The Corner

The Contours of the Cliff Deal

According to the Associated Press, the Biden-McConnell talks have yielded a deal:

The contours of a deal to avert the ‘fiscal cliff’ emerged Monday, with Democrats and Republicans agreeing to raise tax rates on couples making over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year, officials familiar with the negotiations said.

But with a midnight deadline rapidly approaching, both sides were at an impasse over how to handle automatic, across-the-board spending cuts set to take effect on Jan. 1. Democrats want to put off the cuts for one year and offset the so-called sequester with unspecified revenue.

The deal in the works would return tax rates on families making over $450,000 to 39.6 percent, the same level as under former President Bill Clinton. The agreement would also raise tax on estates worth more than $5 million from 35 percent to 40 percent.

Most Popular

White House

Trump’s Disgraceful Endgame

President Trump said the other day that he’d leave office if he loses the vote of the Electoral College on December 14. This is not the kind of assurance presidents of the United States typically need to make, but it was noteworthy given Trump’s disgraceful conduct since losing his bid for reelection to ... Read More
White House

Trump’s Disgraceful Endgame

President Trump said the other day that he’d leave office if he loses the vote of the Electoral College on December 14. This is not the kind of assurance presidents of the United States typically need to make, but it was noteworthy given Trump’s disgraceful conduct since losing his bid for reelection to ... Read More
Elections

The Stolen-Election Narrative Needs to End

Happy Cyber Monday! On the menu today: The president speculates that the U.S. Department of Justice and FBI may be involved in the effort to steal the election from him; China hopes that you and the rest of the world forget how the pandemic started; and the 2020 edition of the annual NR Cyber Monday shopping ... Read More
Elections

The Stolen-Election Narrative Needs to End

Happy Cyber Monday! On the menu today: The president speculates that the U.S. Department of Justice and FBI may be involved in the effort to steal the election from him; China hopes that you and the rest of the world forget how the pandemic started; and the 2020 edition of the annual NR Cyber Monday shopping ... Read More
White House

A Justified Pardon

President Trump’s pardon of retired General Michael Flynn, who fleetingly served as his first national-security adviser, was a justified act of clemency. You don’t have to be a fan of how Trump has wielded his pardon power (often recklessly and on behalf of friends and supporters) or believe that Flynn was ... Read More
White House

A Justified Pardon

President Trump’s pardon of retired General Michael Flynn, who fleetingly served as his first national-security adviser, was a justified act of clemency. You don’t have to be a fan of how Trump has wielded his pardon power (often recklessly and on behalf of friends and supporters) or believe that Flynn was ... Read More