Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/29/2012 (2 years 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.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/29/2012 (2 years 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.



Comments


More Politics & Policy

Where's the truth anymore?: Secretary of State John Kerry insists we will defeat ISIS Watch

Image of The destruction created by ISIS in Syria is unbelievable.

By Abigail James (NEWS CONSORTIUM)

The arrival of Israeli Prime Minister Benjamin Netanyahu, into the United States, has sparked controversy among the Congress and the Presidential administration. Although National Security Adviser, Susan Rice, stated Netanyahu's arrival would be "destructive to the ... continue reading


Saved in nick of time: Congress approves one-week bill to keep Department of Homeland Security open Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Just just in time - with new terrorist concerns at an all-time high, Congress finally voted 357-60 in the House in order to keep the Department of Homeland Security open. The final vote came little more than an hour after the Senate cleared the measure. LOS ... continue reading


U.S. at War with Israel? Obama threatened to shoot down Israeli jets if they attempt to bomb Iran's nuclear facilities Watch

Image of The Netanyahu government decided to strike Iran some time in 2014 after Israel discovered the U.S. and Iran had been involved in secret talks over Iran's nuclear program and were about to sign an agreement without consulting Israel.

By Catholic Online (NEWS CONSORTIUM)

The news is SHOCKING. Evidently, U.S. President Barack Obama is either hidebound to improve relations between the U.S. and Iran, or no longer values Israel's friendship in the Middle East. According to Kuwaiti newspaper Al-Jarida, a reliable source says Obama ... continue reading


BANNING BULLETS: Obama to use executive action to ban ammo for popular hunting rifle Watch

Image of The inexpensive 5.56 M855 ammo, commonly called

By Catholic Online (NEWS CONSORTIUM)

Banning all firearms across the United States would take a massive effort, and certainly not many Americans would willingly give up their protection. According to a memo, U.S. President Barack Obama intends to use his executive powers to ban the bullets for the ... continue reading


Abercrombie & Fitch's 'looks policy' under fire for stark employee discrimination of Muslim girl Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Abercrombie & Fitch faces yet another lawsuit for potential discrimination. The hip clothing store has previously been under fire for lack of racial diversity in both employment and advertisement and for limited sizing choices. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING REPORT: Social Security card in hand, illegal immigrants can claim back tax benefits Watch

Image of Lawmakers have expressed distress that amnestied illegal immigrants could be potentially rewarded for illegal work.

By Catholic Online (NEWS CONSORTIUM)

Workers living and employed here illegally appear to be on a fast track to join the American dream. According to a Congressional Research Service, or CRS, memo, those illegal immigrants able to obtain Social Security Numbers and work permits due to President ... continue reading


NOT SO FAST! Net neutrality to get onceover before approval Watch

Image of Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new net neutrality rules set for a vote later this week.

By Catholic Online (NEWS CONSORTIUM)

The hotly debated "Net Neutrality" - which will determine how the 21st Century's preferred mode of communication and information - is not a sure thing, just yet. Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new ... continue reading


Democrats can dish it out - but are now shying away from Obamacare penalties Watch

Image of As those taxpayers discover the penalty they owe, they will already be racking up a new, higher penalty for 2015.

By Catholic Online (NEWS CONSORTIUM)

It looks like Democrats can dish it out, but can't take it. One of the stipulations of health care reform, or "Obamacare" was those who chose not to enroll had to pay a penalty come tax time. Now, as millions begin to file their taxes, Democrats are having ... continue reading


Human Tide: Texas' porous border allows thousands to flood in from Mexico Watch

Image of Speaking out on CBS's

By Catholic Online (NEWS CONSORTIUM)

Porous borders - one where demarcations are hazy and ill-defined, allowing people to cross over into another country without proper accounting, was one of the reasons for the Ebola crisis in East Africa. There exists a similar situation between the United ... continue reading


'Terror threat' from American right-wing extremists discussed at summit Watch

Image of The mastermind behind the Alfred P. Murrah building bombing attack, Timothy James

By Catholic Online (NEWS CONSORTIUM)

Domestic terrorism in the United States has long been an ongoing concern. The White House held a "Countering Violent Extremism" summit last week to talk about "extremist ideologies that radicalize." The summit did not address radical Islam in particular, but ... 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, Psalms 79:8, 9, 11, 13
8 Do not count against us the guilt of former ... Read More

Psalm, Psalms 79:8, 9, 11, 13
13 And we, your people, the flock that you pasture, ... Read More

Gospel, Luke 6:36-38
36 'Be compassionate just as your Father is ... Read More

Saint of the Day

Saint of the Day for March 2nd, 2015 Image

Bl. Charles the Good
March 2: In 1086, St. Canute, King of Denmark and father of Blessed ... 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