UPDATE: The compromise bill has passed in a bipartisan House vote led by Speaker John Boehner (R-OH) and Paul Ryan (R-WI). Eric Cantor (R-VA) voted “no.”
UPDATE: The House will give the fiscal cliff an up or down vote with no amendments.
As the 2012 came to a close, so did the negotiations for a fiscal cliff deal, or so we thought. The deal, which had little to love and much to hate, no matter what side of the aisle you reside, was all but done. Despite the fact that the Republican House went home early as the Democratic Senate and the President toiled through the night, it seemed almost a given that the House would sign off on the compromise.
Oh, but not so fast. In another sign that John Boehner seems to be losing control of his own party, House Republicans are pulling away from the deal, leaving doubt that it will go through at all.
The next Congress convenes on January 3rd, meaning that they have until then to pass any sort of agreement. If it doesn’t pass, the entire process will have to start over. While the Speaker of the House, John Boehner (R-OH), is pushing for passage, the House Majority Leader, Eric Cantor (R-VA), says there are not enough tax cuts. “I do not support the bill,” he said after leaving a meeting about the agreement.
Other House Republicans seem to be in agreement with Cantor. From NBC News:
Rep. Spencer Bachus, R-Ala., told reporters that the Republican majority in the House was likely to send the bill back to the Senate with more spending cuts.
“I would be shocked if this bill didn’t go back to the Senate,” he said. “I think we’re there on more revenue, but, you know, there is more revenue but no spending cuts.”
A Republican member told NBC News on condition of anonymity that 37 of 40 members who spoke on the bill opposed it. He said many of his colleagues were demanding “illogical concessions,” including billions of dollars in extra spending cuts that Democrats wouldn’t be able to live with.
One anonymous source told NBC News that out of 40 members who spoke on the bill, 37 opposed it. The bill had passed by an overwhelming majority of the Senate, 89-8.
If we do go over the fiscal cliff, the payroll tax holiday and the Bush tax cuts will expire, raising taxes on everyone. If that were to happen, Democrats are planning an introducing legislation which would bring back the tax cuts for those making less than $250,000 a year. Republicans would be forced to vote against their own holy grail, tax cuts, should they oppose.
The spending side will also take quite a hit, including large cuts to the military and from Medicare providers. Farm subsidies would cease, causing the price of dairy to rise dramatically.
Social Security, Medicaid, food stamps and Children’s Health Insurance would be exempt.
Wendy Gittleson is a seasoned writer, a dog lover and an avid political junkie. She is the Senior Editor for Addicting Info. In her rare down times, you’ll find her somewhere in the mountains or near the beach. Follow her on her Facebook page or on Twitter, @wendygittleson