Senate Reaches Agreement On Cliff Deal, Vote To Come; Debt Ceiling Left Untouched

[sailingaway]

Well, we appear to be nearing a mini 'delay' deal of some sort. The agglomeration of headlines continues with Senate deals on and off, Biden proclaiming victory yet Senate Democrats are said not have consented (yet).

*WHITE HOUSE SAID TO REACH BUDGET DEAL WITH REPUBLICANS
*SENATE FISCAL CLIFF VOTE POSSIBLE BY 10:30 P.M.: REID SPOKESMAN
*SENATE DEMOCRATS SAID NOT TO HAVE CONSENTED TO DEAL
State of the idiocy appears to be: The 2-month sequester delay: cuts would come half from defense & half-non-defense. 2 month window to give all sides time for bigger deal. No debt ceiling resolution. Tax rises for 400/450k, Cap Gains/Dividend up to 20%, small rise in estate tax and restrictions on personal tax deductions.

Via AP:

A Democratic aide says the White House and congressional Republicans have reached an agreement to avert the so-called fiscal cliff.

The measure would extend Bush-era tax cuts for family incomes below $450,000 and briefly avert across-the-board spending cuts set to strike the Pentagon and domestic agencies this week.

Vice President Joe Biden was set to sell the agreement to Senate Democrats at a meeting at the Capitol on Monday night.

The aide required anonymity because he wasn't authorized to speak publicly.

http://www.zerohedge.com/news/2012-1...left-untouched

[tsai3904]

Justin Amash ‏@repjustinamash

This deal INCREASES spending. It's more of the same irresponsible & reckless behavior we've come to expect from Congress.

[Zippyjuan]

We are hitting the debt ceiling right now.

[Dr.3D]

Didn't expect the drunk uncle to put down the bottle did we?

[Brett85]

I wonder how Ron will vote on this when it gets to the house.

[itshappening]

That's easy TC, Ron and about 100 Republicans will vote no because it increases spending.

160 Democrats will vote for it and 100 Republicans will also vote for it so it will pass.

[Brett85]

That's easy TC, Ron and about 100 Republicans will vote no because it increases spending.

160 Democrats will vote for it and 100 Republicans will also vote for it so it will pass.

The last tax deal in 2010 increased spending by extending the unemployment benefits, and Ron still voted for it. He felt that voting "no" would be voting for a tax increase. He was also one of only three Republicans to vote in favor of a Democratic bill to extend the Bush tax cuts for those who make less than $250,000 a year. His reasoning was that he would rather extend the tax cuts for 98% of Americans than have taxes go up for 100% of Americans. Obviously this bill isn't exactly the same, but I'm not so sure that Ron won't vote for it.