The White House and a divided Congress can now move on to the next fiscal crisis after a last-minute deal to avert the "fiscal cliff" laid the foundation for more combustible struggles over taxes, spending and debt in the next few months.
Lost among the tax and spending debate, the fiscal cliff bill passed by the House and Senate this week also averted a significant pay cut for doctors who treat Medicare patients, the Washington Post reports.
With a rare late-night vote on New Year’s Day, the House passed a bipartisan compromise -- which President Barack Obama has vowed to sign -- to extend the majority of Bush-era tax cuts, delay automatic spending reductions for two months and fix a number of expiring tax and spending provisions.
House Republicans abruptly pulled the plug Tuesday night on their promise to take up this week an emergency supplemental disaster aid bill for Northeast states damaged by Hurricane Sandy. The Senate bill will die with this Congress on Thursday at noon.
Source: New York Times | New Hampshire |
January 2, 2013
Women won the state’s two Congressional seats. Women already held the state’s two Senate seats. When they are all sworn into office, New Hampshire will become the first state in the nation’s history to send an all-female delegation to Washington.
New taxes are coming Jan. 1 to help finance President Barack Obama's health care overhaul. Most people may not notice. But they will pay attention if Congress decides to start taxing employer-sponsored health insurance, one option in play if lawmakers can ever agree on a budget deal to reduce federal deficits.
Source: The Washington Post | Nation |
December 27, 2012
The expiring Bush tax cuts aren’t the only laws worth watching for investors as the year ends. A number of new rules are kicking in next year that will allow workers to stash away more money in their 401(k)s and individual retirement accounts.
House Speaker John Boehner said it was now up to Senate Majority Leader Harry Reid and President Obama to find a way to avert the tax hikes and spending cuts set to be triggered in January that economist warn could start a recession.