‘Major setback’ in fiscal cliff talks

[jenmito]

Negotiations between Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell have suffered a “major setback” after Republicans demanded the inclusion of a new method for calculating entitlement benefits as part of the fiscal cliff package, according to Democratic sources.

The provision, known as “chained CPI,” is opposed by many progressives because it would result in lower payments for Social Security beneficiaries.

Democrats are objecting to including this as part of the current negotiations on a scaled-down fiscal cliff deal. They say they’ve already given ground on other issues, including raising the threshold for new taxes to around $400,000 annually, as well as showing flexibility on estate taxes, sources said.

Read more: http://www.politico.com/story/2012/12/fiscal-cliff-no-deal-as-final-hour-approaches-85587.html#ixzz2GZ20pBVX

Link to segment on MSNBC where I saw the news. Thanks to cal04: http://video.msnbc.msn.com/msnbc/50324578/#50324578

[cal04]

1. Watching on MSNBC. Link to video

http://video.msnbc.msn.com/msnbc/50324578/#50324578

[jenmito]

6. That's where I saw it. I looked for a link after. Can I put your link in my OP?

TIA.

[cal04]

12. Please do.

[jenmito]

13. OK, I will.

Thanks.

[Purveyor]

2. Was just about to post this. Thanks for posting. K&R eom

[jenmito]

7. Thanks for the K&R. n/t

[still_one]

3. Just go over the cliff already. It will slash their beloved military budget, and perhaps get us out

of Afghanistan sooner.

Yes, a lot of people are going to be hurt, but we can look at it another way, they will be starting from scratch, and this current Congress will be gone, so maybe the new Congress will finally start doing their job

[jenmito]

8. That's how I feel. n/t

[cal04]

4. ‘Fiscal cliff’ talks hit by setback over Social Security benefits

Talks between Senate Democrats and Republicans have hit a “major setback” on Sunday after Republicans demanded cuts to Social Security benefits be included in the deal, Democratic sources said.

Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) have been negotiating since late Friday on a package to avoid the $500 billion in automatic tax increases and spending cuts known as the “fiscal cliff.”

(snip)
Today, the GOP added a new demand to the talks: the deal should include a new measure of inflation known as chained consumer price index (CPI). The change would tend to reduce Social Security and other entitlement benefits even while raising some tax revenue.

"The Democratic caucus will be told later today that the talks have reached a setback over chained CPI," a Democratic aide said. "I can only conclude that McConnell included that new demand after he briefed Speaker Boehner and Boehner said he needs to have cuts."

http://thehill.com/blogs/on-the-money/budget/274907-fiscal-cliff-talks-hit-by-setback-over-social-security-benefits

[Angry Dragon]

15. " Boehner said he needs to have cuts."

I hope he is talking about cutting his salary and Congressional benefits
for they are just part time workers anyway

[geek tragedy]

5. Republicans get to own the failure of talks and cutting social security

benefits.

Geniuses,

[jenmito]

9. Exactly. n/t

[Rosa Luxemburg]

10. It is the Republicans fault

they have to agree with Harry or else. Once people realize that Repubs are trying to mess with SS they will not be happy

[union_maid]

11. I think this is where we all need to contact our Senators

and Congress critters. Especially those in Republican districts. Ewww..that means I have to get in touch with Peter King's office. I understand that can be a bit of an adventure. Anyway, public outcry has worked with SS issues before, and worked wonderfully. But the Republicans need to feel some heat from their own constiuents, too.

[Angry Dragon]

14. let the taxes go back to 70% for the top rate

[Cha]

16. Thanks jenmito! And, there's reportedly this..

CNN: corker just confirmed...chained CPI off the table

http://www.democraticunderground.com/10022098495

[jenmito]

18. No problem, Cha! And yeah...

I saw that on MSNBC. Thanks!

[LiberalFighter]

17. Chained CPI should not be discussed by them because it is part of Social Security

and Social Security has nothing to do with the fiscal cliff (debt).

Republicans like to make stuff up.