Despite all the howling and temper tantrums when the tax deal was first reached by Barack Obama and Congressional Republicans, after passing the Senate with overwhelming bipartisan support with a vote of 81-19, the House of Representatives passed the tax deal, as is, with a vote of 277 to 148. (Roll Call here)In a rush of late night activity, liberal Democrats first held a show vote that was certain to fail, attempting to change the estate tax provision in the deal negotiated between Republicans and Obama, to raise the tax rate from 35 percent to 45 percent and lower the exemption rate from $5 million to 3.5 million. That failed with a vote of 233-194 against.
Obama is expected to sign the deal into law as soon as today, Friday.
Headlines on this news vary, but the New York Times takes the cake, so to speak, on misrepresenting the news once again by titling their piece "Congress Sends $801 Billion Tax Cut Bill to Obama"
This isn't a $801 billion tax cut bill, taxes were due to rise at the end of this year, the deal simply extends current tax rates for all at the same rate it has been for years. So taxes were not raised, that does not mean anything was "cut."
In looking around the blogosphere at reactions, I see McQ states it better than I would have:
Keeping that rate doesn’t "cost" the government one red cent, because they never had the money to begin with. Pretending that somehow anticipated revenue from an increase in taxes is somehow a "cost" is a perversion of the English language as well as a misuse of an economic term.
Quit it.
Thank you.
~McQ
His point was one I was trying to make yesterday about the estate tax and how only in the twisted minds of liberals could letting people keep more of their own money be considered a "cost" or could they claim it "added" to our debt.
Again, I refer to McQ, the money was never the governments to begin with so letting heirs keep 65 percent of money and or estates left to them by someone who died is not costing the government a red cent and is not some type of "gift" to the rich.
Other headline major news:
In the Senate last night, the newly unveiled $1.1 trillion omnibus bill, which had multiple appropriations bills rolled into one monstrosity of a bill, went down in flames after Republicans filibustered and stood strong again allowing a largely unread, 1,924 pages omnibus bill, loaded with over 6,000 earmarks totaling $8 billion, and Harry Reid could not overcome the filibuster so he pulled the bill from the floor.
The Senate will now work to pass a Continuing Resolution which will fund government until February when the new sessions of Congress start. The House of Representatives will then be controlled by the GOP and the Senate will still be controlled by Democrats but with a much smaller margin that they have enjoyed for the last two years.
Next up in the lame duck session of the Senate, Reid files for cloture on DADT repeal and DREAM Act. (Click DREAM Act link for numbers to call to stop it from passing)
Related, must read piece in the Washington Examiner from Byron York.
Dems are earmark junkies but GOP goes straight
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