Godlike Productions - Conspiracy Forum
Users Online Now: 2,408 (Who's On?)Visitors Today: 1,877,369
Pageviews Today: 2,636,371Threads Today: 670Posts Today: 13,642
09:43 PM


Rate this Thread

Absolute BS Crap Reasonable Nice Amazing
 

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

 
Anonymous Coward
User ID: 28630333
Canada
11/30/2012 12:23 PM
Report Abusive Post
Report Copyright Violation
Obama deal on the fiscal cliff?? Won't even reduce the deficit!
[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...
Anonymous Coward
User ID: 4490832
Germany
11/30/2012 01:02 PM
Report Abusive Post
Report Copyright Violation
Re: Obama deal on the fiscal cliff?? Won't even reduce the deficit!
After Treasury Secretary Tim Geithner’s individual meetings yesterday with congressional leaders in the so called “fiscal cliff” negotiations, Republicans leaked to reporters what the Obama White House is offering:

1) $1.6 trillion in tax increases and revenues,

2) a permanent end to Congress’ control of the debt limit,

3) additional stimulus of at least $50 billion, and

4) $400 billion in savings in Medicare and other programs to be worked out next year.

News