In the latest in a tit-for-tat between Capitol Hill and the White House to avert the fiscal cliff, House Republican leaders sent President Barack Obama a $2.2 trillion counteroffer on Monday — but it doesn’t hike tax rates on the wealthy or deal explicitly with tricky issues like the debt ceiling and the sequester.
Sixteen of the nation’s largest financial services firms warned President Obama and Congress in a letter Thursday that interest rates could spike significantly if they do not come to an agreement to stop the series of automatic tax hikes and spending cuts known as the “fiscal cliff.”
Center Forward will host a poll briefing on the release of its new poll on voter’s opinions about the upcoming fiscal cliff and the importance of the issue in the 2012 Election.
A new group of six Senators committed Monday to working on a “balanced” package to avert the year-end budget cuts required by sequestration. Senate Armed Services Chairman Carl Levin (D-Mich.) and ranking member John McCain (R-Ariz.) led the letter to Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.).
If we can’t get members of Congress to put aside their ultra-partisanship and pull together rather than apart, we face the most predictable economic crisis in history. Fortunately for everyone, it is also the most avoidable economic crisis in history.
Partisanship and process have impeded measures that have traditionally been easy-peasy affairs — like the farm bill, or a measure to protect women against domestic violence — as well as those that have an impact on national security, for instance a bill to combat cybercrimes and a bipartisan measure to finance the military.
In the witches’ brew of fearmongering, unkeepable promises and poll-tested metaphors that both parties serve up to the electorate every four years, you can always find this predictable dash of inspiration: the image of Americans uniting and working together for the sake of the country.
While data from all sides are used to inform debates over whether proposals will increase the deficit or save taxpayers money, budget estimates from the Congressional Budget Office (CBO) become the final, authoritative word.