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Subject Obama deal on the fiscal cliff?? Won't even reduce the deficit!

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[quote:Anonymous Coward 28630333:MV8yMDY3MTIxX0IyNTlDNDUx]
http://market-ticker.org/akcs-www?post=214443
[i]Multiple sources are reporting that the "opening offer" from Obama on the Fiscal Cliff is (note: I am recasting all numbers into annual ones, as that's the only honest means of comparison):

$100 billion in immediate tax increases by expiring "the rich's" tax cuts.
    $60 billion more in tax increases by removing deductions from "the rich."
    $50 billion in additional spending (over 2012 levels) on infrastructure for 2013.
    $240 billion in continued deficit spending by continuing the payroll tax cut.
    $30+ billion in continued deficit spending by continuing EUC 2008 (extended unemployment.)
    $40 billion in promised, unspecified but suspended for one year changes in Medicare and Medicaid.
    A permanent revocation of Congressional oversight of Treasury debt.

Yeah, right.

The promised spending cuts will never happen, just as has occurred every time before.

Add this all up and you get a net $110 billion decrease -- in theory -- on the deficit, which is less than 10% of the size of that deficit.  In other words, even assuming you get what Obama promised (and you won't) it's a joke.

In point of fact the "automatic escalators" in federal spending due to baseline budgeting will wipe that out and we will see no net improvement in the deficit at all.[/i]

Read the rest at the link on what the republicans SHOULD ASK but won't because they are a bunch of sellouts...
[/quote]

Original Message [link to market-ticker.org]
Multiple sources are reporting that the "opening offer" from Obama on the Fiscal Cliff is (note: I am recasting all numbers into annual ones, as that's the only honest means of comparison):

$100 billion in immediate tax increases by expiring "the rich's" tax cuts.
$60 billion more in tax increases by removing deductions from "the rich."
$50 billion in additional spending (over 2012 levels) on infrastructure for 2013.
$240 billion in continued deficit spending by continuing the payroll tax cut.
$30+ billion in continued deficit spending by continuing EUC 2008 (extended unemployment.)
$40 billion in promised, unspecified but suspended for one year changes in Medicare and Medicaid.
A permanent revocation of Congressional oversight of Treasury debt.

Yeah, right.

The promised spending cuts will never happen, just as has occurred every time before.

Add this all up and you get a net $110 billion decrease -- in theory -- on the deficit, which is less than 10% of the size of that deficit. In other words, even assuming you get what Obama promised (and you won't) it's a joke.

In point of fact the "automatic escalators" in federal spending due to baseline budgeting will wipe that out and we will see no net improvement in the deficit at all.

Read the rest at the link on what the republicans SHOULD ASK but won't because they are a bunch of sellouts...

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