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 ...
Triangulation Obama style: He offers Left, I counter-offer right, he demands farther Left than before. I’ve seen this behavior somewhere else, but I can’t put my finger on it...
Agreed. But you have to consider the Congress with which he had to deal. Could you imagine the spending if it was either Bush with Reagan's Congress?
Reagan was the last President that looked at government in the way our Founders did -- as a necessary evil.
Let the Bush tax cuts expire. Perid. Then call it a tax increase on the rich.
When Obama starts yakking about how the poor will be affected by this, remind him that he ran on the Bush tax cuts benefitting the rich. Now that the cuts are gone, remind us once again why the poor will be affected?
Keep in mind that 1.6T in tax increases over the next 120 months will fund less than 6 months of the fiscal year 2013 budget deficit.
And a loaf of bread is going to cost more than US$15.
There just may be a little thing called a mideast war to deal with soon.
I so agree.
Watch how many times he mentions “investments”.
Don't raise the debt ceiling in February when we run out of money to borrow.
Instant cap on debt; deficit stops in its tracks. Gov’t forced to live within about $2.4trillion a year in revenues. Done.
Sure, there will be some pain, but as Ed Koch says: They made their choice... now let them suffer.
$1.6 Trillion over 10 years = $160 billion / year. With $16 Trillion in CURRENT debt it would take us 100 years to pay off the debt. Since we will be adding at least $1 trillion every year this will result in us only having $24 Trillion in debt by 2023 (assuming nothing else changes).
It’s just math...
I miss Eisenhower. Under his eight years he understood the WW2 debt must be paid down first and the US needed rest to transition from war production to peace production. Under his admin he kept US out of major wars, kept gov spending including defense to a minimum as our WW2 debt was paid down as the US transition to peacetime manufacturing and consumption. The only major fed program was building our interstate highways which kept many Americans vets employed as industry needed time to transition completely from war to peace and create jobs for the last vestige of demoblilized soldiers who came home from war and occupation duties in Europe, and Japan. it was Eisenhower’s boring admin that paid down the WW2 debt that laid the strong financial foundation for JFK and the 1960’s.
Ayn Rand, please pick up the white courtesy phone.
I just assume they do nothing. This just p...es me off. Look, America (swing states and blue states) voted for food stamps over jobs because Obama cares more for the middle class.
If they vote for cake let them eat cake.
” If they vote for cake let them eat cake. “
I paid for my own cake, and don’t wish to pay for theirs.
At some point in the near future - damned sooner than you may think - a lot of people are going to figure out that almost no one in Washington, D.C ever had any intention of paying off our debt.
What if Bohner caves and raises your taxes further to pay for more handouts to his voters? Or past ones?
Wouldnt it be better just to raise taxes on them too?
There isn’t that much to GET in new revenues. Moron.