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Around the country about paycheck withholding. it will take a couple of weeks to adjust what the new tax rates are anyway. that is why they have a little wiggle room beyond midnight tonight in terms of exactly what the tax rates will be. i will put up a little bit of a red flag in terms of joe biden the vice president trying to sell this to senate democrats. there are some senate democrats on the left who may say wait a second, if we go off the cliff and don t sign off on this deal instead of dealing with the threshold of $450,000 we will basically have all of the rates go back to the clinton levels and you lose the bush rates. and then they he could come back in three, four, five days and try to change the threshold and just have it $250,000 and above taxes go up. i m not saying they will succeed in that but that is a possibility out there because another big thing that is happening in a few days is that senate democrats pick up more seats in the new congress. they picked up seats in ....
Cliff, as it were, we re going to hold hands with you and not only bring along some republicans jumping off this cliff here but you have to make sure that john boehner comes along, too, and put something on the floor that s not going to get the majority of the majority republicans in the house of represent evs. that is the predicate, that is the condition in the senate. no one believes that john boehner will take that leap holding the hands of harry reid or mitch mcconnell, for that matter. the preponderance of opinion, the overwhelming belief and suspicion, however you want to phrase it, here in the capitol and downtown on k street is going over the cliff. only question now is how many days to extend past january 1st before they come back and do something about this, toure. yeah. well, mike just picking up on that point then, i guess that s the republicans all of their actions and pronouncements indicated that this, the timing and the sequence of this really matters to them in terms ....
Then there are the spending cuts which affect literally hundreds and hundreds of government allo some of those this tointo effect and not the others, they canof they have the freedom to pick and if allonk it will probably be as bad as they are saying because even for all of the headlines and rbole right now, most people are tha work it out. if they don t, it s going to be a bad surprise. we had a number of conferences with lawmakers and analysts about the fiscal cliff. i ll pose the same question to you, is it possible to generate the kind of revenue that the white house to generate, by just closing lo deductions, have to raise the rates? if y don t want to cut government spending by a ton and that means medicare and social security, that doesn t mn small agenc stuff, that means things that mlions of people depend upon, if you want to leave that more or less where it is, you ll have to come up with ....
Or do we have to raise rates or vehicle as well? the easiest the rates. that produces the money youh ned and does it in a way everyone understands the consequences. when you start trying toe of re closingxemptions or credits, there consequences to that that we need to understand. yes. is it easier politically. i m not sure it is what types of consequences will l of that needsl to be thought out. senator, want to tt the scr. stopping obama state rig vous oversight by membersf the house of representatives, such action will be critical in protecting the american people and our economy from the iact t. ....