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Senate Passes Bill to Avoid Fiscal Cliff

mlew Wrote: Jan 01, 2013 12:41 PM
Actually this happens every da. If you and your husband make $70,000/year it is easy to buy a house for $250,000. You pay on that debt for 30 years and think nothing about it. Every financial consultant I know (even the conservatives) think that you should have responsible credit. The "dinner table conversation" is bogus. Most responsible people borrow money to buy cars and homes and trips to the Cayman islands on credit and do not pay off the debt each year. It is the not the debt per se that is the problem but the debt service. Now that is a problem but we fool ourselves if we use stupid analogies.

The Senate voted early Tuesday morning 89-8 in favor of the scaled-down bipartisan package that would halt historic tax hikes for many Americans and postpone automatic spending cuts for two months. The bill will now go to the House, which is expected to be back in session at noon today.

The outlines of the deal Mr. McConnell and Mr. Biden worked out included raising tax rates for individuals making more than $400,000 and families with incomes more than $450,000, and extended unemployment benefits for the long-term jobless. It also continued a number of programs from Mr. Obama’s...