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Cliff averted, itís on to the next fiscal crisis
Associated Press ^ | Jan 3, 2013 12:34 AM EST | Andrew Taylor

Posted on 01/03/2013 5:10:28 AM PST by Olog-hai

Onward to the next fiscal crisis. Actually, several of them, potentially. The New Year’s Day deal averting the “fiscal cliff” lays the groundwork for more combustible struggles in Washington over taxes, spending and debt in the next few months.

President Barack Obama’s victory on taxes this week was the second, grudging round of piecemeal successes in as many years in chipping away at the nation’s mountainous deficits. Despite the length and intensity of the debate, the deal to raise the top income tax rate on families earning over $450,000 a year—about 1 percent of households—and including only $12 billion in spending cuts turned out to be a relatively easy vote for many. This was particularly so because the alternative was to raise taxes on everyone.

But in banking $620 billion in higher taxes over the coming decade from wealthier earners, Obama and his Republican rivals have barely touched deficits still expected to be in the $650 billion range by the end of his second term. And those back-of-the-envelope calculations assume policymakers can find more than $1 trillion over 10 years to replace automatic across-the-board spending cuts known as a sequester. …

Unless Congress increases or allows Obama to increase that borrowing cap, the government risks a first-ever default on U.S. obligations. Republicans will use this as an opportunity to leverage more spending cuts from Obama, just like they did in the summer of 2011. …

(Excerpt) Read more at hosted.ap.org ...


TOPICS: Business/Economy; Government; News/Current Events; US: District of Columbia
KEYWORDS:
AP cheers on runaway government spending.
1 posted on 01/03/2013 5:10:36 AM PST by Olog-hai
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To: Olog-hai

Cliff averted my rear! Every taxpayer is being pushed off a personal financial cliff with increased taxes, fees, licenses, Obamacare, etc., plus having to pay for more PORK spending by lawmakers who slide in millions for Hollywood, NASCAR, Puerto Rican run, electric motorcycles, and more. These congresscritters just don’t get it. Where’s the taxpaer revolt?


2 posted on 01/03/2013 5:19:49 AM PST by From The Deer Stand
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To: Olog-hai
The news media created this false “fiscal cliff” bs for that goal: to tax the rich , then increase government spending and to hurt Republicans.If people even here keep taking the news media seriously then we are in even more trouble. the news media is the main problem

And people even here don't understand when I say the media has total power in this country. There was never any stupid cliff but every one was talking about the country going over some cliff. When I asked them how the country was going over the cliff , not a one could tell me. the media has complete mind control out of almost all Americans as very few questioned this constant media reporting on this stupid cliff of theirs. And this is just ONE example out of millions of news media bias. the news media's job is to report what is happening not to pick and even create (as in this cliff bs) stories to further socialism but that's what they are doing .And when ANY one supports ANY of their stories from the AP, Reuters,CBS,ABC, NBC, CNN, NY times newspapers , fox radio, then they are part of the problem too. By support I mean when anyone takes ANY of these stories seriously without ridicule or scorn FIRST then you are part of the problem. I know it's hard but you have to FIRST anytime you see any story form the media you have to assume that it is not news , not real but some attempt to brain wash you or some attempt to further their liberal agenda. You have to assume that , and a lot of people have to do this or we are cooked . Even if you can't at first see what they are doing and believe me it is hard to see what they are doing in many cases as they make most stories seem like they are just “news”stories and if we don't research or someone doesn't find out what the media are doing sometimes we never find out.

3 posted on 01/03/2013 5:50:43 AM PST by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Olog-hai

Insolvency is now inevitable. It may be delayed by the FED, but it is just a matter of time. We need a new party that imposes voluntary term limits on itself. There is really only one party in Washington—the RATS and GO-ALONGS PARTY. We need some fighters. We need some monkey wrenches.


4 posted on 01/03/2013 5:54:04 AM PST by SC_Pete
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To: Olog-hai
Republicans will use this as an opportunity to leverage more spending cuts

ROFLMAO

5 posted on 01/03/2013 6:31:35 AM PST by radioone
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To: Olog-hai

Just another fiscal bump in the road to socialism.


6 posted on 01/03/2013 6:32:37 AM PST by tractorman (I never miss a chance to tweak a liberal.)
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To: Democrat_media

And indeed if there is a cliff, this ain’t gonna stop us from going over it.


7 posted on 01/03/2013 6:35:27 AM PST by dfwgator
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To: dfwgator
Of course this stupid bill wouldn't help anything . It is marxism (tax the rich bs). so they tax the “rich” and that now averts us going down a cliff ? PURE lies. it's the opposite, taxing businesses making 400k hurts the economy very much, and a progressive tax is marxism/socialism which never works.

there wasn't any cliff

what was the news media's stupid “fiscal cliff” , how was the country going over any cliff on new years day? just scare tactics( terrorism) to get their way, force a quick vote etc. and they got what they wanted it worked , no one questioned the media's cliff

The media came up with this cliff bs to get a progressive tax passed. the media has complete control of over 90% of the population. the fact that anyone takes anything seriously the media says is amazing to me

8 posted on 01/03/2013 6:57:22 AM PST by Democrat_media (media makes mass shooters household names to create more & take our guns)
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