December 2012

Secretary of Treasury Tim Geithner announced on Wednesday that in addition to the fiscal cliff deadline at the end of the year, the United States will also hit its borrowing limit on December 31st, meaning the debt-limit will have to be raised a lot sooner than previously believed.

As Speaker of the House John Boehner failed to get his members in line to vote on a plan to avert the so-called “fiscal cliff.” It was a bad idea to begin with – a plan to let the Bush tax cuts expire for millionaires – but let those same millionaires keep generous tax loopholes, while getting rid of many of the tax breaks used by the middle class.

All eyes are on Speaker of the House John Boehner to see if he has control of his Republican Party. Today, Boehner will try to bring his "Plan B" to the floor for a vote – a proposal that will extend the Bush tax cuts for all Americans who earn less than a million dollars a year, while allowing the tax cuts for millionaires to expire at the end of the year.

But he’s also making a run at capitulator of the year. Fallout continues one day after the White House proposed turning the austerity knives on Social Security Insurance in their latest “fiscal cliff” proposal.