Current Weather
The Spy FM

Everybody Over The Cliff?

Filed by KOSU News in Politics.
December 21, 2012

House Speaker John Boehner’s “major defeat” Thursday night — when he had to pull his “Plan B” to extend Bush-era tax cuts for nearly all American taxpayers because he couldn’t get enough support from his fellow Republicans — means negotiations about avoiding the so-called fiscal cliff remain at an impasse.

So now what?

As NPR’s Mara Liasson said before Thursday night’s surprising news from the House, there already had been talk about going “over the cliff a little bit” — for a few days or so after Jan. 1 — before an ultimate compromise.

Well, that talk continues. CBS News writes that:

“The only way to reach a deal may be to let the nation go over the ‘cliff.’ When that happens, the expiration of the Bush-era tax cuts will mean that taxes on nearly all Americans will go up. That fact would seem to make it easier for House Republicans to back a ‘fiscal cliff’ deal, since they would be voting for a tax cut, not a tax hike.”

CBS adds, though, that:

“Going over the ‘cliff’ could have significant consequences. To be clear, the ‘cliff’ is actually more of a slope: The $1.2 trillion in automatic spending cuts are phased in over a decade – it’s not the immediate punch to the cut that ‘cliff’ implies – and there are budgetary maneuvers that can at least somewhat soften the blow of both the tax hikes and spending cuts. But going over the ‘cliff’ could spook the markets and once again shake world perceptions of the ability of the U.S. government to function effectively. And if a deal is not reached relatively soon after the deadlilne, the $500 billion in tax hikes and $200 billion in spending cuts in the first year will likely start pushing the nation back into recession.”

On that point about spooking the markets, Bloomberg News offers this headline:

“U.S. Stock Futures Drop as House Republicans Cancel Vote.” [Copyright 2012 National Public Radio]

Leave a Reply

2PM to 3PM The Dinner Party

The Dinner Party

Think NPR meets Vanity Fair. In each episode, hosts Rico Gagliano & Brendan Francis Newnam talk with some of the world's most interesting celebrities, and along the way equip you with bad jokes, fresh drink recipes, hot food finds, odd news stories... and etiquette tips from the likes of Henry Rollins and Dick Cavett. It's all you need to get an edge in your weekend conversations. Past guests include Michelle Williams, Judd Apatow, Kid Cudi and Sir Richard Branson. Wallpaper magazine calls The Dinner Party one of the Top 40 Reasons To Live In The USA.

Listen Live Now!

3PM to 4PM The Splendid Table

The Splendid Table

Hosted by award-winning Lynne Rossetto Kasper, The Splendid Table is a culinary, culture and lifestyle program that celebrates food and its ability to touch the lives and feed the souls of everyone.

View the program guide!

4PM to 5PM Weekend All Things Considered

Weekend All Things Considered

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center