Reid: Boehner Fiscal Cliff Plan Can't Pass Senate

(AP) Reid: Boehner fiscal cliff plan can't pass Senate
WASHINGTON
Senate Majority Leader Harry Reid says a House Republican backup plan for avoiding the "fiscal cliff" can't pass the Democratic-run Senate.

House Speaker John Boehner said Tuesday that he was preparing a backup plan for averting the "fiscal cliff" if President Barack Obama fails to agree to a compromise that is evenly balanced between tax increases and spending cuts. Boehner's backup plan would continue tax cuts for people earning $1 million or less, but allow tax increases on those earning more than that. Still, the Ohio Republican said his talks with Obama will continue.

Without an agreement, taxes will rise for nearly every American on Jan. 1 and wide-ranging spending cuts will also begin taking effect.

Reid said Boehner should focus on negotiations and not succumb to tea party pressure.

Comments

advertisement

The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

Full Article

Send A Tip

Most Popular

advertisement

Breitbart Video Picks

Fox News National

advertisement

Sign up for our newsletter

advertisement

From Our Partners