Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/29/2012 (1 year ago)

Catholic Online (www.catholic.org)

Insiders report Obama, Boehner are close to a deal.

Despite the politicking in pubic, some sources say that Republicans and Democrats are very close to a tax and spending deal that will save the country from a potential fiscal nightmare. Congressional insiders report that Barack Obama and John Boehner (R-OH) are about to shake hands on the deal.

Obama and Boehner are the two main players in the fiscal cliff talks.

Obama and Boehner are the two main players in the fiscal cliff talks.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/29/2012 (1 year ago)

Published in Politics & Policy

Keywords: Fiscal cliff, Obama, tax hikes, wealthy, cuts, spending, deficit, Boehner


WASHINGTON, DC (Catholic Online) - To watch the news, you would think the two sides are as opposed as every to any agreement, but insiders say that Boehner and Obama have been working closely to hammer out a  deal. The details of the likely deal are now becoming known as the top ranking politicians leak the details to the media in the hope of testing their ideas.

Here's what you should know:

1. Expect your taxes to rise

Taxes will go up for the wealthiest Americans. All those earning more than $250,000 per year will now pay a significantly greater burden in taxes. The top marginal rate for these earners is unknown, but it is expected to be close to the Clinton era tax rates, near 39 percent.

About $1.2 trillion in tax revenue is expected to come from this source.

2. Expect entitlement cuts

Republicans would never consent to a tax hike unless Democrats were willing to cut spending. Anticipated savings will come from a variety of sources including cuts to Medicare, means testing, and possibly raising the retirement age. Social Security has been mentioned, but it is unlikely that Democrats would support any deal that reduces those benefits.

About $400 billion in savings is expected from these cuts.

3. If a deal fails, expect Republicans to take the fall

Although many Republicans were voted into office, preserving their hold in Congress, a majority of Americans have said in multiple polls that they would blame Republicans if a deal were not reached. This places Obama in a strong position to dictate terms to them, since he faces less political risk.

4. The deal is up to Obama and Boehner

By working together, both Obama and Boehner are able to put aside a lot of politicking that normally interferes with making a deal. The pair have been conferring privately, both in person and by phone, to settle their disagreements on the deal. Insiders report there is some give and take on both sides.

When all is done, Boehner will have to sell the plan to House Republicans. If the plan proves too unpopular, then Boehner will be blamed and the remainder of the party can carry on.

Whatever shape the final deal takes, it appears likely to happen and will be a compromise that neither side can laud as a great success, especially Republicans. However, given the risk of recession and the dangers of public perception, both sides have powerful incentive to reach an agreement and it appears they are about to do just that.

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Politics & Policy

IN SCHOOLS, BARS, CHURCHES: Georgia signs into law 'guns everywhere bill' Watch

Image of The new law

By Catholic Online (NEWS CONSORTIUM)

In schools, in bars and in churches: People in the state of Georgia will be able to carry their guns with them everywhere, after a provision that has been called the "guns everywhere bill" was signed into law by the governor this week. LOS ANGELES, CA (Catholic ... continue reading


Texas Lt. Gov threatens action if BLM attempts to seize Texas land Watch

Image of Texas Lt. Gov. David Dewhurst has said he will fight the Obama administration if they try to seize Texas land.

By Catholic Online (NEWS CONSORTIUM)

Texas Lt. Gov. David Dewhurst has added his name to the list of people disgusted with the Bureau of Land Management's scheme to seize over 90,000 acres of land from Texas without compensation. AUSTIN, TX (Catholic Online) - Texas Lt. Gov. David Dewhurst had some harsh ... continue reading


Congress appalled at Obama administration's 'stunning disregard for law' Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Appalled by the Obama administration's attempt to "rewrite the Affordable Care Act on a wholesale basis," some members of Congress are calling the White House on the carpet for their "stunning disregard for the law." LOS ANGELES, CA (Catholic Online) - The ... continue reading


Study finds the American Republic has turned to Oligarchy Watch

Image of The Republic is dead, thanks to money and corruption.

By Catholic Online (NEWS CONSORTIUM)

A new study finds that the Republic is dead and that the United States government has become an oligarchy, even if its preliminary findings stop just short of declaring so. The study reveals that average American citizens have lost their political voice entirely and ... continue reading


Supreme Court rules affirmative action in Michigan's college admissions is unconstitutional Watch

Image of The ruling focused on a voter-passed proposal that banned the use of race in admissions decisions at public universities.

By Catholic Online (NEWS CONSORTIUM)

Hailed as a milestone in a decades-long discourse, the Supreme Court has upheld a ban on the use of race in admission decisions at Michigan's public universities. Marked by protests in the streets of Ann Arbor and previous Supreme Court rulings, it was noted ... continue reading


Is affrimative action dead? SCOTUS rules on who can decide the issue Watch

Image of A ruling by the Supreme Court allows states to decide on whether they use a race-conscious policy in admitting students to advanced public education.

By Catholic Online (NEWS CONSORTIUM)

The Supreme Court struck a blow against those seeking to trample on the rights of states, upholding a Michigan voter initiative which banned racial preferences when considering admission into one of the states' public universities, on April 22. LOS ANGELES, CA ... continue reading


Exxon Mobil must pay the piper: High court rejects appeal on $105 million verdict Watch

Image of MTBE is an oxygen-containing substance that is added to gasoline to promote more complete combustion and reduce air pollution.

By Catholic Online (NEWS CONSORTIUM)

They were found guilty way back in 2009 and now must pay for their transgressions. The U.S. Supreme Court has declined to overturn a $105 million verdict against Exxon Mobil for contaminating drinking wells in the New York City borough of Queens. LOS ANGELES, CA ... continue reading


He just keeps coming and coming! Highest - and longest period of taxation proposed by President Obama Watch

Image of Under Obama's budget proposal, according to the CBO, the budget will never balance.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama called for what would be the highest level of sustained taxation ever imposed on the American people. According to the analysis published last week by the Congressional Budget Office, the plan was included in the budget proposal Obama ... continue reading


A new Civil War? Lawmakers meet to discuss taking back federal lands for the states Watch

Image of Lawmakers met in Salt Lake City to discuss how the federal government has been using lands in the Western states.

By Catholic Online (NEWS CONSORTIUM)

Lawmakers from the Western states gathered in Salt lake City last Friday to discuss what happened on the Bundy ranch in Nevada and to say that it is time for the states, not the federal government, to manage those resources for the good of their people. LOS ANGELES, CA ... continue reading


INCOME TAXES? 'If it reaches a certain point, perhaps you should revolt,' Justice Scalia tells students Watch

Image of Justice Scalia told the students that the justices do not give credence to partisan politics, and that he doesn't care which party controls the White House. He stands by a theory of

By Catholic Online (NEWS CONSORTIUM)

It came as a most bit of unorthodox advice, from a lawmaker to an audience of impressionable minds. While speaking at the University Of Tennessee College Of Law last week, Supreme Court Justice Antonin Scalia was asked by a student about his interpretation of ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, First Peter 5:5-14
5 In the same way, younger people, be subject to the ... Read More

Psalm, Psalms 89:2-3, 6-7, 16-17
2 for you have said: love is built to last for ever, ... Read More

Gospel, Mark 16:15-20
15 And he said to them, 'Go out to the whole world; ... Read More

Saint of the Day

Saint of the Day for April 25th, 2014 Image

St. Mark
April 25: The second Gospel was written by St. Mark, who, in the New ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter