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, we’ve 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 wasn’t 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 “there’s 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 they’ve 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 we’re 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.
LLS
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.
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