Do you think they'll reach a fiscal cliff agreement?

Avatar for Cmmelissa
iVillage Member
Registered: 11-13-2008
Do you think they'll reach a fiscal cliff agreement?
2
Mon, 12-31-2012 - 3:39pm

It appears that they maybe getting close, but no agreement has been met: http://firstread.nbcnews.com/_news/2012/12/31/16268297-obama-deal-is-within-sight-not-yet-complete?lite&ocid=msnhp&pos=2

From the article: 

But even amid rising optimism that a deal could be reached, just a handful of hours separated Congress from the actual arrival of the cliff. Though Congress could still conceivably act after New Year's to preserve existing tax rates — thereby limiting any lasting effect on consumers — their inability to reach an agreement until the very last minute could still threaten to rattle the economy and markets.

How will you be affected if they do not reach an agreement in time?

Avatar for jamblessedthree
iVillage Member
Registered: 10-23-2001

They did reach an agreement, didn't they?  Lol, They way I see politics and the economy is the rich will always be rich and the poor will always get taken care of.  Taxes will rise which I knew they would, If you don't like that then perhaps you should check your own spending habits. 

 

 

Avatar for Cmmelissa
iVillage Member
Registered: 11-13-2008

It did pass late last night.   There is a lot of talk in the press how the government really needs to take a serious look at spending hard and make budget cuts.  There will also be a small tax increase: 

Though it has received little attention from the press, the White House and congressional leaders, the decision not to include an extension of the payroll tax holiday is among the most consequential, and will lead to lower take-home pay for workers. A person earning $50,000 will see roughly $1,000 less. Economists have warned that allowing the tax holiday to expire saps spending power from consumers while demand in the economy is still fragile.

If you want to read about other changes, here is the full article: 

http://www.huffingtonpost.com/2013/01/01/fiscal-cliff-deal-passed-_n_2394022.html