ABC News reports:
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, unless Republicans drop their opposition to higher income tax rates on the wealthy.
Treasury Secretary Timothy Geithner said in an interview with CNBC that both sides are ‘making a little bit of progress’ toward a deal to avert the ‘cliff’ but remain stuck on Obama’s desired rate increase for the top U.S. income-earners.
Obama and Boehner had a phone conversation yesterday afternoon. “Frosty” is how the ABC report describes the relationship between Republicans and Democrats related to the “fiscal cliff” both sides built. They needed a new crisis and scary talking point. “Debt ceiling” is just dated, you know?
And both sides seem fond of claiming the other is “not serious.” Since they’re talking about how to address the latest DC scheme of distraction, being “serious” probably is a challenge.
House Republicans proposed a $2.2 trillion deficit resolution reduction package, which they say will increase tax revenues but, of course, without raising tax rates. The Obama proposal calls for $1.6 trillion in new tax revenues, mostly by raising rates on those at the top.
According to an NPR report, the White House seems to be suggesting that Mr. Obama won’t sit down and talk until the Republicans “cry uncle” on tax rate increases. Republicans are making the argument again that Obama’s re-election doesn’t mean he has a mandate.
So the drama continues, as the Two Party Front for the Oligarchy approaches their mutually constructed “fiscal cliff,” with big roles for “Doomsday” and “Grand Bargain” scenarios, and much talk about the need (for the other side) to get “serious.”
I do not feel that either side has an acceptable solution. These “deficet reductions are spread out over 10 years.
Treasury Secretary Timothy Geithner made it clear that the interst payments alone on our debt will be unsustainable. This was regarding the previous debt ceiling increase.
Businesses, families, and other organizations have to make cuts in order to stay afloat. If they do not make enough cuts to their over-spending they will suffer the consequeses.
The same goes for taking in enough money. I, like most everybody else, realized that I have to bring in more money and spend less money.
I will not lose any sleep if the TEMPORARY tax-cuts expire. They were sold to the American People asa temperary measure and it is dishonest to say that letting them expire is equal to a tax increase. If they were never presented as a permanent tax rate reduction prior to being voted on.
Both sides should at least DOUBLE the amount of deficet reduction in their plans to be consideredanything other than a joke.
President Obama and thev House of Representatives GOP majority were both elected to do their job. It looks like they are both declining to do so. I understand sticking to your principals.
I hope the GOP is not going to work out a deal for no other reason than to avoid letting the temporary tax cut expire. I also hope that President Obama is not doing hisjob for no other reason than it will make the Republicans look bad if no comprimise is agreed upon.
*clarification “I hope the GOP is not going to work out a deal for no other reason than to avoid letting the temporary tax cut expire. I also hope that President Obama is not doing hisjob for no other reason than it will make the Republicans look bad if no comprimise is agreed upon.”
I hope these are not the reasons for failing to reach a deal.
I hope that there is no deal and the “temporary” tax cuts all expire and the cuts to the MIC budget kick in. Unfortunately (I really hope that I am wrong) I don’t think that Obama will let that happen.
It is going to happen. I do not like it either.
If it happens it’s because they want it to happen. There is no mysterious force or out of body experience controlling these men and women. Both sides are ignoring what the majority of Americans want. There is drama only because these politicians want drama to exist.
So, on a related point, which ship do you guys think is the better one, Battlestar Galactica or the U.S.S. Enterprise (NCC-1701E, of course!) I got a lot of money riding on that one.
I love it when two groups of supposedly intelligent people argue over how much of the wrong thing they’re going to do. We’re in a depression. The government should be running a deficit right now. There’s no problem with that, because that’s putting money back into the economy, which is money that is needed to increase demand. At least, it would be if that money were going to the right people, which is to say the 95% of us or so who aren’t seeing any benefit from this so-called “recovery”.
GTFOH – U.S.S. Enterprise, hands down. Now leave before I set my Phaser on kill.:)
Oh we are SO going to hate this coming deal!