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Who Deserves the Blame if the U.S. Goes Over the 'Fiscal Cliff'?

ABC News U.S. 2012/12/03 12:00:00
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After a week when both Republicans and Democrats dug in in their heels on the fiscal cliff negotiations, Treasury Secretary Timothy Geithner told ABC's George Stephanopoulos that the ball is "absolutely" in the GOP's court.

"We think we have a very good plan, a very good mix of tax reforms that raise a modest amount of revenue on the wealthiest 2 percent of Americans, combined with very comprehensive, very well designed, very detailed savings that get us back to the point where our debt is stable and sustainable," Geithner said of the proposal he presented to Republican leaders on Capitol Hill last week in a "This Week" interview. Only problem is, Republicans say the Obama administration's proposal is about as far away from a "good plan" as you can get.

fiscal cliff

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  • Cory Robinson 2013/01/02 20:03:22
  • Lupe Hickey 2012/12/27 17:58:21
    Republicans
    Lupe Hickey
    The house is the most stagnant part of Washington. They can't even get themselves together.
  • Donna 2012/12/26 11:53:34
    Republicans
    Donna
    The Republicans only care about their super rich friends and protect their interests. They could care less about the poor or middle class so they sabotage the whole economy for the very rich.
  • Julien Peter Benney 2012/12/26 07:46:11
    All of Washington D.C.
    Julien Peter Benney
    There are so many issues involved in the Enriched World’s fiscal crisis.

    It is not possible to exonerate either party in the United States for failing to deal with ever-growing public debts. The United States is geologically a young country which has few or no deposits of “modern” industrial minerals like aluminum, manganese and titanium. Much of it has cool and frost-prone climates which restricts its growing season and makes agriculture uncompetitive, forcing it into tough competition with Europe, and lately Asia and Latin America, for secondary and tertiary goods and services.

    This lack of agricultural competitiveness has also caused its urban masses to gradually demonstrate the radicalisation of those in Eurasia and South America. This radicalisation and demand for public welfare is in part what has driven, and in today’s inner cities continues to drive, the growth of another increasingly indebted welfare state.

    The Republicans have shown they will pander to special interests such as fossil fuels and the defence sector as easily as the Democrats do to unions. they have equally never challenged the working classes of the northeast and northwest inner cities - from their demands for welfare to those for low import prices that have undermined the competitiveness of local i...

    There are so many issues involved in the Enriched World’s fiscal crisis.

    It is not possible to exonerate either party in the United States for failing to deal with ever-growing public debts. The United States is geologically a young country which has few or no deposits of “modern” industrial minerals like aluminum, manganese and titanium. Much of it has cool and frost-prone climates which restricts its growing season and makes agriculture uncompetitive, forcing it into tough competition with Europe, and lately Asia and Latin America, for secondary and tertiary goods and services.

    This lack of agricultural competitiveness has also caused its urban masses to gradually demonstrate the radicalisation of those in Eurasia and South America. This radicalisation and demand for public welfare is in part what has driven, and in today’s inner cities continues to drive, the growth of another increasingly indebted welfare state.

    The Republicans have shown they will pander to special interests such as fossil fuels and the defence sector as easily as the Democrats do to unions. they have equally never challenged the working classes of the northeast and northwest inner cities - from their demands for welfare to those for low import prices that have undermined the competitiveness of local industries.

    This same trend was seen earlier in Europe and demonstrably spreads all over the Enriched World with industrialisation and the demands of the newly created working class.
    (more)
  • andrea 2012/12/14 09:32:47
    Republicans
    andrea
    Because they keep saying that the top 2%tax rates shouldn't be reinstated because it will affect small businesses. What a lie. The top 2% haven't been anywhere near a small business in a very long time, if indeed they ever were at all.
  • bigbatboy23 2012/12/14 00:26:22
    Republicans
    bigbatboy23
    the republicans are for the rich and 2 years from now they will be remembered in the next election and voted out.
  • Leslie Goudy 2012/12/13 05:45:47
    All of Washington D.C.
    Leslie Goudy
    +1
    They are all a bunch of egocentric narcissists that need to take a hike
  • bt sedlock 2012/12/11 19:47:38
    All of Washington D.C.
    bt sedlock
    +1
    All THe politicians are all crooks who don't give squat about our country and it's her people. What is this fiscal cliff anyway?
  • Bruce Carrubba 2012/12/10 04:04:40
    Republicans
    Bruce Carrubba
    +1
    Republicans lost the elections based in part on their unwillingness to do what was right for the country. Don't know about you but losers generally have to compromise. They are still as stubborn as ever illustrating they have not learned a single thing and continue to put their selfish agenda ahead of country. It is this stubborn obtuseness that got us in this mess to begin with and they still won't compromise. As far as I am concerned republicans are total scumbags and deserve to lose the house in the next election.
  • Ramón 2012/12/10 02:25:31
    President Obama and the Democrats
    Ramón
    +1
    Boehner has caved when he had the power to disrupt any bill that would expand the reach of Federalism. The RINOs in Congress and the Senate have caved. I have no idea how our electoral vetting process takes reasonable men and women, puts them in office, where the morph into anti-representatives and seek to spend and destroy our liberties.
  • Bruce C... Ramón 2012/12/10 04:08:58
  • Dave 007 2012/12/09 16:14:06
    All of Washington D.C.
    Dave 007
    There's going to be a 2% tax on all SodaHead posts next year.
  • Wolf 2012/12/09 09:38:14
    All of Washington D.C.
    Wolf
    +2
    The problem is the massively bloated Public Sector operations with 23 million employees at the Federal,state and local levels with 50% over staffing and compensation costing over $7 Trillion annually where a $2.5 Trillion reduction is warranted and their millionaire pension scam that has a $50 Trillion obligation on taxpayers were reform is needed which would eliminate all deficits and return needed resources to the private sector for economic growth ---taxes can be lowered dramatically and the abusive taxation can be addressed---both parties are the blame for this mess ---the Communist (Dems) and the Repubs---notice the real problem is never addressed or mentioned---
  • stevie.luplow 2012/12/07 17:11:53
    All of Washington D.C.
    stevie.luplow
    +1
    Had the Republican party actually worked WITH Obama in the first 3 years it wouldn't be this bad in the first place. How about THEY start looking at THEMSELVES for paycuts and everything else to help out the debt.
  • Ron 2012/12/07 16:32:23
    Republicans
    Ron
    They pound the drums over spending when Democrats inherit their spending spree and illegal wars mess! Yes, these Republicans are despicable.
  • Canis Major 2012/12/07 08:54:09
    Republicans
    Canis Major
    1. A Republican may not raise taxes on a rich person or, through inaction, allow a rich person's taxes to increase.

    2. A Republican must obey the orders given to it by rich people, except where such orders would conflict with the First Law.

    3. A Republican must protect its own political career as long as such protection does not conflict with the First or Second Laws.
  • Ron Canis M... 2012/12/07 16:33:31
    Ron
    Nice! RIP Isaac.
  • APLWONK 2012/12/07 05:19:01
    Republicans
    APLWONK
    +1
    The Republicans a.k.a. "the NO Party". They disagree with President Obama on everything! Obama should pass everything using "Executive Privilege" and forget dealing with those idiots in the Republican Party.
  • barbara... APLWONK 2012/12/09 16:52:08
    barbara.braim
    Why doesn't it surprise me that a Liberal would advocate that Obama should become a dictator. Aplwonk, I think you need to read the Constitution.
  • Lana 2012/12/06 21:46:43
    Republicans
    Lana
    Are you serious ? Every member in Congress of course. Guess they didn't hear the ppl on election day. We must get rid of the party of no but it seems that they are doing that themselves. We must get rid of all the teabaggers and a few real re4publicans ans we would then be fine.
  • redhorse29 2012/12/06 18:39:58
    All of Washington D.C.
    redhorse29
    This is a joint failure of all parties, departments, and major segments of government.
  • Ron redhorse29 2012/12/07 17:45:35
    Ron
    +1
    Not really. Democrats have never even come close to the number of times Republicans have filibustered during this President's tenure. Every social safety net and nearly every environmental law has been put forth by Democrats. What do Republicans always ask for? No regulation, zero taxes for corporation, continued subsidies to the richest and most profitable corporations in the history of the world, reduce or eliminate inheritance taxes so that the wealthy can compound their growing power indefinitely, all done while wrapping themselves up in the American flag and denying health coverage for our Veterans. Republicans, at least over the last 30 years, are about me, me, me. Democrats are mostly about we.
  • Jimbo 2012/12/06 18:18:36
    President Obama and the Democrats
    Jimbo
    +2
    Obama wants to go over the cliff so he can blame Republicans. He wants everything to go his way because of his mandate!
  • Ron Jimbo 2012/12/07 16:38:21
    Ron
    +2
    Not his mandate, the PEOPLE'S mandate. Remember, we won. By more in popular votes than Regan in 1980, and by a landslide in the electoral college. In spite of all the desperate voter suppression and gerrymandering by the Republicans. And, it was the Republicans that blew up the economy with unrestrained spending and unregulated greed and collusion with Wall Street. Oh, and it's not a "cliff", it's a slope. This cliff stuff is just more scare-mongering by Republicans.
  • Alacrity Ron 2012/12/09 04:47:14
    Alacrity
    +1
    Ron, you are absolutely right. Any mandate was for the rich 2% to pay more and at a higher rate. Republicans and conservatives are so many liars teamed up to feed themselves, like a pack of lions.
  • Jimbo Ron 2012/12/10 11:47:32
    Jimbo
    +2
    Take a look at the large amount of red by county and you'll recognize the fact that democrats won because of the college kids, the blacks and the Hispanics. These are the very people who will remain or become unemployed because of Obama's policies. Bitch and moan about the wealthy and Wall Street all you want, but these are the people who finace the new jobs and hire the unemployed and the new college graduates!
  • daver Jimbo 2012/12/18 01:03:19 (edited)
    daver
    +2
    You are soooo wrong. Here is an excerpt from an article on the so called "job creators" you and your clan always talk about. Your ideas actually hurts the economy and jobs. Pass this on to as many rich man worshipers as you can.
    http://www.truth-out.org/buzz...

