January 1st, 2013
Inspired by Obama, Senate Republicans reach agreement on ‘fiscal cliff’ (WashingtonPost.com 1/01/13).
We’ve gone over the cliff and are hanging on by a thread,
Looking down into the economic abyss with dread.
Our lifeline passed the Senate with a sturdy bipartisan majority,
And now heads to the House with the highest priority.
So as America hangs there, suspended over the void,
It’s up to House Repubs, tax hikes and another recession to avoid.
But don’t worry—John Boehner’s on hand,
And is thinking about extending his hand.
I’m sure Speaker Boehner will pull us up,
Unless he’s not strong enough, or messes up.
(Or, he might drop us in order to save his own political skin,
And his Speakership election on Thursday win.)
Will Speaker Boehner save the day,
Or will the 99% just slip away?
Here’s the scene from the movie that inspired our title. That strap that’s holding her up at the beginning? That’s the Senate deal.
Here’s the deal in a nutshell:
- Unemployment compensation extended for 1 more year for long-term unemployed.
- Stimulus tax credits extended
- $600 billion in new tax revenue with a $450K family income threshold and a deductions cap
- Permanent AMT fix
- “Doc fix” reversing automatic reimbursement rate cuts to Medicare providers
- Sequester spending cuts delayed for 2 months.
Uh, Happy New Year?