Note: I am going to write this post without using the words âfiscal cliff,â a description that is beginning to make me as crazy as the phrase âat the end of the day âŠâ
Well, the House of Reps proved me wrong, and Iâm glad it did.
I was sure the purists among them were going to spoil the Senate-passed budget hammered out by Vice President Biden and Republican Senate Leader Mitch McConnell. The pie-in-the-sky crowd had me going. Then, Speaker John Boehner counted heads and realized he didnât have enough votes to amend the measure and send it back to the Senate ⊠and then he put it to a vote.
Guess what? A bipartisan majority approved the bill â and that included staunch conservative Republican Rep. Mac Thornberry of Clarendon. Mac said âyes,â and then griped about the need for more spending cuts in his statement announcing his affirmative vote.
Iâm glad the measure passed, not because Iâm crazy about it. It needed immediate spending cuts. They wonât come for another two months when the âsequestrationâ deadline extension expires. Thatâs when automatic cuts kick in, unless our distinguished lawmakers make the cuts voluntarily.
But tax rates remain low for us middle-income Americans. The wealthier of us will see a modest increase, to the levels imposed during the Clinton administration, when the economy exploded in a grand expansion.
Even better news for us older Americans is that the stock market â which has some of our retirement income tucked away â took off like a rocket today with news of the budget deal. I donât expect the market to keep soaring, but at least it didnât fall off the, um ⊠never mind.
I am gratified as well that House members and senators arenât patting themselves on the backs today. CNN business correspondent Ali Veshi said it best on Tuesday when he reminded us that Congress had 518 days to get this thing done but waited anyway until the last minute. âThey live in a parallel universe,â Velshi said.
They got the deal enacted, but they still should be ashamed of themselves.
Goodbye, 112th Congress, and good riddance.