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Fiscal Cliff Timeline
Posted by Legislative Staff on December 20, 2012

Dec. 17, 2010 – President Obama signs into law two-year extension of current tax rates, setting in place the first part of the “fiscal cliff.”

Aug. 2, 2011 - Budget Control Act of 2011 is signed into law, creating the Joint Committee on Deficit Reduction, also known as the "Super Committee"

Nov. 21, 2011 – The so-called “Super Committee” fails to reach agreement on sufficient spending cuts to prevent sequestration setting in place the second part of the “fiscal cliff.” 

May 10 – House votes to prevent defense sequester by replacing it with common-sense spending reductions and reforms.

Aug. 1 – House votes to prevent tax increase on all Americans. 

Nov. 7 – The day after the election, Speaker Boehner put tax revenues on the table if they came in the form of pro-growth tax reform and were accompanied by significant spending reductions.

Nov. 29 – It took three weeks for the President to respond and that was with an unserious offer that doubled the level of tax revenues on which he campaigned, called for new stimulus spending, and offered phony cuts.

Dec. 3 – House Republicans quickly countered with an offer that was balanced only to hear silence from the White House.

Dec. 11 – When it did respond, it was another unserious offer calling for $1.4 trillion in revenue with no real spending cuts.

Dec. 14 – Speaker Boehner then offered to lets rates got up on those making over $1 million, raising $1 trillion in revenue and asks for an equal amount in entitlement savings.

Dec. 15 – With continued silence from the White House, Speaker Boehner offered a 1 year extension of the debt ceiling.

Dec. 17 – Despite significant concessions from House Republicans, White House’s next offer offers another unbalanced approach, nudging slightly to raising taxes on anyone making above $400,000 but raising taxes significantly more than cutting spending.

Dec. 20 – House takes up plan to avert the fiscal cliff by preventing tax increases on anyone making less than $1 million and replacing arbitrary cuts of defense sequester with common-sense spending cuts and budget reforms.
Comments
The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.
  • 12/20/12 08/31/10 False
    Carol Goodwin from Savannah commented on 12/20/2012
    It is time to stop the excess in entitlement spending. Social Security should be exempt from cuts----taxpayers have paid into this program, and it never should have been utilized for anything BUT Social Security benefits! The raiding of the fund that began back under Eisenhower's term needs to stop immediately, and the amounts raided by the Fed Govt. need to be put back into the fund. Obama has to get honest and serious about cutting spending. I am depending on my senators/congressmen to keep Obama's socialistic/Marxist thinking at bay. Socialism has never worked anywhere. What we are doing to our grandchildren and great grandchildren is a travesty.
  • 12/20/12 08/31/10 False
    Vernon Eckleberry from Brunswick commented on 12/20/2012
    The problem with increasing the taxes for $250,000 income is that families who make this much with both parents working have to pay for everything for themselves and their kids. Benefits (or entitlements as demos want to call them) are nonexistent for these families. By the time they pay for their children's school, activities, medical needs, transportation, home expenses (no bailouts), food (no food stamps) and everything else that goes with raising a family, $250,000 earned by hard working parents is greatly reduced.
  • 12/20/12 08/31/10 False
    Joe Grimes from Saint Simons Island, GA commented on 12/20/2012
    It sounds like the President gave into the Republicans in the House who did not want to negotiate. His latest proposal was for less than $400,000, which when he began was less than $250,000. He gave too much on the revenue side of this issue. On the spending side, it sounds like the House did not give enough, especially in Defense spending, which as we all know is where big savings are possible. Defense could give upwards of $2 trillion over the next ten years without affecting our ability to defend ourselves. Who are the enemies that would be encouraged if they think we are spending less on Defense? Are we still at war with the Russians, the Nazis, the Communist Chinesse? What kind of scare tactic is that? Be honest. There is incredible waste in Defense.
  • 12/20/12 08/31/10 False
    Paul from Townsend commented on 12/20/2012
    List all revenue increases and spending decreases as annual amounts. The spending decreases never seem to occur when defined as 10 year totals. In bargaining, publicly define the top 10 demanded spending decreases for 2012, (other than Social Security, Medicare, and Military). Require that those 10 cuts be written into any agreement. Also in bargaining, require that the ratio of spending cuts to revenue increases be at least 2 1/2 to 1. Write this requirement into any agreement. Continue your blog and try to get it on the national news media.
  • 12/20/12 08/31/10 False
    Betty from Darien commented on 12/20/2012
    Stay with Speaker Boehner and try to keep the Republicans together. We can't let Obama have his way with EVERYTHING. He is trying to ruin our country.
  • 12/21/12 08/31/10 False
    J. Stroehlein from Blackshear commented on 12/21/2012
    The President is making a fool, out of the establishment GOP. That requires vary little effort. Jack and his fellow career politicians have been doing the country a disservice for too long. If,as the GOP claims, they favored smaller government certainly the government would have shrunk under GWB. But it did the opposite. It is time for the Tea Party to kiss these GOP career politicians good-bye.
  • 12/21/12 08/31/10 False
    Joe Pendergraft from St Marys, GA commented on 12/21/2012
    Thank you Congressman Kingston for "doing your best" to establish a stable budget for our wonderful American Nation. I truly do not understand how the Democrat "Super Committee Chairman", Democratic controlled Senate and POTUS can "turn their heads" to what is required to keep American growing, "free for all," and "living within our Congressional budget." You are an exceptional Congressman -- one I am proud to have represent our District! Respectfully submitted, Joe E. Pendergraft
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