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Wylie Coyote Fiscal cliff

A deal has been struck to stave off the harshest and most immediate consequences of the media driven public paranoia frenzy called the “fiscal cliff” as the recent Senate deal won approval in the GOP controlled House late Monday night and passed with  Republican congressmen (151) voting against the Senate bill than for it (85), meaning that Democrats’ support was needed to advance the final deal. BOTH House Speaker John Boehner, R-Ohio and Rep. Paul Ryan, R-Wis.,voted for the deal  while Boehner’s top henchmen, Majority Leader Eric Cantor, R-Va (Who’s posturing for Boehner’s job)  and Majority Whip Kevin McCarthy, R-Calif., each opposed the deal.

The legislation, a combination of automatic tax hikes and spending cuts that took effect at midnight on Jan. 1.  preserves tax rates as they were at the end of 2012, except for those individuals earning more than $400,000 and households earning over $450,000. It also allows taxes on capital gains and dividends to go up, and extends unemployment benefits that were due to expire and revert back to their 20 week norm.

And of course the Tea Party is going ballistic.  Hasn’t anyone told them that they are irrelevant yet?

 

About the author

Will Kohler has written 6658 articles on this blog.

Will Kohler is a noted LGBT historian, writer, blogger and owner of Back2Stonewall.com. A longtime gay activist, Will fought on the front lines of the AIDS epidemic with ACT-UP and continues fighting today for LGBT acceptance and full equality. Will’s work has been referenced in notable media venues as MSNBC and BBC News, The Washington Post, The Advocate, The Daily Beast, Hollywood Reporter, Raw Story, and The Huffington Post

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