Congressman Dan Lipinski offers remarks on Tuesday's passage of fiscal cliff avoiding legislation.
Wednesday, January 2
From U.S. Congressman Dan Lipinski (3rd): “I am greatly disappointed, that after months of talk, House and Senate leaders and the President were not able to reach agreement on a sizable deficit reduction compromise. While it is good that we’re addressing the need to extend tax relief for millions of Americans, omitted from this package is a serious effort to address spending, implement tax reform, shore up the long-term viability of entitlements, or responsibly deal with replacing the sequester. With our debt limit reaching its maximum soon, we have missed a true opportunity to get our growing debt under control. "While H.R. 8 does not do what we need to tackle our debt, it protects middle-class Americans from an income tax increase that …
If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.
With leaders of Congress becoming more and more skeptical that a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes increasingly likely that American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $…