The Fiscal Cliff

[SCcoug]

Obama rejected Boehner's plan.

I saw a poll last night that basically said the public would blame both parties equally for going over the cliff.

OK if that is the way Obama wants to play, let's go over the cliff. The country will be better off in the long run.

What's wrong with having everyone have skin in the game and cutting spending dramatically. Maybe we will be forced to quit playing world cop.

If they take us over the cliff then the game would be to get credit for lowering the tax rates back (for at least the "middle class") while also casting blame for not getting a deal done in the first place.

[byu71]

If they take us over the cliff then the game would be to get credit for lowering the tax rates back (for at least the "middle class") while also casting blame for not getting a deal done in the first place.

Obama's middle class thing has just now blown up in his face.

He is not just going after millionaire's and billionaire's. In order for his so called "tax the rich" idea to work, he has to go after truly small business's and the upper middle class.

The Republicans can hit hard on they were willing to tax millionaire's and billionaire's and all they asked in return were spending cuts.

Most people polled think the biggest problem the country has is too much government spending.

[Goatnapper'96]

If they take us over the cliff then the game would be to get credit for lowering the tax rates back (for at least the "middle class") while also casting blame for not getting a deal done in the first place.

I am beginning to believe that the President really thinks that tax rates, for all, returning to the Clinton rates is the best course of action. However, he also knows it would be politically unpopular so he is hoping that the Republicans will get the blame.

Regardless, this was a smart move by Boehner for branding purposes.

[Goatnapper'96]

Most people polled think the biggest problem the country has is too much government spending.

Most people feel that way about spending that is not applicable to them. That is why the Democrats are working so hard to force Boehner to get specific with what cuts he is recommending, so that they can then rally that demographic against Republicans, even if they go along with the cuts.

I think we are going over the cliff. It will be interesting how things work out then.

[YOhio]

I think we are going over the cliff.

This is the most hopeful I've been in months about the chances for a compromise.

[byu71]

This is the most hopeful I've been in months about the chances for a compromise.

I would be interested if you think one of the following will occur or something I haven't thought about:

1) Boehner gives in and accept Obama's offer to discuss spending later next year.

2) They somehow kick the can down the road.

3) They actually have a compromise where the spending cuts are about 2.5 times the increased revenue through higher taxes.

4) Other

Unless it is 3) or a good "other", I prefer going over the cliff.

I would love to say why, but just Friday we got another directive warning us about discussing anything that possibly could be thought of as investment advice on chat boards or any other type of "social" media. I love regulators and lawyers.

[NorthShoreCoug]

I would be interested if you think one of the following will occur or something I haven't thought about:

1) Boehner gives in and accept Obama's offer to discuss spending later next year.

2) They somehow kick the can down the road.

3) They actually have a compromise where the spending cuts are about 2.5 times the increased revenue through higher taxes.

4) Other

Unless it is 3) or a good "other", I prefer going over the cliff.

I would love to say why, but just Friday we got another directive warning us about discussing anything that possibly could be thought of as investment advice on chat boards or any other type of "social" media. I love regulators and lawyers.

My favorite solution is number 2. Just move the fiscal cliff out 6 months or so to give them one more chance to fix things, and enough time to find a good solution. But change the cliff from having the Bush tax cuts expire etc., to all members of congress and the white house (and their staffs) all forfeit two years of pay if they don't find a solution.

For some reason, I imagine they would compromise and find a solution.

[byu71]

Obama's middle class thing has just now blown up in his face.

He is not just going after millionaire's and billionaire's. In order for his so called "tax the rich" idea to work, he has to go after truly small business's and the upper middle class.

The Republicans can hit hard on they were willing to tax millionaire's and billionaire's and all they asked in return were spending cuts.

Most people polled think the biggest problem the country has is too much government spending.

Word from the Whitehouse today is that Boehner's plan to get the M's and B's
doesn't go far enough and besides the Senate won't pass it.

I still think the republicans should play this to the hilt.

I would come out and say this is absolute B.S. Obama has been beating the drum on M's and B's over and over and over. So have his colleagues in the Senate. I would say this is how they distort their real intent and the press never has pressed them on the idea it is more than M's and B's they are after.

We either have a compliant press or one full of people who have shit for brains.

[Goatnapper'96]

Word from the Whitehouse today is that Boehner's plan to get the M's and B's
doesn't go far enough and besides the Senate won't pass it.

I still think the republicans should play this to the hilt.

I would come out and say this is absolute B.S. Obama has been beating the drum on M's and B's over and over and over. So have his colleagues in the Senate. I would say this is how they distort their real intent and the press never has pressed them on the idea it is more than M's and B's they are after.

We either have a compliant press or one full of people who have shit for brains.

It is interesting to me how this works. I am on an industry board for an association that has a full time lobbyist. He is a Democrat and last night he sends out an email blast that the President's counteroffer was tacitly agreed upon by Boehner and that the Speaker was going to try and sell it to his cacaus this morning. As soon as last nite I was reading Boehner commenting that the President was too resistant to any cuts in spending and entitlement reform and he was considering a plan B which was to pass the tax increases on M's. The reports I read was that was what he briefed his cacaus not any efforts to convince the cacaus of the goodness in passing the President't new proposal. I am sure the Democrat spin will be that Boehner and Obama had an agreement and that the inflexible Republican obstructionists in the House would not agree to the sensible agreement that sought a "modest" increase in taxes on those making above $400,000 and the Democrats would consider cutting spending. I am interested how the lobbyist got his information and why it indicated that Boehner was in agreement last nite when all other information I could find did not reflect that.

[FMCoug]

And this is where the libs want to take us.

Http://m.guardiannews.com/world/2012...h-passport-tax

[Goatnapper'96]

Word from the Whitehouse today is that Boehner's plan to get the M's and B's
doesn't go far enough and besides the Senate won't pass it.

I still think the republicans should play this to the hilt.

I would come out and say this is absolute B.S. Obama has been beating the drum on M's and B's over and over and over. So have his colleagues in the Senate. I would say this is how they distort their real intent and the press never has pressed them on the idea it is more than M's and B's they are after.

We either have a compliant press or one full of people who have shit for brains.

Reid's argument that a tax increase on millionaires cannot pass the Senate and thus will not benefit the middle class is really laughable.

I agree with you, Republicans need to rally around this one and get the taxes increased on the "millionaires and billionaires" and then crucify spending when the debt limit debate comes to town.

Although hearing Democrats complain that this doesn't cut any spending and thus is a non-starter is funny.

[byu71]

Reid's argument that a tax increase on millionaires cannot pass the Senate and thus will not benefit the middle class is really laughable.

I agree with you, Republicans need to rally around this one and get the taxes increased on the "millionaires and billionaires" and then crucify spending when the debt limit debate comes to town.

Although hearing Democrats complain that this doesn't cut any spending and thus is a non-starter is funny.

I can understand a good many americans are spoon fed by the media and don't take time to really think things through.

What is really disheartening is we have some highly intelligent folks on this board that don't seem to be able to figure it out on their own either. How do you keep running up the credit card without someone saying, "that is enough".

Most of you are too young to see how crippling rising rates can be to an economy, especially when the government is competing for that scarce resource called money. When inflation comes the Fed won't be pumping out money like it is now, even if we go into a recession.

[byu71]

Wo, guess Boehner couldn't get the votes. Dow futures down 200. What do you think, last minute deal? I am now dubious.

[Portland Ute]

Reid's argument that a tax increase on millionaires cannot pass the Senate and thus will not benefit the middle class is really laughable.

I agree with you, Republicans need to rally around this one and get the taxes increased on the "millionaires and billionaires" and then crucify spending when the debt limit debate comes to town.

Although hearing Democrats complain that this doesn't cut any spending and thus is a non-starter is funny.

The liberal approach to making the millionaires and billionaires foot the bill for the federal government by taxing incomes is a joke.

If they succeed in this approach, the truly wealthy will just chuckle as they speed from their ski lodge in Aspen to their beach home in the Carribean in their G5 as the middle and upper middle class get their asses kicked...

[Uncle Ted]

I haven't been following the news on this but I am guessing congress and Obama will just kick the can down the road. Of course, this will most likely screw up taxes in a big way.

I did see this...

In an MSNBC interview Friday, Hoyer, a 31-year veteran of Congress from Maryland, said it wouldn't matter if everyone was in Washington instead of on holiday.

"Frankly, we've been in town for four weeks and members haven`t been doing much," he said, calling it "one of the least productive times that I've been in Congress."