Both N.C. Senators support measure to avoid fiscal cliff
A late Monday evening vote in the U.S. Senate showed overwhelming support for a compromise that would avert the "fiscal cliff" scheduled to hit the nation today.
The measure, which passed by a 90 percent majority, extended middle-class tax cuts and unemployment benefits, as well as provided for an expanded earned income tax credit, child tax credit and college tax credit.
The deal would also prevent rate cuts to doctors who treat Medicare patients, and dividends and capital gains on family income above $450,000 would be taxed at 20 percent as opposed to the current 15 percent rate.
The measure is facing opposition in the U.S. House where Republicans are voicing opposition because it fails to address spending concerns.
If Congress fails to reach a deal, Bush-era tax cuts will expire, raising taxes for all Americans, and a 10-percent, across-the-board spending cut will be triggered.
Here are statements released by N.C. Senators regarding their votes.
Republican Sen. Richard Burr:
“While the deal we voted on tonight was far from perfect and not as comprehensive as I had hoped, I supported this proposal because it protects 99 percent of Americans from increased taxes, it provides permanent certainty on the estate tax and Alternative Minimum Tax, it provides one year of protection for the reimbursement of doctors, it extends unemployment insurance for one year, and the net result of the deal provides over $600 billion that should be used to pay down our national debt.”
Democratic U.S. Sen. Kay Hagan:
“While I believe it is unacceptable that Washington has once again waited until the eleventh hour to find a solution, and though I would have preferred a comprehensive, balanced solution to avert the fiscal cliff and begin reducing the deficit, I voted for the plan put forth tonight so that we can stop a tax hike on middle class families in North Carolina. The average family in our state will see their taxes increase by $2,200 without this action.
“We still have issues surrounding the fiscal cliff that we must resolve, including the defense cuts that will have an outsized impact in North Carolina and our skyrocketing federal debt. The challenges we face may be complex, but working together should not be this hard, and I will continue urging my colleagues on both sides of the aisle and both sides of the Capitol to come together to work on a commonsense solution.”