Fiscal Cliff Notes for Dec. 20, 2012
11 days to the fiscal cliff
BOEHNER TO PUSH VOTE FOR "PLAN B" EVEN WITH OBAMA VETO PLEDGE
House Speaker John Boehner (R-Ohio) is putting his fiscal cliff "Plan B," his backup plan, to a vote today--even though President Barack Obama has threatened to veto the GOP plan. Boehner has a press conference today--Thursday--at 1:15 p.m. EST
Boehner has said this is part of his two-track plan; he wants to continue to negotiate with the White House while moving "Plan B" along. Except that Boehner and Obama and their teams are not making much progress on that path.
Read details about Boehner's "Plan B" HERE.
WHAT THE HOUSE WILL BE VOTING ON TODAY: DETAILS HERE
From Boehner's office:
The House of Representatives will vote today on two measures to shield families and small businesses from the looming "fiscal cliff" by cutting spending and protecting millions from tax hikes. These bills are:
The Spending Reduction Act of 2012 (H.R. 6684) replaces the president's defense 'sequester' with common-sense spending cuts and reforms, and reduces the deficit by an additional $242 billion over the original sequester. The bill focuses on stopping waste, fraud, and abuse in federal programs, eliminating government slush funds (including an ObamaCare slush fund), and reducing waste and duplication in government bureaucracies. The House passed this bill in May but Senate Democrats never took action.
The Permanent Tax Relief for Families and Small Businesses Act of 2012 (H.J. Res. 66) permanently protects millions of taxpayers from President Obama's tax rate hikes. The bill permanently extends current tax rates for everyone making less than $1 million, the $1,000 child tax credit, expensing relief for small businesses, and much more. Analysis by the nonpartisan JCT found it is a $3.9 trillion tax cut. As Speaker John Boehner said yesterday, the president can "call on Senate Democrats to pass [this] bill, or he can be responsible for the largest tax increase in American history."
OBAMA'S LATEST ON THE FISCAL CLIFF DEALS
Obama at a Wednesday press conference says he has met the GOP demands plenty: read the transcript HERE.