Sen. Johnny Isakson (R-Ga.) said this morning on CNN that he believes fiscal cliff negotiations have progressed to a point where “the revenue issue is no longer a question.”
“I think we stand close to a deal,” the senator said.
“The question is making sure any new revenues go to debt spending reduction and deficit relief rather than new spending. It’s deficits that got us into this problem. It’s only reducing deficits that get us out of this problem,” he added.
Democrats this morning offered $450,000 as a deal on the tax-hike threshold, but Isakson wouldn’t confirm if that’s the level that’s been accepted.
“No, that’s not my best information, but it’s my best belief that they’ve reached an agreement on revenues. What that level is, I don’t know, but the question now is where those revenues go,” he said. “If they go to new spending, we’re going to have a problem making a deal because spending has been our problem. But if they go towards deficit reduction, which ultimately will be debt relief, that will be a good thing, and we probably will have a deal.”
Isakson described negotiations as “a lot of back room operation going right now, making sure all the i’s get dotted and the t’s get crossed.”
“I’m sure a final deal hasn’t been agreed to, but as long as Mitch McConnell and Vice President Biden are talking — remember they are the two that last August made the budget control act possible that got us the postponement to get this deadline now,” he said. “So we’ve got our best two negotiators at the table.”
“There will be temporary patches, I’m sure. This is not going to be a macro deal. This is probably going to be a micro deal. We’ll be back at work, when we come back after swearing in, working on those items.”
There’s been no word from the White House on how negotiations are going from Biden’s point of view.
McConnell reached out to Biden yesterday after Majority Leader Harry Reid (D-Nev.) showed a “lack of urgency” in responding to GOP cliff offers.
“There is no single issue that remains an impossible sticking point – the sticking point appears to be a willingness, an interest, or courage to close the deal,” McConnell said on the Senate floor at about 2 p.m. on Sunday. “I’m willing to get this done but I need a dance partner.”
And hopefully, the deal doesn’t include a sellout by Republicans, where they vote for more gun control.
I woul rather the Republicans “cave” on the top marginal tax rates. Since 7 out of the 10 richest counties went overwhelmingly for O the Repubs can simply say “the rich want to be taxed more. They voted for it. Let them have it!”
“Revenue” has never been an issue. Ever.
Exactly. Anyone think spending will go down? Has it ever really gone down? New revenues equal more spending. Both sides are arguing around the fringes rather than looking at the overall debt issues. They will all pat each other on the back if the current deficit is only $1 trillion instead of $1.2 trillion as the overall debt continues to rise.
My personal priority is that they fix the freaking inheritance tax limit. We’ve got three dependent children and a lot of life insurance as well as well-funded 401(k)s and no debt. I’d like the kids to receive the benefits of our foresight and planning, not the govt. I already told my spouse I won’t ride in the same vehicle with him until it’s fixed. I’m not joking- it’s a lot of money if you add it all up, and I’ll be damned if I’ll let it go to the government.
Agree completely. Really need to get rid of estate AND gift taxes. Would be nice to be able to help one’s children at that stage in their lives when they need it most – when they’re starting families, buying homes, starting businesses.
Absolutely. Especially when I know they’ll be spending the rest of their lives paying for Obama’s mess.
If inheritance is going to be taxed, them money spent paying for your childrens college, should also be taxed. Otherwise it is a disadvantage to those whose children, choose to not go to college.
It has never been a revenue issue in the least. We have a spending problem and they all know that. This is not an attempt to bring physical sanity to an insane budget/Congress/government. It’s about demonizing certain people the Democrats think should be targeted for destruction. The Republicans are just meekly falling into line. My disgust for the whole rotten bunch of them, both sides grows daily and the temptation as a voter to go Galt grows with it.
Senator Isakson is wrong. Reducing deficits will not get us out of this problem. Deficit reduction only causes the debt to grow at a slower rate, but it still grows. We are at a point where only eliminating deficits will get us out of this problem, and even then it will take a generation, if not more.
This thing being constructed, this deal, once presented to the indifferent public will be revealed to the keen eyed observer to be nothing more than an elaborate fan (not the electric kind) of exotic feathers behind which an army of naked politicians will dance and claim that they are attired in top hat and tails, with black ties and cummerbunds.
