POSTED: Thursday, December 27, 2012 - 6:10pm
UPDATED: Friday, December 28, 2012 - 12:05pm
Tyler, Tx — Politicians cut short their Christmas vacations and came back to Washington to work on a budget deal to avert the fiscal cliff.
Politicians did come back, but only some of them. And according to one congressman, this is a case of legislative constipation.
Everyone has known this was coming for over a year. It is a completely manufactured crisis, but that’s nothing new for Washington.
So the President came home from Hawaii and the Senate is in session. But the House of Representatives is still on Christmas vacation.
But, if nothing is done by the end of the year, Americans will see their income taxes go up, and over 2 million people willl lose their jobless benefits, $100 billion in spending cuts will hit many federal angencies and analysts predict fewer companies will hire.
One side benefit of the cliff and the expiring tax breaks is that the estate tax goes back up, and with it, a system that gives part of it to the states. Thirty states, including Texas, could share $3 bilion more in revenue.
Given the tight Texas budget, you can bet it would be welcome.