Skip to comments.Obama hails tax bill, warns GOP not to pick fight on debt ceiling
Posted on 01/02/2013 2:40:55 AM PST by Libloather
President Obama hailed the sweeping bipartisan tax deal Tuesday night as "one step in a broader effort" to strengthen the nation's economy, saying it prevented a middle-class tax hike that could have sent the economy back into recession.
The president, taking a victory lap after fulfilling a campaign promise to raise taxes on the wealthy, spoke less than an hour after the House approved the tax deal, 257-167, in a rare New Year's Day vote.
A simple premise of my campaign for president was to change the tax code that was too skewed toward the wealthy at the expense of working middle class Americans. Tonight, weve done that, Obama said, standing beside Vice President Biden in the White House briefing room just before 11:30 p.m.
Thanks to the votes of Democrats and Republicans in Congress, I will sign a law that raises taxes on the wealthiest 2 percent of Americans while preventing a middle-class tax hike that could have sent the economy back in a recession and obviously had a severe impact on families all across America, he said.
In remarks that ran just over seven minutes, Obama commended the work that was done to seal the deal by Biden along with Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Speaker John Boehner (R-Ohio), who voted for the legislation, and House Minority Leader Nancy Pelosi (D-Calif.).
For the second day in a row, Obama conceded that he had hoped for a larger deal but said there just wasnt enough support or time for a grand bargain on the deficit.
And he warned that the failure comes with a cost, as the messy nature of the process over the past several weeks has made business more uncertain and consumers less confident.
"We are continuing to chip away at this problem, step by step," he said. And in a nod to GOP lawmakers, he added theres further unnecessary spending that we can cut.
But even as Obama struck a conciliatory tone on spending, he issued a stern warning to Republicans about the approaching fight over raising the nation's debt ceiling.
While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that theyve already racked up through the laws that they passed, he said. Let me repeat: We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic far worse than the impact of a fiscal cliff.
He reminded the nation about the debt crisis in 2011, where he said our entire recovery was put at risk.
The House vote ended a dramatic turn of events on Tuesday where Republican leaders considered and then quickly pivoted from a plan to amend legislation approved by the Senate in the early hours on Tuesday morning.
The legislation, which will now be signed by Obama, will extend current tax rates on annual family income up to $450,000. It will lift the top capital gains and dividends rates to 20 percent while extending unemployment insurance to 2 million Americans.
But Obama said the legislation is part of a larger effort.
The fact is the deficit is still too high and were still investing too little in the things that we need for the economy to grow as fast as we should, he said.
While the legislation passed by both chambers delays automatic spending cuts for two months, it also sets up another showdown in the coming months over replacing those cuts when Congress must deal with the debt ceiling and funding the federal government.
Obama said the country could not afford a repeat of the debt-ceiling drama.
Consumer confidence plunged, he said. Business investment plunged. Growth dropped. We can't go down that path again.
Overthrow this evil regime! Bounce this marxist moron out on his ear.
We might as well have Pelousi back as Speaker of the House
Of course the audacity of this poser lecturing anyone on debt is beyond the pale.
The GOP is losing a whole lot of credibility. They’d BETTER fight the assclown on the debt ceiling.
FUBO. I’m tired of biting my tongue till it bleeds.
WALK OUT OF SOTU, boycott the coronation. Show some freaking spine!
Obama tells us what he fears. He is vulnerable on the debt ceiling so he barks a little louder.
The weasel will just go around Congress and borrow some other way. The charade will only stop when we default, and the longer we wait, the worse it will be.
obama likes getting it twice a week and the pubs are happy to grab their ankles and comply. Are there no men?
Don’t worry, Your Majesty, the Republicans will never pick a fight with you.
We’ll have to raise the debt ceiling. The reality is we must pay our debts or go the way of Greece.
And we must do more to cut spending and get our fiscal house in order.
And just how do propose to do that? We are governed by fools. Short of armed rebellion, which is not going to happen< they will remain entrenched. The last election proved that we have passed the tipping point. There are more moochers than there are producers. So we can whine and complain all that we want, The truth is its over, we have lost and the Country that we have loved will be a quaint memory.
The ink isn’t even dry on this most recent surrender, and already the commie-in-chief is posturing for the debt ceiling debate.
And, still the pubbies let him control the terms of the conversation.
Time to rid ourselves of ALL of them. Sadly, I am not certain that the American sheeple have the spine for the fight. And, so the grand experiment may well fall by the wayside.
You can forget about the cut in spending. Thay ain’t going to happen. Neither the Democrats, Republicans want spending cut. Except for the other guy’s program. what is giong to happen is more farms, factories,and ancilliary business will be lost. Example: Back in the 1950s when farming prospered there were Ford, International Harvester, Minnpolis moline, Case, and John Deere producing tractors. Now only Ford and John Deere remain and both are shadows of their former selves. Case and Cat produce some construction equipment but most is imported. As the induristrail base shrinks, so does the tax base.
When you lose the fag... bath house... you have lost... you kenyan traitor.
No one wants to cut spending.
How many people on this “conservative” board whined when the space program was cut? How many complain when the SS raise (COLA increase) wasn’t enough or when their Medicare benefits were lowered? When someone starts pointing out that we can’t afford our worldwide military adventures?
When the conservatives don’t want to touch the biggest liabilities, you are stuck. We will go the way of Greece, if we are lucky. I say that because with Greece as an example, no one will want to cut ANYTHING till we can no longer borrow.
At which time there may be a socialist revolution, which many of the “fiscal conservatives” will cheer because they want the state to keep paying their benefits.
If we as a party, and as a people, are really serious about cutting spending, then we have to be willing to cut all of our pet projects and benefits. I don’t see to many willing to do that.
Well.. evil as Obama is... much as I despise that despicable POS... He and the dems kicked the geldings` asses resoundingly. He has nothing to fear on the debt ceiling issue. They`ll give him what he wants.
—— He has nothing to fear on the debt ceiling issue. They`ll give him what he wants. ——
I can’t think of a reason to hope otherwise.
The country is headed for a second Great Depression, probably longer than the first, and these cowards can’t muster the courage to freeze spending?
We do have Pelosi as Speaker. Boehner only sits in her office. Pelosi is running the House.
Obama needn’t worry about the debt ceiling, It’s a done deal. Boehner and the Republicans will squeal a little and fold , like they always do.
Obama is making Republicans look like the fools they are. They just helped him along with his redistribution of wealth socialistic plan. We are so screwed with this gutless bunch of weasles in Congress. What about spending? None of them are willing to quit wasting out tax money and now they’ll be getting even more. Disgusting.
The House GOP made it abundantly clear last night that they will NOT fight hussein on ANYTHING. I think hussein can relax and have another mojito while he gives another “I WIN”, arrogant speech while putting a finger in the eyes of RINOS. It’s time for an all out war on those who voted to cave to the arrogant bastard.(no pun intended)
“even panty-waisted lightfoot graham said on Fox yesterday... “No more compromise on spending... there will be no more middle of the night schemes... if you try the same tactics that you did on this tax bill... it will not work. Those days are over Mr President.
Believing anything Graham says, is like believing anything hussein says—yet you fall for it.
” - - - The fact is the deficit is still too high and were still investing [= spending]- - - “
Yup. That is why the Obama-Con is called COMMUNISM!
Emperor Obama now has his GOP court eunuchs.
If Bohner wanted to keep his job he’d come out both barrels blazing telling Obama that he’d better expect a fight on the debt ceiling and lay down what the GOP won’t accept.
Of course as soon as he did that some ahole Republican would come out and undermine him, but at least he’d have tried.
I did: right here.
Warns? What happened to the three branches of government? Oh, never mind.
I didn’t fall for anything... I just quoted the bastard. I do not know what the repuke-licans will do... but I do know their track record. All I know is I will fight these MF’ers with every tool that I have... and fag graham is a tool.
“All I know is I will fight these MFers “
Agreed. They all need to be primaried. I just hope there will be some honest takers since the RINOs will have some heavy GOP money behind them as usual.
At least my two Senators and Congressman voted against this crap. obama just said he will raise taxes on everyone next... this is war.
It will get worse. The COLA will go away before to long, and then you will have real cuts.
Since you are on SS now, I suspect you won’t see it (besides the COLA I mean), but for those my age, below 40, it will not be there. Neither will my 401K, which will be seized sooner or later.
Don’t worry Barry the GOP is in full Dhimmi mode now.
It really pisses me off that they pick on earned entitlements like Soc Sec and Medicare and leave the unearned entitlements like food stamps, AFDC, SSI, FI, obamaphones, Medicaid, etc ad nauseum alone or even bump the benefits.
There are two reasons for that.
The first is simple. SS and Medicare are the largest portions of the budget.
The rest of the entitlement class will riot and burn down the cities if their money is cut.
LOL...You think they are gonna fight Obama on this?...LOL..show me where in the past they have...LOL, LOL.
I have serious doubts about anything the repuke-licans will do but I refuse to stop fighting... will you?
Fight yes, but not with that bunch in congress. They have proven time and time again that they have none. So I wont be delusional about them anymore....
They are all just tools... even a broken hammer can nail in a nail if used correctly. We have to fight with the tools that we have... sorry as they are. We can buy some new ones in 2014.