The House has adjourned for the year. The U.S. is going to start the new year with potential of automatic spending cuts to go into effect. However, agreements have been reached regarding taxes.
MSNBC is reporting the following:
- $600B in new revenue over 10 years
- Bush tax rates extended for $400K/$450K
- Top rates increase to 39.6 percent
- Capital gains rise to 20%
No deal has been reached yet because spending cuts are still not agreed upon. Many politicians are stating they want to delay cuts to the military.
Senator John McCain has been on CNN and Fox telling people the republicans are going to fight more on the federal debt limit.