The latest surprising developments regarding fiscal cliff negotiations.
It now looks highly unlikely that a deal to avert the fiscal cliff will be passed before Christmas, if at all. In a stunning turn of events, the Speaker of the House John Boehner was unable to muster enough support from his own political party to pass the Plan B alternative that would raise income taxes on people earning over $1,000,000 annually and maintain existing lower tax rates for everyone else. Even if Plan B had passed the House of Representatives, it would not have passed the Senate and the President had vowed to veto it. This leaves the nation in a precarious position. The Senate has passed legislation aligned with President Obama’s vision to raise taxes on those earning $250,000 or more per year and leave discussion on spending cuts to a future time. That legislation would not pass the House of Representatives. There is no Plan A nor a Plan B and time is running out to pass a deal.
About small business finance expert Mike Periu
Mike Periu has experience in small business finance. He founded Proximo, LLC a company that offers consumer and small business training services focused on technology and money.
Mike Periu teaches individual empowerment through entrepreneurship and financial literacy. He has appeared 500+ times on television and radio. Visit the Reach and Media pages of his website to learn more about where he has appeared.
You can read more of Mike’s articles on his blog or at American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike has a degree in International Business and Finance which he received at Georgetown University in Washington, DC. He received a Fellowship from the Kauffman Foundation for the Labs for Enterprise Creation program in Kansas City.
