By Javier ManjarresU.S. Senator Marco Rubio was one of eight Senators that voted against a compromise on the looming economic ‘fiscal cliff.’ Among those senators who joined Rubio were Republicans Rand Paul, Richard Shelby, Chuck Grassley, Mike Lee, as well as Democrats Michael Bennet and Tom Carper.
Rubio and his ‘gang of eight’ need to be commended from ‘bucking’ his squishy established Republican leadership in the Senate, after they bowed down to President Obama and compromising principles, again.
Senator Rubio is correct in stating that “Thousands of small businesses, not just the wealthy, will now be forced to decide how they’ll pay this new tax and, chances are, they’ll do it by firing employees, cutting back their hours and benefits, or postponing the new hire they were looking to make.”
Taxes would jump by $2,400 on average for families with incomes of $50,000 to $75,000, according to a study by the nonpartisan Tax Policy Center. Because consumers would get less of their paychecks to spend, businesses and jobs would suffer.
At the same time, Americans would feel cuts in government services; some federal workers would be furloughed or laid off and companies would lose government business. The nation would lose up to 3.4 million jobs, the Congressional Budget Office predicts. –Fox News
Now its up to the Republican control House of Representatives to vote on this measure-many expect the Republicans to squash it the compromise, but stranger things have happened, liked today’s 89-8 vote in the Senate to approve it.
This Wednesday’s opening bell on Wall Street could signal a very bad beginning of the year for stocks. Stocks are sure to drop. Question will be, how far will they drop, and how for how long?
Here is Senator Rubio’s statement on his ‘Nay’ vote on the fiscal cliff compromise-
“I appreciate all the hard word that went into avoiding the so-called ‘fiscal cliff’. I especially commend Senator McConnell’s efforts to make the best out of a bad situation. Nevertheless, I cannot support the arrangement they have arrived at. Rapid economic growth and spending reforms are the only way out of the real fiscal cliff our nation is facing. But rapid economic growth and job creation will be made more difficult under the deal reached here in Washington.“Thousands of small businesses, not just the wealthy, will now be forced to decide how they’ll pay this new tax and, chances are, they’ll do it by firing employees, cutting back their hours and benefits, or postponing the new hire they were looking to make. And to make matters worse, it does nothing to bring our dangerous debt under control.
“Of course, many Americans will be relieved in the short term that their taxes won’t go up. However in the long run, they will be hurt when employers pass on to them one of the largest tax hikes in decades. Furthermore, this deal just postpones the inevitable, the need to solve our growing debt crisis and help the 23 million Americans who can’t find the work they need.”-Senator Marco Rubio
Share the post below. Thanks!