Temporary payroll tax holidays, which reduce the Social Security and Medicare payroll taxes paid by employed individuals, will expire.
A closer look at the fiscal cliff deal passed by the Congress to see how it will impact your bottom line. Photo credit: Mike Lee of Utah: Chip Somodevilla, Getty Images. We're never going to build consensus for entitlement reform if the burden of funding entitlements falls largely to 2 percent of the population. Obama, who pledged to reduce the national debt in part by raising taxes on the wealthy, said he would continue efforts to reduce the federal debt while investing in the nation's economic development.
Republicans will fight for spending cuts, particularly in entitlement programs like Medicare, in exchange for the required congressional approval to raise the debt ceiling. Instead, this package raises taxes, increases spending, and will lead to more borrowing. Max Baucus, D-Mont.
The new "gang" of Republicans includes Marco Rubio of Florida, a potential presidential candidate in 2016; Rand Paul of Kentucky, a Tea Party favorite and ardent advocate of smaller government; and Charles E. AP Eight odd bedfellows emerged from the Senate's early morning vote Monday on a major tax and spending compromise aimed at averting the worst impact of the fiscal cliff.
Two Capitol Hill reporters tweet updates. Brianna Ehley , The Fiscal Times.
Charles Schumer, D-N. Recommended video.
The climactic final vote capped a wild, topsy turvy few days of action on Capitol Hill that exhibited both savvy deal making and the paralysis that has marked the entirety of the 112th Congress. John McCain, R- Ariz. Here's what these eight Republican and Democratic outliers had to say about the fiscal cliff compromise:.
Republican victories included a permanent fix to the alternative minimum tax and estate tax. Obama also said the deal is "just a step" in a comprehensive effort to reduce the nation's debt, and that he had wanted a larger agreement but encountered too much political opposition.
My work has also... Reporters pursue Sen.
Bush-era tax cuts for Americans with lower incomes. Rubio said Tuesday he could not support the bill because it would hurt the economic recovery. Charles Grassley of Iowa: