Skip to comments.Obama to open ‘fiscal cliff’ talks with call for $1.6 Trillion in new revenues
Posted on 11/14/2012 9:19:01 AM PST by mojito
President Obama is taking a tough opening stance in talks over deficit reduction, pushing Republicans to accept a plan that calls for $1.6 trillion in new tax revenue over the next ten years, according to reports.
The figure is double the $800 billion last discussed by the White House and House Speaker Boehner (R-Ohio) during their 2011 negotiations on raising the debt-ceiling limit.
The presidents plan is based on his most recent budget proposal, which sought the $1.6 in new revenues by targeting the wealthy and corporations.
The president and congressional lawmakers are set to meet at the White House on Friday as both sides begin hammering out a deficit-cutting plan that helps the nation move past the fiscal cliff of rising tax rates and automatic spending cuts set to take effect in January 2013....
House Republicans on Wednesday were incredulous at the president's opening bid....
On Tuesday the president met privately with a number of union leaders and liberal activists to discuss his plan. In the meeting Obama reportedly promised to make good on his vow to renew low tax rates for the middle class and let them expire for wealthy households.
(Excerpt) Read more at thehill.com ...
Hussein’s deficit is the size of one of Clinton’s annual budgets!
How about $1.6 trillion in spending cuts? That would be much better for the economy and for liberty.
Non-starter. Nice try Barry.
And it's time for the takers to get down to some serious taking.
[using fuzzy math]
I think Hussein should ask for $5 Trillion in annual revenue increases just to be safe. $20 Trillion in annual revenue increases might be better. Why not $30 Trillion? $40 Trillion.
The reason why they rack up a big deficit is so that they can say “we need a tax hike.”
They know it. They think we are stupid.
He is deficit spending at that approximate number every damn year. The middles class morons who voted for this clown are gonna get one big surprise when the bill comes due and that will be as soon as interest rates rise. The young voters who cast votes to impoverish themselves? Well they can live a lifetime with that. I don’t much care.
If the industrial and business leaders have not “gone John Galt” up to now, this is going to a big decision-maker for them.
There are very few places left for refuge to where they may flee, but those places are about to get very, very crowded.
I miss George W. Bush. Hell, I miss Bill Clinton, who at least had the native good sense to triangulate when he faced resistance.
This criminal enterprise in the White Hut does not even start to understand the concept of compromise. The highway is no longer a means of escape. (You know, as in “My way or the highway!”)
Agree to a $10 zillion tax increase in ten years. But not this year.
The rich will survive. They know how just like the people on this website regardless of income. The ones who are going to get hurt are the idiots who voted for him. They are too dumb to understand economics. They won’t be prepared.It is going to be a perverse pleasure watching this ponzy scheme collapse.
Notice how every day the market futures are positive then turn red as the day shines the light on how f’d we are.
I don't miss either one. GW spent more on domestic liberal programs than Clinton. They both moved us to the left.
The two Statist Bush's looked at government as an inherent Good (proof is their activist liberal domestic policies).
The only President I miss is Reagan. He was the last Conservative President. Only Reagan tried to follow the Constitution.
Many of them would not if Obama's policies are put in place.
Obama's plan is to criminalize them and neuter them as China, Brazil, Russias super-rich get richer and richer and start buying stuff up in the States.
I thought taxing the “rich” was gonna solve all of this mess.
He’s running deficits of over $1 trillion per year and he wants to increase revenue by $160 billion per year (only half of which would ever be collected as a result of the drop in economic activity caused by the tax increase). Sure, that “tax the rich” scheme will solve everything. :p
Reagan wasn’t nearly as conservative on spending as people give him credit for. Check the graph
Pay your taxes, people. Obama needs more of your money to spend and play with. And he’s got millionaire mouths to feed.
You can’t fix retarded.
So we are headed for a “fiscal cliff” and Obama’s answer is “SPEND MORE”. In what world does that make sense????