This article is being written at 3 P.M. on Sunday, December, 30.
Both houses of Congress are in session on a rare Sunday afternoon. Maybe they are unaware of all the important fool games today.
Congress, and the President, has until midnight Monday to avert the “fiscal cliff” which will affect all American taxpayers and our general economy.
How ridiculous that the United States Congress is waiting until the last hour to even to try to pass such significantly importation federal legislation. Both political parties appear to have intractable positions, and compromise seems a distant possibility. This applies also to the President’s position. No matter what he may think, his narrow reelection was not a mandate. Not when it comes to the national economy which affects nearly every citizen.
The Congress is not doing the people’s business.
Both the Congress and the President have known for a long period of time that this fiscal deadline has a finite legislative action date. They have not yet had the courage to avert $500 billion in tax increases that will take place late Monday. How disconcerting for the American people and especially American businesses, small and large.
In the Senate, with leaders such as Harry Reid, Barbara Boxer of California and Charles Schumer of New York , in key positions, it looks like there is little consensus for compromise. How surprising?
And, welcome to all the new potential millionaires who will make over $200,000 a year. One wonders if the President and his supporters in Congress understand the American people and how the American economy operates.
Then there is the current $35,000 estate tax exemption which could be escalated to $5 million dollars. Wake up and smell the coffee, financial planners and tax attorneys. If this concept passes the Congress, and becomes law, your business may boom, and add to the group of millionaires in those fields of endeavor.
The government giveth and taketh away. It appears that they plan to take away long standing tax incentives and give more money to those who are dependent on government largess. This has been an agenda of the President since he was elected.
Fiscal brinksmanship is not in the best interest of the country and only adds more uncertainty for a stock market that is already very uncertain. The New York Stock Exchange lost 2 percent of its value last week and has fallen below 1300. Real consternation and uncertainty has already occurred.
The leaders of both parties will caucus with their respective members on Sunday afternoon.
Regarding the passage of a new five year farm bill which is long overdue, it appears a six month or one year extension is all that American agriculture can expect. How disappointing.
Let us hope for the sake of our country that common sense prevails and elected representatives act in a decisive and intelligent manner.
Congress must remember they work for the people and should do the people’s business in an expeditious reasonable way.