Thread: Economics The Fiscal Cliff Approacheth
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Old 11-30-2012, 07:10 AM   #298
patteeu patteeu is offline
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Quote:
Originally Posted by Direckshun View Post
And Obama has publicly revealed what deal he's looking for. It's 1.6T in tax increases, almost certain to resemble exactly what's in the OP:



Now, the actual details of what adds up to 1.6T are not revealed, but it's almost certainly set up like this. And this was posited a couple weeks ago. So this isn't new news.

What is new news (but not if you've been following this thread) is that Obama is throwing in $50 billion in stimulus spending, raising the debt ceiling for another year and including a national mortgage restructuring plan.

To pay for this (and again, not new news if you've been following this thread) is that Obama has included $400 billion in entitlement cuts, primarily in Medicare. But those cuts would be agreed to by the end of 2013, and despite his specifics on revenue, he didn't specify much of anything on those cuts.

Republicans have been using some really heated rhetoric the past couple hours in response to it.

Understandable. They really don't like raising revenue, but they haven't offered a plan. They haven't even offered what they want to cut -- they've told Obama they want him to come up with that. With everything that's been discussed in this thread -- I must have posted 15 to 20 articles -- not a single thing has included a proposition made by Boehner and the Republicans.

The only Republican that's offered anything was Tom Cole, who was quickly smacked down by Boehner.

I'm now predicting with near certainty we're going over the cliff. We're taking this thing to the 11th hour in early February, and even then that might not do the trick. This has been the most unproductive Congress is modern history, I'm not really sure why I expected them to successfully negotiate anything.
It's funny that you blame Congress after admitting that the President's proposal is almost exclusively based on real, specific tax increases with only allusions to (vaporware) spending cuts at some point in the future. The problem we've been having for the past 4 years has been a near total lack of leadership in the White House. He let Nancy Pelosi and Harry Reid lead the country for the first two years and he's shown no ability to function in a divided government setting since then. It's disgraceful that he was re-elected.
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