Boehner is clearly in a corner. He appears to be the appetizer on the let’s cook granny for our fundraiser event.
Under our non-parliamentary system, the party leadership has less leverage to pressure rank-and-file members of the caucus. The result is episodes like last month’s “Plan B” fiasco, where Speaker Boehner tried and failed to pass an official Republican solution to the fiscal cliff. Democrats were unified against the bill, which they viewed as too conservative. Yet many Republicans viewed it as not conservative enough, and Boehner didn’t have any way to force them to support it.
In short, John Boehner has committed himself to a set of principles for operating the House that makes the body fundamentally dysfunctional. A functional legislative body either needs a mechanism for the majority leader to get members of his caucus to toe the party line, or he needs the ability to “reach across the aisle” to get the votes he needs from the minority. John Boehner lacks the former, and by ruling out the latter he’s effectively painted himself into a corner where he might not be able to get any piece of “fiscal cliff” legislation passed by the full House of Representatives.
It does look like the amended bill will not pass. Most bets are that Boehner will hold an up or down on the Senate bill and the Dems will ensure its passage. Hey house Republicans! Feet meet your ak-47s!!!! We’ll know more within the our after all the hand wringing and protesting too much occurs.
As your friendly resident economist, I’d just like to say that it’s apparent that there are a bunch of people in charge of our policy that did not learn the lesson of the great depression or the great recession. They’ve also not learned the lessons of the research surrounding the Reagan years. Every one needs to know the variables that can use to plan their finances. Businesses and families should not be held hostage to political antics and economic policy based on wishful thinking and extremists beliefs. This keeps repeating itself because crazy people have taken over the Republican Party. It needs to stop.
The choice is to let an up or down vote on the Senate Bill happen within the next hour or so. The Democratic Leadership believes they have enough Democratic votes to get it passed. So, the thought is that the Senate bill will pass. The technical process to get the bill to the floor has started (per CNN). The vote will be held some time around 9:00 pm.
Thank goodness they’re going to have an up or down vote. Did you see that moron Schweiker just now on CNN? Jesus. I almost feel sorry for Boehner having to deal with these freaks.
Poor Newt. He wanted the entire country to be shut down. Guess he’s safe up there on his moon base with his alien wife.
I love that picture of the Three Stooges, too damn funny!
@markknoller: House Republicans unwilling to take the political heat if amendment killed ‘cliff’ bill and every taxpayer’s rate went up.
With these clowns, there is no telling what will or won’t pass. Weird situation.
For those of you that want to read HR8–even though I bet your congress critter has not–here it is:
you’ll notice there’s some interesting things in there like plenty of pork for railroads, NYC, casinos … la ti da …
In other words, typical vote buying pork. Why am I not surprised?
The 7 year recovery period for NASCAR is safe too! as is mine rescue training funds!!
So much for that pound cake I was gonna bake, let’s go with the left over second time ’round rump.
Next fiscal cliff comes at Valentine’s day … how many days can they take of vacation and put off until the last minute this time?
Dak, you and BB have done a super job here. I tell you just listening to CNN about this vote, all I can say is DON”T ask me. Ok, I’ll go for the speedy house punch with a 5th of vodka.
MSNBC scuttled the prison break reruns and they’re discussing current events again.
There’s going to be debate … this should be interesting.
I wish MSNBC would commit to becoming a news channel. Their weekend afternoon and evening programming is pathetic.
They’re making progress. Not long ago, they ran prison break videos from Friday at 10PM till Monday morning.
If y’all want to hear the debate before the vote CSPAN is covering it live.
Cantor is floundering among his acolytes, he and his faction of the GOP is so dysfuntional it couldn’t even muster enough support to amend the bill, not that it would have mattered anyway because an amended bill wouldn’t have succeeded in the Senate. The GOP is perhaps the finest example of a circular firing squad I’ve ever witnessed. Fire!!!!!
Icky car thief and arsonist Issa is talking.
I heard he’s not voting for it. Boo hoo.
But he so likes voting for tax cuts. I guess he found one he doesn’t like! He is sooooo the epitome of the used car salesman. Sleaze with a capital S.
He’s a firebug with sticky fingers
I can’t face watching those numbskulls, but if you keep updating, I’d be thrilled.
By the way BB, I agree with your post that this bill is better than nothing there are actually some redeeming elements. I also agree that there is a game of 3 dimensional chess going on here and I think if Boehner can survive the coup-fella’s and what’s coming at him from his right he might come out of this in a stronger position. Hell, he couldn’t get in a much weaker position, could he.
Darrell hotwire Issa is telling the House why he isn’t going to vote for the bill. Whodathunkit?
Pelosi is rising in support of the bill. Unlike Boehner and his rising coup fella’s Cantor & Ryan.
Unlike Boehner and his rising coup fella’s Cantor & Ryan, Pelosi is actually in control of her caucus.
Pelosi is overselling this dog of a deal though. It’s hardly a breakthrough of any sort.
Pelosi is a lemonade out of lemons person. The consummate pragmatist, that’s just her nature.
Here we go 218 needed for passage
Seems like a very empty room, doesn’t it?
it always looks like that. They file through at a snails pace then make their way back to the top of the floor so they can continue with their BS sessions
at this point we have enough to pass without another republican vote
They are either waiting until the las last minute or not voting!
Thank goodness. I guess there’s a chance Obama may come out and say something.
They always vote really slowly kate……it’s going to pass
and it passed with more than enough votes …
BB I guess you are right but it seems like many did not vote or waited till the last possible moment.
Luke Russert reports that Boehner voted yes.
Boehner tossed the Hastert rule out …
Ryan eventually voted yes
Glenn Thrush @GlennThrush
Ryan v. Rubio, Boehner v. Cantor
@EWErickson: Thus ends the Paul Ryan 2016 Presidential Exploratory Committee.
Charles P. Pierce @ESQPolitics
House condescends to do job. Have a cookie. #participationribbons
Mark Knoller @markknoller
FINAL CONGRESSIONAL PASSAGE: House votes 257-167 to approve Senate-passed fiscal cliff bill. It now goes to Pres Obama for signature.
@NBCNews: President Obama to deliver statement at 11:20p ET. #fiscalcliff
The bill has passed the House.
Christopher Hayes @chrislhayes
True courage is waiting until a bill passes to cast your nay vote. (Cough – Paul Ryan – cough)
LOL!!!! Yep…..The champion weight lifting, record setting marathoner has a set about the size of lima beans
It’s a done deal
Such drama. Now what’s the next oil day they will screw up?
Holiday! Sometimes I hate my iPad.lol
I’m really glad you translated that one, lol
I’m glad she translated too, I thought gas prices were getting ready to go back up. 🙂
77 percent of taxpayers will pay more in 2013 under new deal, per @TaxPolicyCenter analysis http://www.washingtonpost.com/blogs/post-politics/wp/2013/01/01/average-american-would-pay-680-more-in-taxes-under-deal/?wprss=rss_election-2012 …
That gives Obama some leverage to demand more tax reform, e.g. carried interest exception. Get rid of that and then give something back to the 77%.
Do I trust these people to reform the tax code? I guess so since they would have to work very hard to make it worse than it is now and I believe they’re too lazy for that.
Maybe we should stop social engineering via the tax code and put in place a progressive system with no deductions of any kind?
No, he wasn’t afraid, he’s a champion marathoner with a couple of lima beans.
Baby limas maybe but not full size. 🙂
Excellent post on who Obama is and isn’t.
Obama is heading back to Hawaii tonight. 🙂