Thursday, December 20, 2012

'Plan B' collapses and GOP goes home on vacation

The House called off a vote Thursday evening on House Speaker John A. Boehner’s plan to extend tax cuts on income up to $1 million — known as Plan B — because he could not muster enough votes from fellow Republicans to pass the measure.

“Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff,” a statement from Boehner’s office said. “The House has already passed legislation to stop all of the January 1 tax rate increases and replace the sequester with responsible spending cuts that will begin to address our nation’s crippling debt. The Senate must now act.”

The move leaves unclear the next step in the negotiations over the fiscal cliff set to hit the country’s economy on the first of the new year. House Majority Leader Eric Cantor (R-Va.) said the House has adjourned until after Christmas.
Read the rest here.


Anastasia Theodoridis said...

Banks and other large corporations/conglomerates.

Nikolaus said...