New Year’s Eve On the Cliff: Lawmakers Have No Bill and No Deal (+Update)

photo credit: donkey hotey
Senate leaders and Vice President Biden are putting the finishing touches on an agreement to extend income tax rates for the vast majority of the country, just hours before the “fiscal cliff” deadline.
The agreement will extend Bush-era income tax rates on individual income up to $400,000 and on family income up to $450,000, according to a senior GOP aide. It will adjust the estate tax rate to 40 percent, up from 35 percent, but maintain the exemption for all inheritances below $5 million, the aide said.
GOP Senate leader Mitch McConnell (R-Ky.), who is engaged in one-on-one talks with Biden, said the tax portion of the deal was finished, and that a broader agreement was at hand.
“I can report that we’ve reached an agreement on all of the tax issues,” McConnell said. “We are very, very close.”
Republican leaders in the House, meanwhile, said they would not hold a late-night vote even if tax and spending legislation cleared the Senate, guaranteeing that the nation will go over the fiscal cliff at midnight, if only for a few hours. Read more from this story HERE.
New Year’s Eve On the Cliff: Lawmakers Have No Bill and No Deal
Senate leaders are racing against the clock to reach a “fiscal cliff” deal the House and Senate can approve on New Year’s Eve.
Leaders in the upper chamber narrowed their differences Sunday as Republicans agreed to drop a demand to curb cost-of-living increases to entitlement benefits, while Democrats showed flexibility on taxes.
Yet after months of talks on ways to avoid the fiscal cliff of tax hikes and spending cuts at the end of 2012, House and Senate lawmakers find themselves approaching the new year without a bill to present to their members.
Significant differences remain over two key parts of a deal — the automatic spending cuts known as the sequester and the estate tax.
Instead of working through the night, the Senate recessed at 7:27 p.m. Sunday with plans to reconvene Monday at 11:00 a.m., and the House recessed around the same time. Read more from this story HERE.

Biblical names are out and pop culture is in for America’s newborns – if this year’s list of most popular baby names are anything to go by. The once hearty trend of parents naming their babies after Biblical scripture has shown a steady decline in recent years according to an annual baby name report by BabyCenter.com.
The Tea Party has had an up-and-down political ride since the movement helped Republicans take control of the House in 2010, but those elected in the midterm elections still appear to wield considerable power in the fiscal negotiations.
Awad Tamimi, a thirteen year old Palestinian Arab girl, found internet fame when a video of her cursing at and kicking IDF soldiers was posted on YouTube. Today, the Turkish news agency “Anatolia” reported that “the brave Palestinian girl” and her mother met Prime Minister Recep Tayyip Erdogan of Turkey at a hotel in Istanbul, where they had a short conversation. Erdogan gave some gifts to her family, and the two posed for photographs , before eating a meal together. “I give thanks to Prime Minister Erdogan for his hospitality—and his support for Palestine” she said.
President Obama on Sunday said he would make gun control a priority in his new term, pledging to put his “full weight” behind passing new restrictions on firearms in 2013.
Eating Fido – or Tiddles – might be more commonly associated with China and Vietnam, but rustling up a slice of cured dog meat to enjoy as a snack is not unusual in rural areas of central and eastern Switzerland, Tages Anzeiger claims.
Chicago has a long tradition of padding its vote totals by placing homeless and deceased persons on its voter registration list. Jim Laski, who once served as the City Clerk of Chicago, second in power only to the mayor, noted in his book My Fall From Grace that fraudulent voters were registered to addresses that included cemeteries, municipal buildings, and taverns. The taverns, at least, are understandable: politically connected city workers spent so much time on bar stools the Board of Elections thought they lived there.