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Fiscal Cliff Timeline
Posted by Legislative Staff on December 20, 2012 | comments
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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. 29It 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.

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11.27.2014

Media

Kingston "Exit Interview" with WSAV