House Republican anger clouds fate of ‘fiscal cliff’ deal

A hard-fought bipartisan compromise passed in the Senate early Tuesday to spare all but the richest Americans from painful income-tax hikes teetered on the edge of collapse as angry House Republicans denounced its lack of spending cuts.

While House Speaker John Boehner considered whether to bring the Senate-passed measure to the floor for a vote Tuesday, Majority Leader Eric Cantor told fellow Republicans in a closed-door meeting that he opposed the legislation negotiated by Vice President Joe Biden and Republican Senate Minority Leader Mitch McConnell and passed by the Senate 89-8 shortly after 2 a.m.

Cantor told the group he could not back the bill in its current form, according to two officials in the room, which could leave open the possibility of an attempt to modify the package and send it back to the upper chamber. But Democrats there have signaled that changing the compromise risks killing it.

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Looks like some may have spoken too soon about declaring the aversion of the "Fiscal Cliff" a done deal. Anyone looking at the "compromise" quickly realizes that it was anything but a compromise. Will have to watch this closer to see what comes of this, and if the compromise will be shot down.

A report released by the Congressional Budget Office Tuesday complicated matters further still. The nonpartisan group "scored" the Biden-McConnell compromise as likely adding nearly $4 trillion to the federal deficit over 10 years, hardening opposition among many Republicans seeking further spending cuts.

The country technically went over the “fiscal cliff” at midnight, triggering across-the-board income-tax increases and deep, automatic cuts to domestic and defense programs. Taken together, those factors could plunge the still-fragile economy into a fresh recession. Financial markets were closed for New Year’s Day, potentially limiting the damage from the partisan impasse in dysfunctional Washington at least until Wednesday.

Well at least we all know where we are headed, and it doesn't look like it's going to be all unicorns and rainbows in 2013 after all.

We NEED spending cuts...PERIOD! and not 4 billion over 3 years, I'm talking significant cuts. If this doesn't happen the GOP should not sign on to this.

Originally posted by CincinnatiReds
We NEED spending cuts...PERIOD! and not 4 billion over 3 years, I'm talking significant cuts. If this doesn't happen the GOP should not sign on to this.

Not only do we need significant cuts, but they need to be meaningful cuts. They need to be cuts that will actually be cut, and not just cut on paper to later found out that they are supplemented some where else.

Yes I agree that 4 billion over 3 years is a total sham! They could have cut that just from something as simple as travel expenses. I mean come on didn't the Obama's take a 1 billion dollar vacation? And they think that cutting 4 billion over 3 years is going to do anything?

US Taxpayers Spent $1.4 BILLION On Obama’s Vacations And Perks