Note: I am going to write this post without using the words āfiscal cliff,ā a description that is beginning to make me as crazy as the phrase āat the end of the day ā¦ā
Well, the House of Reps proved me wrong, and Iām 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 didnāt have enough votes to amend the measure and send it back to the Senate ā¦ and then he put it to a vote.
Guess what? A bipartisan majority approved the bill ā and that included staunch conservative Republican Rep. Mac Thornberry of Clarendon. Mac said āyes,ā and then griped about the need for more spending cuts in his statement announcing his affirmative vote.
Iām glad the measure passed, not because Iām crazy about it. It needed immediate spending cuts. They wonāt come for another two months when the āsequestrationā deadline extension expires. Thatās 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 ā which has some of our retirement income tucked away ā took off like a rocket today with news of the budget deal. I donāt expect the market to keep soaring, but at least it didnāt fall off the, um ā¦ never mind.
I am gratified as well that House members and senators arenāt 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. āThey live in a parallel universe,ā Velshi said.
They got the deal enacted, but they still should be ashamed of themselves.
Goodbye, 112th Congress, and good riddance.