Will Fiscal Cliff Negotiations Continue Into 2013?
Posted at 8:52 a.m. on Dec. 31, 2012
Lawmakers engaged in a flurry of fruitless negotiations on the “fiscal cliff” over the weekend, rushing to come to an agreement with less than 24 hours remaining before the spending cuts and tax increases begin to go into effect.
New York Times: “Senate Democratic aides were openly making legislative plans for later this week, to press Democratic proposals after the fiscal deadline is breached… Until this weekend, both Democrats and Republicans appeared willing to let the across-the-board cuts take effect, at least temporarily, while a larger deficit deal is negotiated early next year.”
Washington Post: “Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year… They also relented on the politically sensitive issue of the estate tax, promising to stage a vote in the Senate that would guarantee that taxes on inherited estates remain at their current low levels.”
Wall Street Journal: “Illustrating the gravity of the cuts, the Pentagon plans to notify 800,000 civilian employees that they could be forced to take several weeks of unpaid leave in 2013 if a deal isn’t struck, and other agencies are likely to follow suit… While Congress could reverse the sequester if it is triggered, federal agencies must plan as if they are going to happen.”