Skip to comments.Congressional negotiators reach deal on $150 billion economic plan
Posted on 02/16/2012 1:27:19 AM PST by 2ndDivisionVet
In a pact early Thursday morning, congressional negotiators gave final approval to an economic plan worth more than $150 billion that would extend a payroll tax holiday and unemployment benefits.
A key roadblock was overcome when the lawmakers agreed to require new federal workers to contribute more to their pension plans, clearing the way around 12:30 a.m. for a majority of the House-Senate conference committee to begin signing the deal. The pension provision represented a concession to key Maryland Democrats who, even after prodding from President Obama, did not grant their support until current federal workers were shielded from the new pension plan, aides in both parties said.
A vote could come as early as Friday, the last act in a five-month battle over Obamas proposed jobs plan.
This is good for the country, its very good for the country. We have an agreement, Sen. Max Baucus (D-Mont.) said at a hastily arranged post-midnight press conference in a Capitol hallway. Baucus was joined by Rep. Dave Camp (Mich.), the lead GOP negotiator.
Baucus had prematurely declared a deal at hand at 11 p.m. Wednesday, but the Senate Finance Committee chairman spent the next 90 minutes huddled inside Camps office with nearly 10 House Republicans serving on the conference committee. Camp assured reporters later that the final talks were about technical things in the bills legislative language and that more than enough senators and House members had agreed to the substantive issues to assure the bill would be published later Thursday....
(Excerpt) Read more at washingtonpost.com ...
Since when did we have two parties? I’ve haven’t noticed two parties in decades.
They are using the term “economic plan” very loosely here.
That so called “payroll tax cut” simply greases the wheels of destruction to Socialist Security. All the better I guess.
We have become precisely the republic our Framers labored to avoid, one ruled by faction, and headed for a violent end.
Extends unemployment again?
Why not make it permanent? Don’t want to look for a job the rest of your life, here’s $300 a week.
Why is it so hard to understand!!!!!!!!!
You want to boost the economy first STOP SPENDING MONEY!!!!
Cut regulations. There are plenty that do nothing except make people submit paper work that some GS3 files away. There plenty more that does nothing except stop construction on waste land damp two weeks out of the year.
Start base lining the budget at the real level of last years budget instead of the expect increase of next years budget so there cam be an honest debate about the budget.
Eliminate subsidies and get the government out of the market place. Eliminate PBS/NPR and other government competition to private enterprise (Post Office and Public Schools for instance).
These are just a few ideas to bounce around.
The difference seems to be in the platforms. In reality, there are as many realities as there are representatives, and that my friends is another reality that should not be.
There is no one representing the STATES and their rights. All should be aware, that the STATES should have an interest in the governmental process as the founders intended.
That representation should have been the Senate. Their representation came to an end with the passage of the seventeenth amendment to the Constitution of the United States.
1913 turned out to be a very bad year in our history IMHO.
“We have become precisely the republic our Framers labored to avoid, one ruled by faction, and headed for a violent end”.
If something doesn’t change, and dramatically, I fear you are absolutely right. The violent end is what people seem to gloss over, but if the economy comes crashing down as not only prophets of doom have proclaimed, we could find ourselves in a very precarious position approaching anarchy.
As we observe the situations in the middle east, where the Arab spring produces a power vacuum we should be cognizant of all the players that appear to fill the vacuum. It will not be the honest in heart, the noble and honorable, those dedicated to the preservation of God given rights of the
Power corrupts, and absolute power...
...brings out the very best men to fill the void?
“WORTH” $150 billion?
Strangest use of the word I ever saw.
Now that they are about to put millions back in the UE books the UE numbers will be going up.
I get the image of those just rolling over on their backs and peeing themselves.
How do you spell cave? R-I-N-O
The only economic plan we need is the one unveiled in early November. Thanks 2ndDivisionVet.
The be shouldn't be ANY damn new "federal slackers" in the budget.
This is how the GOP caves and the country goes over the cliff.
Let me guess...
Don’t tell me...
We’re screwed! Right?!?
THAT's an "economic plan?" The definition of that term needs revisiting, then. What about corporate tax reductions and elimination of economy-killing regulation?
It’s been clear for some time Boehner and McConnell’s priority is control of Congress with no regard given to the Presidential race. They really don’t care if barry wins reelection. This is proven over and over by their refusal to engage barry and damage him where he is vulnerable. Contrast their behavior with the pounding Bush took from Pelosi and Reid for YEARS.
And the bribes keep coming and the productive keep getting cheated.
exempted current federal workers from having to pay into their own pensions?
Stop donating taxpayer money to “NGO’s” like Planned Parenthood, ACORN, Open Society Institute etc
I see they have found common ground again. What a crock!!
Well, not thrilled about this, but at this point, it is best to fight over what the policies should be after a new president is elected. This president will never do the right thing, and this battle is simply not big enough to expend political capital. Let his policies go for 9 more months, and let’s spend the year laying out why we are suffering in a position where social security is being drained and people are on unemployment for 99+ weeks. Let’s sell a better policy for 2013 and beyond and chalk up 2009-2012 as the lost years...and a basis for conservative ideas and better results.
Mostly true, WRT: stop spending money!
However, we should be aware that USG spending less _money_ will have negative impact on the economy(E) for a time. Since E is already in shambles, less _money_ being spent into E will cause its own trouble.
Yes, this is the right things to do. Our message must be complete, the only way to _healthy_ E is USG spending cuts and more suffering. We’ve borrowed ourselves into a massive hole and we must realize there is _no_ painless fix.
I see your point, but unless the Republicans draw a clear line in the sand, Obama will be able to claim that the Republicans don’t really offer a genuine alternative. Opposing Obamacare is not going to be sufficient to take down this corrupt regime. The Republicans need clearly defined distinctions on illegal immigration, taxation, spending and moral issues.
Don't be ridiculous. Everyone knows we have two parties.
On the one side, there's the Fast party. And, on the other, the Faster party.
No, it exempts current federal workers under the Federal Employee Retirement System (FERS) from an increase in their contribution from .8% to 3.1%. This is the system for workers hired after January 1, 1984 who are also covered by (and pay into) Social Security. New workers will pay Social Security plus an additional 3.1% of salary.
There are many different kinds of federal employees’ pensions, so it’s hard to tell what’s going on here.
In the federal court system, which is where I have some knowledge, there are at least three different systems in place at the same time:
1. Judges retirement system (with 2 divisions in IT!)
2. employees hired before 1990 or so (forget the date)
3. employees hired after 1990 or so
Folks in categories #1 and #2 pay nothing towards their pensions, IIRC. I don’t mind this for #1 (judges) but can’t speak to how possibly-too-generous #2 is.
Folks in category #3 also pay nothing, BUT, the pension amount is a lot less for such folks. If you work for 20 years in category 3, you retire with 40% of your averaged, inflation-adjusted pay. That seems pretty reasonable / not excessive. The idea is, #3s have two OTHER sources of retirement income, namely Social Security and a 401k that they should be kickign their OWN money into.
My initial reply guessed at a 1990 date, but In Maryland noted it is 1984. I’m confident 1984 is correct, as I only have a hazy notion that it was roughly a generation ago (and that pre-changeover hires have it pretty sweet, at least if they stayed on through retirement).
Given that this agreement takes $100,000,000,000 out of the so-called social security trust fund this year, aren’t the politicians really defunding it...trying to kill social security? Maybe they are hoping hyperinflation cures everything? Maybe they ALL should be in Leavenworth.
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