January 2nd, 2013
11:52 AM ET
1 year ago

Fiscal cliff deal: 5 things to know

(CNN) - Now that the House has passed a Senate deal to avert the fiscal cliff, it will become law when President Obama signs it. He has returned to Hawaii to join his family on vacation.

Here are five things to know about the complex bill, and what it does and doesn't do.

FULL STORY

Filed under: Fiscal Cliff
soundoff (7 Responses)
  1. Rudy NYC

    #1: It does not give conservatives a warm and fuzzy feeling inside.

    ...and it is their own fault. The scenario that played out, and others like it past and future, have all been set up by the GOP. It was no accident that the House set the date to what it was. Let's cross our fingers and hope that getting spanked at brinksmanship time and time again will stop the House Republicans from playing this insane game and learn to govern.

    January 2, 2013 12:05 pm at 12:05 pm |
  2. Robert Jay

    Here is an idea our so called elite leaders haven't atlked about – instaed of borrowing money from people we gave it in the form of foreign aid why do we just quit giving foreign aid – at least to countries like England / France etc and our eneimies as well – then we could scrutinize our defense invoices from Gen Fynamics / Lockeed / / Boeing etc and probably save a few trillion dollars without touching SS / Medicare /medicade etc. Why are these things sacredcows that can contunue to drain our ecomomy and resources? Will somebody in DC wake up and start manageing for a change and less blabbering?

    January 2, 2013 12:08 pm at 12:08 pm |
  3. Hammerer

    Now we will see about that no tax increase on the middle class workers.
    Want to make a wager?

    January 2, 2013 12:10 pm at 12:10 pm |
  4. Fair is Fair

    Robert Jay

    Here is an idea our so called elite leaders haven't atlked about – instaed of borrowing money from people we gave it in the form of foreign aid why do we just quit giving foreign aid
    -----–
    While I agree with you on this, Robert, the amount of money we're talking about is literally peanuts. This country has a spending problem, and that's what really needs to be addressed.

    January 2, 2013 12:48 pm at 12:48 pm |
  5. dawgonrite

    The republicans should have stood their ground. There should be no tax increases until the US government shows us that it can spend less. Reform Medicare (on the government/enrollment side - not the doctor payment side), cut Welfare (please tell me that everyone getting it reallllly needs it and watch me laugh), cut Unemployment benefits (because not a soul needs 2 years to find a job), and reform SS before it goes broke (meaning some sacrifices for those 55 yrs and less- so sorry). Until then, I don't want to pay $2000 more a year in taxes. Reel in foreign aid - especially to Egypt and anyone else that turns around and bullies us or our allies. This fiscal cliff resolution is just another instance where the government doesn't want to actually address the problem. It's kind of like going after gun control laws with mass shootings without also going after the mass media (including hollywood, video games, news casts, sitcoms, etc), mental disease issues, school alarm systems, etc. Sure gun control laws are a peel of the onion, but only one layer. This would be a good time to bring up term limits in Congress again - pay them more salary to govern, limit their terms so they would actually try to put the US as their main concern, and outlaw lobbying groups and Congressional contributions. They are voted in by us– not lobby groups. I'm a very conservative person economically and liberal socially. I wish we had some backbone in our government again.

    January 2, 2013 12:51 pm at 12:51 pm |
  6. Claudia, Houston, Tx

    What it doesn't do is to send this Congress packing but allows them to return and continue their obstruction. I bet none of them can give us five (5) reasons why they should keep their jobs.

    January 2, 2013 01:12 pm at 1:12 pm |
  7. Rudy NYC

    dawgonrite wrote:

    The republicans should have stood their ground. There should be no tax increases until the US government shows us that it can spend less. Reform Medicare (on the government/enrollment side – not the doctor payment side), cut Welfare (please tell me that everyone getting it reallllly needs it and watch me laugh), cut Unemployment benefits (because not a soul needs 2 years to find a job), and reform SS before it goes broke (meaning some sacrifices for those 55 yrs and less- so sorry). Until then, I don't want to pay $2000 more a year in taxes.
    --------------
    Right wing media has left you embarassingly misinformed. That $2000 from the payroll tax cut was always meant to be temporary. It goes to pay for your Social Security and Medicare later in life.

    As far as reforming "the government side" of entitlements, then the best way to do that is to get rid of all conservatives in the federal governemnt. Do you even understand why Social Security and Medicare were even created in the first place? They were created because private industry wanted to right to take people's money, and not be held accountable.

    Banks wanted to gamble deposits in the markets with impunity, so now we have Social Security. Insurers wanted to drop people at age 65 at will, so now we have Medicare. The right wing crowd fights against legislation to stop those practices, and so we have the government programs to make up for what private industry refuses to provide.

    January 2, 2013 01:24 pm at 1:24 pm |