The fate of the fiscal crisis bill continued to be in doubt this afternoon as House Republicans leaders joined their rank-and-file in decrying the lack of spending cuts- further clouding the chances for smooth passage with less than two days left before a new Congressional class is sworn in.
Democratic House leaders said Tuesday the time for talk was over and pushed their Republican counterparts for an up or down vote on the legislation passed by the U.S. Senate Tuesday morning. But even as House Minority Leader Nancy Pelosi, D-Calif., called for a compromise, word came that the No. 2 House Republican, Eric Cantor, opposed the bill.
“I do not support it,” Cantor told reporters after a closed-door meeting with fellow Republicans.
Rep. Steve LaTourette, R-Ohio, said sentiment among House Republicans was to amend the bill to incorporate more spending cuts. Rep. Spencer Bachus, R-Ala., echoed the statement.
“I’d be shocked if this does not go back to the Senate” with changes by the House, Bachus said.
But time for the House — and for Americans — is running out.
Realistically, rejection by the Republican-controlled House means that fiscal talks about have to start all over again when the new Congressional class is seated on Thursday. And that means, Americans will be left paying for the pricey political stalemate. Taxes would jump by $2,400 on average for families with incomes of $50,000 to $75,000, according to a study by the nonpartisan Tax Policy Center. And because consumers would get less of their paychecks to spend, businesses and jobs would suffer as well.
Americans would also feel cuts in government services; some federal workers would be furloughed or laid off and companies would lose government business. The nation would lose up to 3.4 million jobs, the Congressional Budget Office predicts.
The longer the stalemate drags on, the greater the risk for the economy and taxpayers.
House conservatives had begun voicing frustration about the lopsided ratio of tax increases in the plan, as compared with net spending cuts. One estimate showed the bill includes $620 billion in tax hikes and $15 billion is spending cuts. As one House Republican told Fox News, “I can’t imagine a ratio such as that warming our fiscal hearts.”
The House GOP leadership team said any decision on whether to accept or amend any Senate-passed bill would not be made until the House and the American people “have been able to review the legislation.”
Not all Democrats have been on board either.
“Looks like a very bad deal the way this is shaping up,” Sen. Tom Harkin, D-Iowa, said earlier in the day. Harkin voted against the bill, as did Sens. Tom Carper, D-Del.; Mike Lee, R-Utah; Rand Paul, R-Ky.; Richard Shelby, R-Ala.; Michael Bennet, D-Colo.; Chuck Grassley, R-Iowa; and Marco Rubio, R-Fla.
Of the tax hike, President Obama said: “Middle class families can’t afford it, businesses can’t afford it, our economy can’t afford it.”
The tax hikes, combined with the spending cuts, could trigger another recession if they are not dealt with soon, economists warn. The fiscal deal, though, still pushes off a permanent decision on the spending cuts until two months down the road, when lawmakers could find themselves in a similar position — only this time, with the debt ceiling playing a far more prominent role.
Read more at FOX NEWS.
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Eric Cantor is becoming the “face” of the gridlock over the “cliff.” A large percentage of Americans are blaming Congress – and particularly the Republican hardliners in the House – for the problem. If we suffer from not cutting a deal on the cliff, the face that the country will remember is Jewish. We really don’t need this – the perception of a Jew putting the whole economy in jeopardy just to keep the rich from having to pay more taxes.
Really hope cantor keeps it up. Adding another four trillion to our debt is criminal E r allowing the democrates to turn this country into Greece keep it up
It passed with 85 Republican votes in the House and 40 in the Senate.
cannot beleive cantor and boehener tabled the sandy relief bill. epic failure
Eric Cantor is the face we need to see more of, Oldtimer. We ‘avoided’ the cliff and gave 77% of americans a tax increase while giving hollywood and others more money.
Why?
Why can’t we not raise taxes AND cut spending? Why are the liberals so bent on SPENDING MORE MONEY?
It’s insane and will eventually cause the ouster of all Liberals from office. 77% of the people will get tired of sending DC more money while watching the vacationer-in-chief fly away to play golf.
It doesn’t make sense to me.
Eric Cantor needs to put his foot down and make a play for the leadership role. Someone needs to, and if it’s a Yid, all the better.
I would love to see Eric Cantor be the spokesman for the Republican Party, especially as it sinks into oblivion. They and he are nothing but the Party of no.