If any operation in different ways, the rest of the 112th congress to end the 112th congress, closing LanKe overselling, do not take the consequences of your actions.
New Year's drama of a typical 112th congress gripping trap - by and including the final vote before midnight end - but in fact no results by this time the deadline should be driven action. Confusion, such as, has cleaned up in the future days or weeks.
So that the drama is partly a self imposed.
But, in every sense, financial cliff legend is two years ago a miniature. Right, this is not normal point, to determine the direct consequence of congress.
Fickleness and temporary legislation on Tuesday night to the end of the end of the fact in the 111th congress began, a fierce mid-term elections after the defeat, President Obama agree to extend the bush tax cuts expiring two years. In exchange, the republicans agree to economic stimulus measures - pay tax cut, emergency unemployment benefits - no Obama may in 2012 to be defeated, but become financial cliff itself wedges.
The agreement before the announcement, the republicans over the house of representatives and is not a coincidence, it's the least awkward financial cliff legendary chapter. But it is the precursor of aggressive behavior sequence, and determines the 112th congress government close fight; Disaster relief setbacks, pay tax cuts to play, the most important is, improve the national debt ceiling struggle.
"Sadly heritage debt ceiling struggle is still developing, will not be completely write to later this year, when congress increased again. But, the 2011 agreement, narrowly avoided self-inflicted financial crisis precipitation's second largest wedge fiscal cliff.
Because the house republicans processing "borna rule" - a arbitrary requirements, congress matching for each dollar of new authorization, equal to cut the federal spending borrowing right - because Obama insisted, debt limit problem will take close table, until after the election law, to solve the debt ceiling struggle will have to cut the federal spending more than 2 trillion dollars.
This is a blackmail. But as the deadline approaches, the republicans to realize that if they insist on banking front all of their requirements, they will push countries breach of contract. Therefore, they agree to bank half - more than ten years to cut a $1 trillion annual federal spending - then task so powerful, congress two party committee to and other. Committee crowded backup plan in case sealed - messy mix one size fits all cut domestic and national defense in order to force the Democratic Party and the republican party reached broad agreement by the end of 2012, the budget plan.
The famous "super committee failed to reach an agreement as the default options. Seal, and fiscal cliff more comprehensive shape.
Then, in 2012 campaign in full swing. However, the two sides - including senior Democrats and republicans - take more consideration tax and spending measures to replace the fiscal cliff efforts. But republican leaders still firmly opposed to improve significant new taxes, and it soon became clear, the election result is going to decide whether and how to take effect from the automatic, the United States congress will stop dangerous austerity measures.
Therefore, financial cliff battle. Obama won in November, in a platform of ideas, high earners for the marginal tax return to Bill Clinton's level of premise. President bush's tax cuts imminent due to cut, his pocket, target more or less guarantee. The question now is how to.
Obama and the house of representatives speaker John boehner again into their abandoned in the 2011 budget negotiations, and the balance of power, now turn over the President's favor. Their discussion more or less assert that Obama has in the bank $80 billion in revenue from high earners - the ministry of finance will has collected more than ten years, make the bush tax cuts on the income of more than $250000 at the end of the idea of quantity roughly. In addition, the two leaders weight additional tax and to cut costs. But when the details out, obviously, most of the house republican will refuse to the plan, maybe abolished borna, speaker gave up talks, try to use a new method - without voting notorious "plan B", which collapsed flip the script.
Ironically, the final financial cliff trading also alienates the republicans - by a large advantage - because of its lack of spending cuts the house republicans have been able to make enough if they are willing to support Obama, borna trading.
On the contrary, borna play fiscal cliff negotiations of the senate, where leaders talks from Mr Obama's $800 billion baseline downward. When these talks have collapsed, the senate minority leader MaiKangNaiEr vice President Biden (Joe Biden), he finally two hours later, the bush administration's tax cuts made American tax payers relief law "on January 1, 2013 at about 2 PM in the senate - cuts has expired.
The sun rises in the day, not happy house republicans their choice - and almost killed the bill. But, calm mind prevailed. Forced to choose between unity is the party and avoid cliff - his republican between heritage and his national heritage - borna sacrifice the former.
Through the bill 257-167 in the New Year's day at 11 o 'clock, 151 republicans voted against it.
After the past two years, intermediate election, common sense advice, ruling crisis era of reserve, maybe is temporary. However, financial cliff bill established a brand new, and in many ways more serious crisis in two months, the debt ceiling will have to improve and seal - still effective, although payment, until the end of February - - will need to be addressed.



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