Government spending will continue to increase, the budget deficit will continue to increase, federal debt will continue to increase, the value of the US dollar will continue to melt away, unemployment will continue to increase, prices will continue to increase. In short, nothing will change.
The Senators from GA are both bad jokes on the citizens. I am ashamed of and full of contempt for every human that is a government employee, but mostly the elected ones. The only exceptions to my disdain are the actual fighting warriors of the military. Send the rest home to live in disgrace.
What is real or logical, is not what will happen here. What will happen is the GOP will cave. To Paraphrase the line from Monty Python’s ” The Holy Grail.” ” When integrity rears its ugly head, they bravely turned their tails and ran.”
Republicans have conceded that the deal, if it is reached, will not include any new spending cuts. The main issues now are how much tax rates will rise and how much new spending will be added.
There is no household in America that could willfully ignore fiscal reality as Congress and the President do everyday. The majority of the American people have fully embraced the idea of socialism and now desire it. They have decided to ignore the math which is ignoring reality. The price to be paid will be heavy.
I have told my children that it is time to leave this country. The United States as we knew it 75 years ago is fini. There is no reason for them to share their future income with an aged and ignorant bunch of simpletons.
Our Bankruptcy will occur in the next 5 years or so. I say so be it, the American people who in their ignorance voted for our current state of affairs richly deserve to suffer the pain that they inflicted upon themselves.
The experiment in government by the people lasted less than 1/2 that of the Roman empire. The consequences of lack of discipline and a belief that you get something for nothing will be most painful.
“So we’ve got our best two negotiators at the table.” LOL.
O’Biden’s got the IQ of a cold day in Antartica. Don’t know what that says about McConnell (a RINO). How can anyone really take all this “negotiation” BS seriously? They are all just arguing over the details of how they’ll have the rest of us cooked for dinner. We’ll just have to get to the bottom of the cliff to see what the term “Fiscal Cliff” really means. As the man who jumped off the top of the Empire State Building was heard to say on the way down “So far, so good”.
“…remember they are the two that last August made the budget control act possible that got us the postponement to get this deadline now,” he said. “So we’ve got our best two negotiators at the table.”
So these are the two Ruling Class deal-cutters who gave us the Fiscal Cliff that we are now told endangers life as we know it. This is like asking Barney Frank and Chris Dodd to solve the financial system. Oh yeah, we already did that! How did that work out for us?
I am now inclined to think that the fiscal cliff is only one aspect of the financial abyss that Obama is engineering.
Obama has shown no interest for the economy’s wealth, he seems interested only in keeping the power on the left for the benefit of the left, not of
the people.What i think would be highly beneficial to this objective of his, is a financial collapse, with subsequent widespread engineered civil
unrest and subsequent martial law or somehow a reduction of civil liberties
May 16 2012 Timeline Of Senate Democrats’ Refusal To Make Budget Plans Public
http://budget.senate.gov/republican/public/index.cfm/budget-background?ID=b630d3bd-f985-4943-a87a-a746ecec6a51
Harry Reid: ‘Foolish’ for Democrats to offer budget plan May 20, 2011|By Lisa Mascaro, Washington Bureau
http://articles.latimes.com/2011/may/20/news/la-pn-harry-reid-budget-20110520
It is a bogus issue anyway;
http://www.bearishnews.com/post/5225
We have exceeded the System margins. A crash is inevitable. EVERYONE with an IQ greater then a walk in freezer knows this. All the kurflop is about pinning the blame on your opponent.
Remember, politicians think being the last one hanged is a victory. We have past the point where if the tax rate was 100%, there still wouldn’t be enough money to cover the deficit. Sort of like Greece only bigger.
Are Past NOT have past. Have passed would work but changing horses in mid stream doesn’t. I miss having an editor.
I’ll be your editor if you can explain to me what you just said
We’ll be back at work, when we come back after swearing in, working on those items.”
Oh, so this is work that you jokers provide? Maybe I as a taxpayer needs a raise. Or maybe you should be fired.
Fire them all.
Padlock the doors.
Sell the building.
Move to Kansas and try again.
DC is worthless.