House passes fiscal cliff bill

Legislation to block the "fiscal cliff" is headed to the White House for President Barack Obama's signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.

Final approval came in the House on New Year's Night. The vote was 257 to 167.

The Senate passed the bill less than 24 hours earlier.

The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.

It also extends expiring unemployment benefits for the long-term jobless, prevents a cut in fees for doctors who treat Medicare patients and cancels a $900 pay increase due to lawmakers in March.

9 thoughts on “House passes fiscal cliff bill

  1. I just want to say that I support most all of JP's comment. One that I disagree with is his ending comment. That was, "Question: Would any of you run your personal finances like our Government has?"

    Unfortunately, too many Americans also know nothing about economics, finance, numbers, and of course debt and savings. Don't forget how much credit card debt the American Public has amassed and now cannot get anymore credit. Many still have jobs, but they still cannot get more credit. And what about all the Americans who bought houses they should not have, but did because they could get those houses using OTHER PEOPLES' MONEY ( "OPM"), that is, the sub-prime mortgage money that was made available to them mostly by unscrupulous mortgage brokers.

    So not only are there unemployed people who cannot spend as much as they did before, but also the employed people who used to be able to spend the money they earned but they also spent the money they could borrowed. So a current decrease in spending in this country is not just because of unemployment, but also because of the lack of credit that people and businesses can get ( or are now unwilling to get).

    So if there is a solution, and there may not be one than can be implemented or can work for many years, it has to solve both the unemployment problem and the lack of credit problem. Unfortunately, part of the solution is what was one of the big causes of the past bubbles and crashes. There's no easy way out. It's either having a lot of plain now then getting back to normal, or less pain spread over many years and then a lot of pain (if you are still alive) then getting back to normal. Either way, the future is not rosey.

    Maybe that's why the Government and the FED is taking the approach that takes a lot longer. That is, because the collective pain per year until the economy recovers is on average less per year, and that John Maynard Keynes said, " In the long run, we'll all be dead." But I have something to add to his comment, that is, "But, our children will not be."

  2. The part that no one wants to touch, namely the sequestration cuts, has been kicked down the road by 2 months, just in time for the debt ceiling issue to come up again! If anyone thought the senseless, ridiculously excessive partisan bickering was over, think again ...

  3. It doesn't matter what they pass. We are going over a Cliff financially. We are too far gone and it doesn't matter what any Democrat or Republican tries to do. I would expect nothing less from a Democrat run House and Senate from 2006 to 2008, Democrat Senate to current and a Socialist President from 2008 to current. Democrats created this financial mess and Democrats continue to screw it up. I now name them Dommycrats. Republicans are woosies. Hang on to your financial pants everyone for it will take a long time to work ourselves out of the mess we let the Demmycrats put us in. Maybe we should just go to a Socialist Gov't this two party Democrat/Republican thing doesn't seem to be working. LOL!
    This is what happens when we vote in people to represent us that have a Economics IQ of Zero and a Free Republic IQ of Zero. What is in the inner sole of each and every human is the need to avoid pain and the need to gain pleasure. The US is about to feel pain like it has not been felt sense the 1930's and only then will we see the results Dummycrats and woosies.
    Question: Would any of you run your personal finances like our Gov't has?

    1. The democrats created this mess? You are really stupid if you believe that. The problem with the country is that the Democrats have no balls and the Republicans have no brains. Now finally the Dems are growing a pair which can only be good for the country. Now if only republican morons like u could use their brains, we wouldn't have to go through this circus again. Morons like u do not even know what socialism is, u r too retarded to understand the difference between socialism and capitalism.

      1. Its people like you that have created this idea there is a boogy man (President Obama) trying to take money from the rich and give it to the poor. Capitalism is based on the idea of a free enterprise economy that anyone who desire to partiscipate and willing to work can benefit financially from their hard work. Not a system that have made it to where only those who are selfish and greedy can get ahead. If there is a class war between the rich and the poor; like Warren Buffet said, "The Rich has Won that war". Its Morons like you that have continue to keep the mess -messy. You don't believe in a "Democratic-Republic" you beleive in a "Me-Myself & I" not "United States", I am sure Rick Perry-Dummy" is your hero.

  4. Hooray!
    Our dear parents can finally breath a sigh of relief. We all kinda thought it would be averted, but you never can tell with these things. The media sensationalism is honed to a perfect edge. The United States is still at the top of her game. A bit of indigestion, but moving forward as she always does. Like an aircraft carrier or a full size American dream sedan, it takes a moment to gain some momentum, but when she does it no easy task to slow her down.
    Mr Obama, has done and is doing a wonderful job. Put aside all the red rick, and political smoke blowing, he is a excellent leader for America, and I think I can say for the majority of my fellow democratic party members, and a good portion of republicans. Thank you Mr president and your staff for all the hard work endured since you taking of office. You can not please all the people all of the time, you can only hope to please some of the people some of the time.

    Happy New Year to you and you family!


  5. Our government leaders are spending money irresponsibly and in the near future the US will be another Greece only too big of a country for any one to bail out. A bankrupt America will mean no more welfare , no medicare, no social security, and no more food stamps. Our leaders must balance the budget and stop this runaway spending. No business can survive on a program such as this and neither can our governments.

  6. When the GOP tries to blackmail the country again with the debt ceiling, the President should simply use the 14th Admendment and raise it himself. It is finally time for the games to end.

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