Speaker of the House John Boehner failed to get his members in line to vote on a plan to avert the so-called “fiscal cliff.” It was a bad idea to begin with – a plan to let the Bush tax cuts expire for millionaires – but let those same millionaires keep generous tax loopholes, while getting rid of many of the tax breaks used by the middle class. It was another huge giveaway to the rich, but the Republicans Party flew over the cuckoo’s nest and couldn't even stomach passing a very, very modest tax increase on billionaires like the Koch brothers.
In a statement late Tuesday night, Speaker Boehner said he didn't have enough votes within his own party to pass the measure. He then urged President Obama and Senate Majority Leader Harry Reid to come up with a plan while he sends his Republican House members Christmas vacation. Financial markets are not reacting well to the news. Yesterday’s events in the House made the President’s hand even stronger in negotiations.
A plan to avoid the “fiscal cliff” will not pass out of the House without Democratic support – and everybody knows it now. So it’s time to take cuts to Social Security Insurance benefits off the table, and come up with a deal that’s more in line with what the nation wants, which is for the rich to pay their fair share in taxes and no cuts to social insurance programs. If a few sensible Republicans in the House don’t join Democrats and take this sort of deal, then off the cliff we go, and President Obama’s hand will get even stronger.
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