Peace in our time: Obama, House Dems strike bargain on tax cuts deal?
posted at 9:50 pm on December 9, 2010 by Allahpundit
The AP’s vague on the precise terms — and cost — of the bargain, but it sounds like that righteous liberal rage over the new estate tax rate magically dissipated after it was sprinkled with a few ethanol subsidies. Let’s call this “The Cornhusker Kickback — part two”:
The White House and key lawmakers cleared the way Thursday night for swift Senate action to avert a Jan. 1 spike in income taxes for nearly all Americans, agreeing to extend breaks for ethanol and other forms of alternative energy as part of the deal.
Tax provisions aimed at increasing production of hybrid automobiles, biodiesel fuel, energy-efficient homes, coal and energy-efficient household appliances would be extended through the end of 2011 under the bill.
Debate on the expanded measure began almost immediately. While there is no precise timetable for passage, a test vote was set for Monday afternoon that appears likely to demonstrate overwhelmingly support for the legislation, which supporters say would help accelerate a sluggish recovery from recession…
Among the energy tax provisions added was an extension of the current 45-cent per gallon subsidy for ethanol, at a cost to the Treasury estimated at nearly $5 billion. The issue is of particular interest to lawmakers from Midwestern states with grain crops.
That’s the news this evening. Here was the scene this morning, when our proud progressive House caucus was dug in and ready to fightfightfight for principle and justice and mass wealth confiscation:
“We have tremendous concerns about what was given away by the White House to Mitch McConnell and the Senate,” DeFazio said after emerging from the meeting in the Capitol basement. McConnell and Vice President Joe Biden were key players in the final round of talks to reach the $900 billion agreement.
At one point during the meeting, a chant of “Just say no!” could be heard coming from the closed-door meeting of the Democratic Caucus. Then Rep. Anthony Weiner (D-N.Y.) led the group in a round of “No we can’t.”
Then Obama threw an energy bribe at them and they started chanting “Yes we can” again. What a gang of cheap losers. Here’s Tapper’s already dated report on ABC from a few hours ago citing sources who say they’re dealing with the five stages of grief over the deal. How easily grief is overcome when you get to wipe your eyes with thousand-dollar bills.
Breaking on Hot Air