Americans should have no doubt that our country will incur taxmageddon. Obama has no desire to see any Bush Tax Cut extensions for ANYONE. We will go over the fiscal cliff and a reset will occur of all the Bush era tax cuts.
As confirmed by ABC, President Obama's
lead negotiator in the "fiscal cliff" talks said the administration is
"absolutely" willing to allow the package of deep automatic spending
cuts and across-the-board tax hikes to take effect Jan. 1.
Obama and Boehner spoke by phone this afternoon, their first
conversation in exactly one week, an administration official said. Their
relations have grown frosty in recent days as both sides have dug in on
the issue of higher rates.
In separate appearances earlier, Obama and Boehner publicly
sparred over who's to blame for the standoff and what to do if lawmakers
can't reach a broad deficit-reduction agreement.
Obama, speaking at a meeting of 100 CEOs, warned Republicans that he
would not accept a so-called "doomsday" deal that extends tax cuts for
middle-income earners before the end of the year but nothing more.
Such an approach, which has been under consideration by top Republicans
as a likely scenario, would set the stage for a big battle over
spending cuts and top tax rates in early 2013 – all tied to the nation's
debt ceiling, which will need to be raised, which only Congress can do.
"That is a bad strategy for America, it's bad strategy for businesses," Obama said. "It's not a game I will play."
While both sides say publicly that the U.S. will not default on its debt
obligations, Republicans believe the issue could give them increased
leverage for extracting cuts to entitlement programs and other spending.
"We're ready and eager to talk to the president and to work with him to
make sure that the American people aren't disadvantaged by what's
happening here in Washington," Boehner said at a news conference.
"We need a response from the White House," he said. "We can't sit here and negotiate with ourselves."
Earlier this week, House Republicans presented a $2.2 trillion deficit
reduction package, including $800 billion in higher taxes through
elimination of loopholes and deductions, slower annual cost-of-living
increases for Social Security benefits and a higher eligibility age for
Medicare.
The plan contrasts sharply with the White House proposal, which calls
for $1.6 trillion in new tax revenue -- largely from higher rates on
upper-income earners.
Both sides rejected the opposing plan.
Seeking to avert a crisis, some Senate Republicans – most recently
Olympia Snowe of Maine and Tom Coburn of Oklahoma -- have expressed
support for raising tax rates on the nation's top earners in an attempt
to break the partisan logjam.
Boehner
told reporters. "I'll be available at any moment to
sit down with the president to get serious about solving this problem."
Obama and Boehner have only spoken once in the past week, even though
the Speaker attended the White House holiday reception Monday evening.
Obama said in an interview, "Speaker Boehner and I speak frequently. I don't think the issue right now has to do with sitting in a room.
Republicans argued that Obama is moving the goal posts on taxes. Last
year, he said publicly that $1.2 trillion in new revenue could be raised
without raising rates; today, he says, the math doesn't add up.
I hope the cartoons by various artists depicting the insanity
occurring on a daily basis in Washington DC shed some light on how
ridiculous things have gotten during Obama's tenure.
and
across-the-board government spending cuts scheduled to become effective
Dec. 31, 2012. The idea behind the fiscal cliff was that if the federal
government allowed these two events to proceed as planned, they would
have a detrimental effect on an already shaky economy, perhaps sending
it back into an official recession as it cut household incomes,
increased unemployment rates and undermined consumer and investor
confidence. At the same time, it was predicted that going over the
fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZkI5wi
and
across-the-board government spending cuts scheduled to become effective
Dec. 31, 2012. The idea behind the fiscal cliff was that if the federal
government allowed these two events to proceed as planned, they would
have a detrimental effect on an already shaky economy, perhaps sending
it back into an official recession as it cut household incomes,
increased unemployment rates and undermined consumer and investor
confidence. At the same time, it was predicted that going over the
fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZkI5wi
A combination of expiring
tax cuts
and across-the-board government spending cuts scheduled to become
effective Dec. 31, 2012. The idea behind the fiscal cliff was that if
the federal government allowed these two events to proceed as planned,
they would have a detrimental effect on an already shaky economy,
perhaps sending it back into an official recession as it cut household
incomes, increased unemployment rates and undermined consumer and
investor confidence. At the same time, it was predicted that going over
the fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZSQDmI
A combination of expiring
tax cuts
and across-the-board government spending cuts scheduled to become
effective Dec. 31, 2012. The idea behind the fiscal cliff was that if
the federal government allowed these two events to proceed as planned,
they would have a detrimental effect on an already shaky economy,
perhaps sending it back into an official recession as it cut household
incomes, increased unemployment rates and undermined consumer and
investor confidence. At the same time, it was predicted that going over
the fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZSQDmI
A combination of expiring
tax cuts
and across-the-board government spending cuts scheduled to become
effective Dec. 31, 2012. The idea behind the fiscal cliff was that if
the federal government allowed these two events to proceed as planned,
they would have a detrimental effect on an already shaky economy,
perhaps sending it back into an official recession as it cut household
incomes, increased unemployment rates and undermined consumer and
investor confidence. At the same time, it was predicted that going over
the fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZSQDmI
A combination of expiring
tax cuts
and across-the-board government spending cuts scheduled to become
effective Dec. 31, 2012. The idea behind the fiscal cliff was that if
the federal government allowed these two events to proceed as planned,
they would have a detrimental effect on an already shaky economy,
perhaps sending it back into an official recession as it cut household
incomes, increased unemployment rates and undermined consumer and
investor confidence. At the same time, it was predicted that going over
the fiscal cliff would significantly reduce the federal budget deficit.
Read more:
http://www.investopedia.com/terms/f/fiscalcliff.asp#ixzz2DRZSQDmI
No comments:
Post a Comment