Official Countdown to Zero Hour on US Budget Passage. Discuss Please :)

As of today, December 14th, 2012, the US Congress has not decided on a budge and is no where near being able to vote on passage of any budget. President Obama won't compromise on his demand that Congress turn it's authority to limit government borrowing limits. The resistance to this demand lies on both sides of the Congressional isle, yet Obama is refusing to budge.

If the Congress should fail to come to a compromise with the President and not pass a budget by the deadline, come January, there won't be an American economy. I don't know what they are doing, but this is doom on a level I can't cope with. The suspense is killing me!

Will they pass a budge? What kind of compromise can there be when Obama refuses to give up his demand to control the countries purse strings? How can Congress pass any emergency measures when Obama is leaving them no room to maneuver?

[link to www.bloomberg.com]

I'm fiscally conservative. That being said I'd be fine raising taxes on the super-rich if that is what it takes to get the Dems to reduce spending.

Holy Shit, we are spending like mad and cuts are not even on the table. These people are psychotic.

there's been no budget for three years

^^^This. Plus the Republicans are in a no-win situation. The best thing that could happen for Obama would be to go over the cliff. The Republicans would be eternally blamed for any bad economic news and Obama can institute tax cuts of his own just like Bush did but claim he cut taxes on 98% of the people, when the truth is only about 50% of the people even pay taxes. Going over the cliff gives Obama the chance to play the hero, plus may result in him being given the power to make these decisions to avoid going over the cliff again. So the Republicans have to cave.

[link to www.cbsnews.com]

It's the scenario that's been spooking employers and investors and slowing the U.S. economy:

Congress and the White House fail to strike a budget deal by New Year's Day. Their stalemate triggers sharp tax increases and spending cuts. Those measures shrink consumer spending, stifle job growth, topple stock prices and push the economy off a "fiscal cliff" and into recession.

The reality may be a lot less bleak.

Even if New Year's passed with no deal, few businesses or consumers would likely panic as long as an agreement seemed likely soon. The tax increases and spending cuts could be retroactively repealed after Jan. 1.

That's what they are hoping on? That people won't panic?

Does retroactive mean we will have to pay the higher taxes for 2012?

I'm fiscally conservative. That being said I'd be fine raising taxes on the super-rich if that is what it takes to get the Dems to reduce spending.

Holy Shit, we are spending like mad and cuts are not even on the table. These people are psychotic.

Does retroactive mean we will have to pay the higher taxes for 2012?

It's all a fake show, political theater just to make it look like they care about us. R = D Wake up!

I'm fiscally conservative. That being said I'd be fine raising taxes on the super-rich if that is what it takes to get the Dems to reduce spending.

Holy Shit, we are spending like mad and cuts are not even on the table. These people are psychotic.

Hey AC, I am with you 100%. No one should have the right to take what your parents worked so hard for! I hate what this country is becoming. Don't you just love how they toss around the term "the rich"? It conjures up an image of those with mansions and a jet=set lifestyle when actually many of those they are calling "the rich" are small businesses and people like your parents who have worked extremely hard and sacrificed to get ahead.

I really hope it all collapses.

i hope the peoples economy stays steady but the government gets a spanking and goes to bed without supper or retirement or holiday they stay till they have a good plan. i know i am dreaming

Budget...what's that, it's been so long since we had an actual budget I've forgotten what they are?!?!?

Budget...what's that, it's been so long since we had an actual budget I've forgotten what they are?!?!?

Sorry, but this whole budget crisis thing has the stench of a manufactured crisis. Someone will make obscene profits, likely Goldman Sachs or JPM while the rest of us have another pound of bricks added to our load.

Never waste a good crisis, I'm sure they have some more draconian legislation up their sleeves to save us all from the evil recession most of them and their buddies created.

They have to do something, Saddletramp. If they raise the interests rates AND people end up paying the whopper new taxes come January, our economy is going straight for the shitter.

They have to do something, Saddletramp. If they raise the interests rates AND people end up paying the whopper new taxes come January, our economy is going straight for the shitter.

You can bet whatever deal comes out of there will be bad for the country...

The fiscal cliff looked like a cake walk compared to what Obama was proposing.

Besides, the middle class (who they were never ever ever gonna raise taxes on, pinky promise) is going to see their taxes go up some $2500 per year for a family of four when Obamacare is fully implemented in 2014, they will see some taxes this year on their dividends and capital gains, so whatever happens, the economy is fucked...it's dead, it's like someone that just drank a glass of arsnic, dead but still walking around not knowing its dead...