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View Diary: Abbreviated pundit roundup: A new year, a new deal (144 comments)

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  •  If you'll notice (7+ / 0-)

    there are no cuts to the social safety net in this deal and the ratio of revenue to spending cuts is 41:1.
    We get unemployment for another year, plus a 5 year extension on tax credits for college education and the working poor. Also more emergency funding ($30 billion) for the long term unemployed.
    More tax credits for green energy and small businesses extended as well.

    The bill includes a host of tax rate extensions, including five-year extensions of the college tuition tax credit, the child tax credit and the earned income tax credit, which were part of the 2009 economic stimulus package.  

    It sets the capital gains and dividends tax rate at 20 percent, up from 15 percent. Capital gains and dividend income would be taxed at 23.8 percent for singles earning above $400,000 and families earning over $450,000, according to a White House fact sheet.  

    It reinstates the Clinton-era limit itemized deductions for individuals earning over $250,000 and families earning over $300,000.  

    It permanently patches the Alternative Minimum Tax and extends a variety of expiring business and energy tax provisions for one year, including the research and experimentation tax credit and 50 percent bonus depreciation.  

    http://thehill.com/...

    “We are not a nation that says ‘don’t ask, don’t tell.’ We are a nation that says ‘out of many, we are one.’” -Barack Obama

    by skohayes on Tue Jan 01, 2013 at 05:30:30 AM PST

    [ Parent ]

    •  Oh, I'm aware of that... (4+ / 0-)
      Recommended by:
      Buzzer, tb mare, DSPS owl, Laconic Lib

      And let me state unequivocally that I'm delighted that Medicaid/SS and Medicare have been left alone. That's all I wanted for Xmas.

      But what concerns me is the fundamental dynamic that lead us to the brink of Chained CPI(or other cuts to the social safety net) are still largely in place:

      1) A republican party that dreams of gutting these programs and pursues their defunding every moment of every day.

      2) A corrupt or ideologically conservative beltway media that hypes these crises and then tries to capitalize on the confusion.

      3) A democratic party that, to my untrained eye*, appears willing to cut these programs(even Nancy Pelosi argued CCPI wouldn't amount to a cut!).

      So, while I celebrate the fact the safety net is intact. I realize the republicans and the democrats are going to come back after them at a later date.

      *Unless of course, all the times where it seemed Pelosi, Prez. Obama, et al. were offering cuts they were in fact playing a sophisticated trick on the GOP that is beyond my comprehension.

      •  I'm extremely anxious now about what (1+ / 0-)
        Recommended by:
        Laconic Lib

        the president will do regarding the debt ceiling fiasco that looms on the horizon.  He has vowed never to "play that game again," but has also seemingly refused to invoke the 14th Amendment to thwart the Republicans.  Minting a trillion-dollar coin sounds like a dodge, and the Republicans will beat the drums for his impeachment if he even suggests such a thing.

        "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

        by SueDe on Tue Jan 01, 2013 at 06:34:01 AM PST

        [ Parent ]

    •  By the by, I'm also aware that President... (1+ / 0-)
      Recommended by:
      MixedContent

      Obama has, again, failed to deliver his promise to turn back Bush's tax cuts on earnings over 250k.

      His statements over the last few years have been carefully crafted to show that his commitment to this was absolute and non-negotiable.

      There's good and bad in this "deal."

      •  I'd rather he raise the ceiling (1+ / 0-)
        Recommended by:
        leu2500

        on higher taxes than cut benefits from Social Security.
        This is called negotiation, you win some you lose some.
        We came out ahead in this deal.

        “We are not a nation that says ‘don’t ask, don’t tell.’ We are a nation that says ‘out of many, we are one.’” -Barack Obama

        by skohayes on Tue Jan 01, 2013 at 06:22:12 AM PST

        [ Parent ]

        •  I'm not freaking out... (0+ / 0-)

          over this deal. But I think it warrants a nuanced discussion.

          I love negotiations--contrary to popular belief, most progressives compromise all the time(the Democratic party/Obama Admin) don't genuflect to the left---trust me). But these Obama/GOP "deals" have earned heightened scrutiny. Too often I see the WH negotiating with itself, surrendering it's leverage preemptively or, worse, just caving to GOP outright.

          Compromises should involve sacrifices from all parties. And the details of any agreement should be informed by relevant events (like enormous electoral victory last month---in which the voters tacitly endorsed Obama's pledge to undo tax-cuts for the rich--for example).

          There's a difference between "give & take" and "gettin' rolled." I prefer the former & have had my fill of the latter.

    •  The cuts to Social Security will come in part ll (2+ / 0-)
      Recommended by:
      Ender, Laconic Lib

      of this crisis, the part that will soon be here because this terrible deal does not address the debt limit ceiling and only kicks the can on budget cuts down the street for two months setting us up for yet another "fiscal cliff" crisis and another opportnity for right wing republican hostage taking.

      This is why people are screaming about what a raw deal, what a horrible deal, what a stupid loss of leverage this deal is.

       It's the fact that there was no lifting whatsoever of the debt ceiling that makes this such an unbelievable capitulation to the republicans and to Wall Street.

      We had a winning hand and we handed it to them in a handbasket.

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