“Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 are scheduled to go into effect.
Among the laws set to change at midnight on December 31, 2012, are the end of last year’s temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, the end of the tax cuts from 2001-2003, and the beginning of taxes related to President Obama’s health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect. According to Barron’s, over 1,000 government programs – including the defense budget and Medicare are in line for “deep, automatic cuts.”
This was signed into law by Barack Obama on August 2, 2011.
Republicans should allow this to take effect. All of it.
democrats should understand what they elected. Obama supporters should reap what they have sown.
Among the bright spots is the AMT.
Unless Congress acts by the end of the year, more than 26 million households will for the first time face the AMT, which threatens to tack $3,700, on average, onto taxpayers’ bills for the current tax year. Because those people have never paid the AMT, they have no idea they are in its crosshairs — put there by a broader stalemate over tax policy that has kept Congress from limiting the AMT’s reach.
The Obama administration was a week late with its Sequestration Transparency Act, which was supposed to detail where budget cuts would fall:
Sequestration would impose cuts of 9.4 percent in nonexempt defense discretionary funding and 8.2 percent in nonexempt, nondefense discretionary funding. A 2 percent cut would hit Medicare providers, 7.6 percent would affect other nonexempt nondefense mandatory programs, and 10 percent would be applied to nonexempt defense mandatory programs, according to the report. Cuts in the range of 7.6 percent to 8.2 percent would affect everything from the Capitol Police to the Merit Systems Protection Board to the States Interagency Council on Homelessness.
Amusingly, Obama said the law he signed into effect “will not happen.”
When Gov. Mitt Romney pointed out the devastating $1 trillion in cuts set to hit our military via sequestration, Obama stated flatly, “[those] cuts will not happen.”
Obama is pledging that he will ignore a law he signed into effect.
democrats will now expect Republicans to bend over to Obama’s will.
Not. Gonna. Happen.
Harry Reid pledged not work with a President Romney
On Friday, Senate Majority Leader Harry Reid (D-NV) rejected a claim made by Republican presidential nominee Mitt Romney that he would preside over a more bipartisan administration than President Barack Obama. Reid said that it is “laughable” that the Democratic majority in the Senate would work with Romney to enact his “severely conservative agenda.”
“Mitt Romney’s fantasy that Senate Democrats will work with him to pass his ‘severely conservative’ agenda is laughable,” Reid said in a statement. “In fact, Mitt Romney’s Tea Party agenda has already been rejected in the Senate.”
“Senate Democrats are committed to defending the middle class, and we will do everything in our power to defend them against Mitt Romney’s Tea Party agenda,” Reid concluded.
I trust democrats will respect the same from John Boehner
Barack Obama had a grand bargain in hand when he stiffed Boehner on the deal.
The book, “The Price of Politics,” on sale Sept. 11, 2012, shows how close the president and the House speaker were to defying Washington odds and establishing a spending framework that included both new revenues and major changes to long-sacred entitlement programs.
But at a critical juncture, with an agreement tantalizingly close, Obama pressed Boehner for additional taxes as part of a final deal — a miscalculation, in retrospect, given how far the House speaker felt he’d already gone.
The first time he was elected Obama said “I won.”
In 2010 Obama said
“We don’t mind the Republicans joining us. They can come for the ride, but they gotta sit in back.”
Obama shut Republicans out of the stimulus and Obamacare process.
After his victory, Obama talked unity, but he did that last time as well and it means as little this time as it did then.
Now Obama will be looking for a legacy. I have heard that several times from democrat operatives. It is not now nor has it ever been about the country. It was always about him.
Republicans have the chance to grant Obama the legacy he signed into law- sequestration.
Obama signed it. He owns it. Let it happen. All of it.
And if he tries to grant waivers to the existing law, impeach him.
This is a good time for Obama supporters to understand that sacrifice is not simply something for others to make. This is a good time for Obama supporters to understand what they have done.
I for one will enjoy watching them cry about paying their fair share.