Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | All Access E-Edition | Home RSS
 
 
 

Over the Cliff

Senate makes deal, but will the House agree to deferrals?

January 1, 2013

WASHINGTON — Racing the clock, the White House reached a New Year’s Eve accord with Senate Republicans late Monday to block across-the-board tax increases and spending cuts in government programs du......

« Back to Article

 
 
sort: oldest | newest

Comments

(19)

daWraith

Jan-01-13 6:38 PM

With Leadership the US could emerge a world powerhouse again but with the Captain of the Titanic at the helm of the USS Economy (Nobama) we are in for a rough Iceberg lesson.

WE NEED DRASTIC SPENDING CUTS, not tax increases.

NOT A SINGLE MATH CHALLENGED LIBERAL HERE CAN EXPLAIN ANY MATH BEHIND THE OBAMA LOGIC WHATSOEVER.

This is pizzant deal produces $60 BILLION in revenue in 2013. The OBAMA GOVERNMENT is spending $6 BILLION a DAY more than it takes IN in tax revenue.

So by January 10 we already SPENT the revenue that this would bring in by 12/31/13!!!!

ITS THE SPENDING, STUPID! 25% of GDP, unprecedented in peacetime in the history of this country.

THAT IS THE PROBLEM!!

Tax revenue is ALREADY UP 11% over 2011.

2 Agrees | 1 Disagrees | Report Abuse »

Wheeldog

Jan-01-13 5:45 PM

"Can we do all this on $21,000 per year?"

No, and I honestly doubt that this problem will be solved in time to avert a genuinely serious financial meltdown. If it were just the U.S. it might be possible, but what we are seeing is a systemic failure of the global economy. France, Italy, Greece, Spain, etc. are on the verge of declaring bankruptcy. Even Germany is starting to unwind. Japan is skating on thin ice. China is developing cracks in its export dependent economic base. The turmoil in the Middle East is beginning to metastasize into a chain reaction of revolutions and, ultimately, anarchy. The U.S. is an integral part of the global economy. The U.S. economy would be hard hit even in the best of circumstances if the global system fails. However, we are not in "the best of circumstances", so the shock to our economy will likely be severe and long-lasting.

2 Agrees | 1 Disagrees | Report Abuse »

daWraith

Jan-01-13 3:34 PM

They kicked the can down the road and it rolled over the cliff on top of the wreckage of USS Economy while they stare in disbelief.

3 Agrees | 1 Disagrees | Report Abuse »

walksabout

Jan-01-13 2:41 PM

no anger courses in goshen

0 Agrees | 0 Disagrees | Report Abuse »

EllisWyatt

Jan-01-13 1:36 PM

Wheeldog

This is not a partisan issue for me. I am a conservative Tea Party patriot but I am sick and tired of the corruption, cowardice, weakness and arrogance of both parties. I really, truly, believe that 95% of Congress could leave office tomorrow and we would be better for it.

We need people who don't want to "do something" so often.

We have an annual deficit of $1 trillion + (and no budget).

We have a massive trade deficit.

We have a $16 trillion national debt, untold trillions in state & local pensions and $45 trillion in unfunded entitlement liabilities.

Our revenues are about $2.1 trillion and expenditures are about $3.4 trillion.

Translated to the avg. person's understanding, we have gross income of $21,000 and annual expenses of $34,000.

We owe $160,000 on our debt, which grows each year.

We owe $450,000 on our entitlements, which we must put in the bank-today-to fund current promises.

Can we do all this on $21,000 per year?

No.

3 Agrees | 0 Disagrees | Report Abuse »

Wheeldog

Jan-01-13 12:55 PM

"Sometimes, it is better to blow it all up and start over. This budget dealing is merely rearranging deck chairs on the Titanic," Ellis.

Sometimes we agree - although for different reasons. I am hoping for a workable compromise if only in the hope that Congress and the White House may be able to set aside their petty differences and actually take substantive actions to deal with a "cliff" that is far greater than the one they have been discussing. We are indeed approaching a cliff. In fact we are hanging on by our fingernails to keep from falling into economic and political abyss. It is a situation that has been in the works for decades and is now coming to a head. The crumbling of the EU and default of Western nations is not taking place on a distant planet. It is happening here, and it includes the U.S.. We will not dance our way out of this. There is no magic bullet that will solve all the problems plaguing the global economy - or our own.

0 Agrees | 1 Disagrees | Report Abuse »

EllisWyatt

Jan-01-13 12:10 PM

The Tea Party wing of the GOP should DO NOTHING. Do not support ANY bills. Oppose any budget deal. DO NOTHING.

Let everything fall apart (just a matter of time).

Now, 48% of the American people (those who are too stupid to vote) will believe Barry Soetero if he tells them that the Social Democrat Party invented the lighbulb. But thinking Americans will realize that our lowlife DC politicians have done NOTHING to fix the fiscal tsunami that is approaching.

Sometimes, it is better to blow it all up and start over. This budget dealing is merely rearranging deck chairs on the Titanic.

4 Agrees | 0 Disagrees | Report Abuse »

daWraith

Jan-01-13 10:28 AM

1duhY, new year, same mental illness on your part.

No New Year's resolution to tell the TRUTH for a change?

Still stabbing all of the OV residents in the back by being anti coal anti business pro EPA??

Get a life, witch. Sure SUX to be a wonderlie.

2 Agrees | 2 Disagrees | Report Abuse »

wonderwhy

Jan-01-13 9:25 AM

WOW duwhop- Showing your usual hatred bright and early on New Year's Day? There might be an anger management course in CA that you could benefit? Wait, there might be one in Martins Ferry too.

1 Agrees | 2 Disagrees | Report Abuse »

Highland

Jan-01-13 9:23 AM

Cuts to defense spending just when Obama is sending our troops into 35 African nations. Will he even give them peashooters, or will they be sitting ducks for Islamoterrorists?

2 Agrees | 2 Disagrees | Report Abuse »

Orlando

Jan-01-13 8:30 AM

What a one sided article. Really "famously rebellious", and Harry Reid is a straight shooter! Why can't reporters report the news without using their own views? Just report the story we will be the judge of the characters!

1 Agrees | 0 Disagrees | Report Abuse »

mikeyd

Jan-01-13 7:24 AM

he still looks like MR.POTATOHEAD.do these people carry those boot cleaners around with them to clean off all the crap that they are standing in.

4 Agrees | 0 Disagrees | Report Abuse »

daWraith

Jan-01-13 6:19 AM

Notice Obama surrounds himself with a cross section of Socialist States of America.

3 Agrees | 3 Disagrees | Report Abuse »

daWraith

Jan-01-13 6:13 AM

What {bleeping} "cuts"???

$24 billion is only 2% of $1200 Billion (1.2 Trillion).

Doesn't amount to Shat.

More TAX AND SPEND.

These deal just THROWS GASOLINE on the burning Wreckage of the Obama Economy.

4 Agrees | 2 Disagrees | Report Abuse »

daWraith

Jan-01-13 6:11 AM

• Raises estate tax rate to 40 percent for estates of more than $10 million per couple, up from the current level of 35 percent.

• Includes a permanent fix for the alternative minimum tax.

• Extends unemployment insurance benefits for one year for 2 million people.

• Extends child tax credit, earned income tax credit, and tuition tax credit for five years.

• Extends research and experimentation tax credit, and the wind production tax credit through the end of 2013. Extends 50 percent bonus depreciation for one year.

• Avoids a cut in payments to doctors treating patients on Medicare - the so-called "doc fix."

• Temporarily extends farm programs.

• Cancels a cost-of-living raise for members of Congress.

2 Agrees | 2 Disagrees | Report Abuse »

daWraith

Jan-01-13 6:11 AM

• Postpones for two months the start of $1.2 trillion in automatic spending cuts over 10 years, known as the "sequester." For those two months, $24 billion in savings would be substituted. Half of those savings would be split between defense and non-defense programs. The other half includes new revenues.

• Raises $600 billion in revenue over 10 years through a series of tax increases on wealthier Americans.

• Permanently extends tax cuts made in 2001 by Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. Income above that level would be taxed at 39.6 percent, up from the current top rate of 35 percent.

• Above that income threshold, capital gains and dividend tax rates would return to 20 percent from 15 percent.

• Caps personal exemptions and itemized deductions for income above $250,000, or $300,000 per household.

3 Agrees | 2 Disagrees | Report Abuse »

daWraith

Jan-01-13 6:08 AM

FAIL!

The DEAL is an insignificant $60 Billion a year in revenue, which is SPENT in by JANUARY 10!!!!

And NO REAL CUTS! Sorry Simpson Bowles recommended $3 in CUTS for every $1 in new revenue.

All this crap is a tiny shred of revenue and talk about 50% of the cuts come from Defense.

Defense is not the problem, ENTITLEMENTS ARE! Duh!

The Government is BORROWING $6 BILLION a DAY..... So $60 BILLION in new revenue is SHOT by Jan. 10.

FAIL!

4 Agrees | 2 Disagrees | Report Abuse »

icecream

Jan-01-13 1:53 AM

HAPPY NEW YEAR TO ALL OF YOU!!!

2 Agrees | 1 Disagrees | Report Abuse »

icecream

Jan-01-13 1:53 AM

WASHINGTON (The Borowitz Report)—The House of Representatives ADJOURNED this evening after the legislative BODY COLLAPSED from exhaustion BROUGHT ON by HOURS of DOING its JOB.. *Hundreds of CONGRESSMEN complained of headaches, dizzy spells, and extreme FATIGUE AFTER putting in what sources called “a SIX, maybe SEVEN-HOUR DAY..” *With the nation headed OVER the FISCAL cliff, there was NO INDICATION WHEN Congress might RECONVENE, since many of its members had to be hospitalized after what was described as their NEAR-TOTAL physical MELTDOWN.. *According to Dr. Davis Logsdon of the University of Minnesota Medical School, “Being FORCED to listen,COMPROMISE, and ACT like ADULTS for minutes at a time was more PUNISHING than these people could bear...” *Dr. Logsdon said that the gruelling ORDEAL of doing THEIR JOBS would likely keep members of Congress in the hospital for weeks... *“I don’t see these people getting BACK to WORK until February at the earliest...

5 Agrees | 1 Disagrees | Report Abuse »

Showing 19 of 19 comments
 
 

Post a Comment

You must first login before you can comment.

*Your email address:
*Password:
Remember my email address.
or
 
 
 

EZToUse.com

I am looking for: