Friday, January 11, 2013
The recent fiscal cliff deal avoided tax increases, but did not address spending cuts.
Although the recent deal to avert the so-called "fiscal cliff" has prevented tax hikes for the vast majority of Americans, there are still many financial problems looming on the horizon. The deal avoided discussing spending cuts, which are necessary to rein in the country's roughly $16.4 trillion debt. The deadline for sequestration-across the board spending cuts-has been pushed back to March 1, which is also the deadline to raise the debt ceiling. If sequestration goes into effect, the Department of Defense will see deep cuts, which may affect troop readiness and could see the furlough of civilian employees.
Wednesday, January 2, 2013
Like many Republicans, Price did not agree with the compromise.
Conservative Rep. Tom Price (R-District 6) voted against the last-minute fiscal cliff deal passed by Congress over New Year's, according to govtrack.us. "A real solution includes both revenue increases and spending reductions," Price recently said on CNN's "State of the Union." Price isn't the only member of Congress - especially among the GOP - to believe the compromise was ill-fitted to the need and will only lead to more hard decisions soon. The deal raises taxes on individual incomes over $400,000 and over $450,00 for household incomes and a portion of estates more than $5 million. The compromise is said to allow Congress to have more time to work on government spending.
Friday, December 28, 2012
The two companies have joined forces to urge Congress to “Come Together” before tax hikes and spending cuts push America over the “fiscal cliff.”
On any given day, Johns Creek and Washington, D.C., might seem like they’re a million miles apart. Today is not one of those days. As Congress and President Barack Obama attempt to hash out differences to stop America from falling over the “Fiscal Cliff,” Patch and Starbucks are teaming up to urge Republicans and Democrats to “come together.” The two companies are working together to make sure Congress gets the message America wants a viable solution to the country’s financial woes. The so-called Fiscal Cliff encompasses all of the budget cuts and tax hikes that will automatically kick in if Congress doesn’t take action before Jan. 1, 2013. Some economists say the automatic changes will push the country into another recession. The White …
Thursday, November 29, 2012
Lawmakers have Dec. 31 deadline to prevent start of automatic tax hikes and budget cuts.
After kicking the can down the road to avoid making hard choices in the face of an election, lawmakers now have just a few weeks to face financial reality for the American people. Experts may debate whether it’s a “fiscal cliff” or a gentle slope, but everyone seems to agree that dealing with the deficit and expiration of Bush-era tax cuts is a must. (See Wall Street Journal video explainer.) Congress set their own deadline to do so of Dec. 31, 2012, conveniently after the election. But with another election at least two years away, it's now time to do something about it. Up until now, each Party has blamed the other for the footdragging, but all indications are that the American people are tired of the deadlock in Washington. They're …