Archive for December 2012

Fiscal Cliff News: Vote on Bill to extend tax cuts attempted in House

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House tomorrow, Tuesday December 4th.

A discharge petition would require 218 signatures (Democrats hold only 192 seats) to bring it to the floor of the House. Republicans, who hold a majority in the House, have so far resisted allowing a vote on a bill passed earlier this year by the Senate, which would extend the tax cuts for only those earning less than $250,000 a year.

House Speaker John Boehner, R-Ohio, said on Fox News Sunday that President Obama’s latest proposal , presented by Treasury Secretary Timothy Geithner, to avert the fiscal cliff was a “non-serious proposal.”

Geithner, however, said he believes a compromise on the fiscal cliff talks can be reached. “I think we’re going to get there,” he said. However, he insisted that Republicans need to come up with a counter-offer. “We need to know what they’re prepared to do on [tax] rates and revenues, and we need to know what they’re prepared to do on the spending side”.