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The Senate passed a late-night compromise bill on the fiscal cliff, averting tax hikes for many Americans. But there’s more drama coming in February, since the bill dodged two big issues.
The House is likely to take up the bill in the next two days, before a new set of lawmakers convenes the 113thCongress. The Senate version of the compromise bill was passed by a vote of 89-8 in the early hours of New Year’s Day. Among the eight senators who voted no were three leaders associated with the tea party (Mike Lee, Marco Rubio, and Rand Paul) and Democrats Tom Carper and Tom Harkin.
The bill includes a tax hike on families making more than $450,000 a year, extensions of unemployment benefits, the death of the Alternative Minimum Tax, no hikes in milk prices, and various tax measures.
The showstopper was the fate of about $100 billion in spending cuts called the sequestration. The compromise pushes back the sequestration deadline by two months, which is the same time the nation’s debt ceiling is expected to be hit.
Originally posted by mee30
reply to post by SpaDe_
The whole system is based on kicking the can down the road... Hence the 16 trillion debt, do you think that will ever be reduced in your lifetime let alone paid off?
But anyway it is all non-sense in reality, it is all just a bunch of zeros being kicked around and the fat cats just lay back and watch the game...
I do wonder how it will play out, will there be a mega collapse? Surely the debt can't just continue to rise forever? Eventually it must stop right? It will be interesting to find out...
Edit: Never seen this one before, but it has some crazy numbers check it out US debt clock
The actual US debt is 58 trillion! WOW...edit on 1-1-2013 by mee30 because: (no reason given)
Originally posted by babybunnies
Originally posted by mee30
reply to post by SpaDe_
The whole system is based on kicking the can down the road... Hence the 16 trillion debt, do you think that will ever be reduced in your lifetime let alone paid off?
But anyway it is all non-sense in reality, it is all just a bunch of zeros being kicked around and the fat cats just lay back and watch the game...
I do wonder how it will play out, will there be a mega collapse? Surely the debt can't just continue to rise forever? Eventually it must stop right? It will be interesting to find out...
Edit: Never seen this one before, but it has some crazy numbers check it out US debt clock
The actual US debt is 58 trillion! WOW...edit on 1-1-2013 by mee30 because: (no reason given)
Actual US debt including non funded liabilities is actually closer to $400 trillion.
Originally posted by SubTruth
reply to post by SpaDe_
At some point peter is going to have to be paid. Paul has been raking it in.
I have often asked myself why don't they actually fix this? I have come to believe they know they cant fix it anymore. Maybe they are waiting for something we do not see yet?
It is almost like it is planned. I hate to think they would do that.
Originally posted by SubTruth
reply to post by SpaDe_
At some point peter is going to have to be paid. Paul has been raking it in.
I have often asked myself why don't they actually fix this? I have come to believe they know they cant fix it anymore. Maybe they are waiting for something we do not see yet?
It is almost like it is planned. I hate to think they would do that.
Originally posted by Maxmars
And they will use the consequential threat of "downgrade" to squeeze the producers of wealth (you and I) for more.... debt.
There is only one valid solution to this crisis. A Constitutional currency - issued and owned by the nation.... not a bank's owners.
edit on 1-1-2013 by Maxmars because: (no reason given)