Posted on 12/21/2012 12:50:52 PM PST by ColdOne
So the White House is turning its focus to a smaller package that would extend the Bush-era tax rates on income below $250,000, pause the across-the-board spending cuts known as the sequester and renew unemployment insurance benefits, according to senior administration officials.
It would hold off a significant portion of the fiscal cliff, minimizing any economic shock in the new year. But it means a host of tax provisions would likely expire, little would be done to address the debt and deficit, and no process would be set up for overhauling the tax code next year. There would be no agreement on entitlements, and none on raising the debt ceiling.
(Excerpt) Read more at politico.com ...
This is probably an obvious question (apologies), but is there any way for a person like myself (average 9-5 worker) to estimate how much more going over the fiscal cliff will cost on a monthly basis?
ITS BEGINNING TO LOOK A LOT LIKE ARMAGEDDON
Its beginning to look a lot like Armageddon
Bamas still squatting in the White Hut;
Uses a teleprompter so well, its Jarrett cant you tell
Soros and globalists like the show.
Its beginning to look a lot like Armageddon
Hurtling over the fiscal cliff;
Michelles spending all she can, while still blaming the white man
Liberal fascism for sure.
Well theres commies n muzzies n Benghazi but no worries
says the propaganda press ministry of spin;
Ayers n Davis Black Panthers n Operation Furious
Solyndra dont forget Cloward Piven;
And the ruling class of corrupt Congress hacks are giddy all over again.
Its beginning to look a lot like Armageddon
Bamas still squatting in the White Hut;
No birth documents to show, the Usurpers gotta go
Reggie Love is waiting under the mistletoe (oh no!).
Its beginning to look a lot like Armageddon
ObambiCare they say is the law of the land;
Justice Roberts violated his oath, Barry Soetoro still smokes
And our troops keep dying in Stan.
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