Oak Ridge Today

House also passes ‘fiscal cliff’ deal, but Tennessee representatives oppose it

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U.S. Representative Chuck Fleischmann

Chuck Fleischmann

Less than 24 hours after the U.S. Senate overwhelmingly approved it, the U.S. House passed legislation late Tuesday night to avoid the so-called “fiscal cliff,” but seven Tennessee Republicans and one Democrat opposed it.

The bill, which now goes to President Barack Obama for his signature, averts income tax increases for most Americans and temporarily delays large across-the-board spending cuts to defense and domestic programs.

However, the Associated Press reported most Americans will still end up paying more federal taxes in 2013 because the legislation did not renew a temporary 2 percent cut in the payroll tax. That reduction was worth about $1,000 to a worker making $50,000 a year.

U.S. senators Lamar Alexander and Bob Corker, both Tennessee Republicans, voted for the bill in the Senate, where it passed 89-8 early Tuesday morning. Alexander and Corker said the legislation, reached after weeks of negotiations between the White House and Congress, “rescues” 99 percent of Americans from a tax rate increase.

But all seven Tennessee Republicans in the U.S. House, including Rep. Chuck Fleischmann, voted against it. The vote in the House was 257-167.

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Alexander, Corker vote for ‘fiscal cliff’ deal

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U.S. Senator Lamar Alexander

Lamar Alexander

U.S. Senator Bob Corker

Bob Corker

U.S. senators Lamar Alexander and Bob Corker voted in favor of a “fiscal cliff” deal early Tuesday morning that would allow tax rates to rise only for wealthy Americans while temporarily suspending sweeping federal spending cuts.

The deal was approved 89-8 in the U.S. Senate but still has to be passed by the House. Approval there is not guaranteed.

The agreement would raise tax rates for individuals who earn more than $400,000 and couples with incomes of more than $450,000. It would also extend unemployment insurance for another year and temporarily delay $110 billion in across-the-board spending cuts to military and domestic programs.

Alexander, a Tennessee Republican, released a statement after the 1:39 a.m. vote early Tuesday, New Year’s Day. The vote could help the nation avert the so-called “fiscal cliff,” a package of automatic across-the-board spending cuts and tax increases scheduled to start going into effect this month.

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Corker, Alexander propose dollar-for-dollar spending, debt limit plan

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Tennessee senators Bob Corker and Lamar Alexander have introduced a plan to reduce the growth in federal entitlement spending by almost $1 trillion in exchange for increasing the nation’s debt limit by $1 trillion, possibly this spring.

The Dollar for Dollar Act of 2012 would reduce the growth in spending on Medicare, Medicaid, and Social Security, according to a statement posted on Corker’s website. Most of the spending reductions—$689 billion—would come from Medicare reform.

Corker and Alexander seemed confident that Congress and the White House would reach a deal in the so-called “fiscal cliff” negotiations, a high-stakes debate that has dragged on for weeks over how to avoid automatic spending cuts and tax increases starting Jan. 1.

“When the dust settles, federal income taxes will not increase for almost all Americans next year,” Corker and Alexander said.

The two Republicans said their dollar-for-dollar plan “focused on helping Americans avoid falling off the fiscal cliff no one wants to talk about, the looming bankruptcy of Medicare.”

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With ‘fiscal cliff’ looming, ORNL says it’s as well-prepared as it can be

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As President Barack Obama and House Speaker John Boehner continue their high-stakes negotiations over tax revenues and spending cuts, officials at Oak Ridge National Laboratory say they have prepared as best they can for automatic spending cuts that could go into effect in January.

“We have been preparing for increased budget pressures for several years now and have taken a number of steps to reduce our costs, including workforce restructuring, benefits changes, reduction in energy consumption, and other operational costs,” ORNL Director Thom Mason said in a statement Monday. “Since we don’t know exactly how any cuts would be allocated by the various governments agencies that fund ORNL, we can’t really say with certainty what the impacts would be, other than to say we are as well-prepared for uncertainty as we can be.”

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