    4. So what are the "job creators" doing with all their money?

    Over 90% of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), the stock market, and real estate. Business startup costs made up less than 1% of the investments of high net worth individuals in North America in 2011.

    Perhaps, instead, they're building businesses on their own? No. Only 3 percent of the CEOs, upper management, and financial professionals were entrepreneurs in 2005, even though they made up about 60 percent of the richest .1% of Americans. A recent study found that less than 1 percent of all entrepreneurs came from very rich or very poor backgrounds. They come from the middle class.

    That deserves repeating. Entrepreneurs come from the middle class.

    Not surprisingly, then, since the middle class has been depleted by the steady accumulation of wealth at the top, the number of entrepreneurs per capita has decreased 53% since 1977, and the number of self-employed Americans has decreased 20% since 1991.

    ...

















    You are soooo wrong. Here is an excerpt from an article on the so called "job creators" you and your clan always talk about. Your ideas actually hurts the economy and jobs. Pass this on to as many rich man worshipers as you can.
    http://www.truth-out.org/buzz...

    4. So what are the "job creators" doing with all their money?

    Over 90% of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), the stock market, and real estate. Business startup costs made up less than 1% of the investments of high net worth individuals in North America in 2011.

    Perhaps, instead, they're building businesses on their own? No. Only 3 percent of the CEOs, upper management, and financial professionals were entrepreneurs in 2005, even though they made up about 60 percent of the richest .1% of Americans. A recent study found that less than 1 percent of all entrepreneurs came from very rich or very poor backgrounds. They come from the middle class.

    That deserves repeating. Entrepreneurs come from the middle class.

    Not surprisingly, then, since the middle class has been depleted by the steady accumulation of wealth at the top, the number of entrepreneurs per capita has decreased 53% since 1977, and the number of self-employed Americans has decreased 20% since 1991.

    5. Big business is even worse at job creation

    First of all, the cash holdings for non-financial U.S. firms increased to $1.24 trillion in 2011, with about 57 percent of it stashed overseas. Commerce Department figures show that U.S. companies cut their work forces by 2.9 million from 2000 to 2009 while increasing overseas employment by 2.4 million.

    The top holders of cash, including Apple and Google and Intel and Coca Cola and Chevron, are also spending their money on stock buybacks (which increase stock option prices), dividends to investors, and subsidiary acquisitions. According to Bloomberg, share repurchasing is at one of its highest levels in 25 years.

    6. The Big Fraud: Tax us less, and the jobs will come

    Despite their unwillingness to invest in jobs, and even in the face of damning evidence against their tax myths, the super-rich fight like wildcats at any suggestion that they support the country that provided their wealth. Way back in 1984, right after the Reagan tax cuts, the U.S. Treasury Department came to the obvious but belated conclusion that tax cuts cause a loss of revenue. A 2006 Treasury Department study found that extending the Bush tax cuts would have no beneficial effect on the U.S. economy. Other sources have confirmed that economic growth was fastest in years with relatively high top marginal tax rates.

    Ample evidence exists to show that no relationship exists between the capital gains tax rate and investment. As noted in the Washington Post, "The top tax rate on investment income has bounced up and down over the past 80 years - from as high as 39.9 percent in 1977 to just 15 percent today - yet investment just appears to grow with the cycle, seemingly unaffected." In fact, the low rate may even have a negative effect on growth. A Congressional Research Service report states: "Capital gains tax rate increases appear to increase public saving and may have little or no effect on private saving. Consequently, capital gains tax increases likely have a positive overall impact on national saving and investment."

    7. So what becomes of the jobs?

    Corporations are hoarding over a trillion dollars. The richest 1% take a trillion dollars a year more than productivity-based earnings since 1980. Over eight trillion untaxed dollars is being hidden overseas.

    That's a present value of ten trillion misdirected dollars. Just 1/10 of that would create 25 million jobs, one for every unemployed or underemployed worker in America. Or a $45,000 a year job for every college student in the United States.

    But the people who call themselves "job creators" do nothing to make that happen.
    (more)
  • Bruce C... Jimbo 2012/12/10 04:15:21
    Bruce Carrubba
    +1
    Keep repeating the republican mantra like the mindless clone they want you to be. Republicans lost big time because of their selfish self serving policies and obstructionism. It is clear that the voters blame them for this mess and for their tactics to keep it this way so they could win the next election. They made their bed now they must sleep in it. Goodnight!
  • Jimbo Bruce C... 2012/12/10 11:44:20
    Jimbo
    +2
    Enjoy your trip into socialism and communism and you'll find out why those who suffered under it since WW II don't want it ever again! Maybe Bush had a lot to do with the start of the great recession, but magic man has done nothing over 4 years to make anything better. I'm more an Independent than Republican. I fear for my children and grandchildren as I'm of an age where in several years I won't be here.
  • Ron Jimbo 2012/12/27 18:27:55
    Ron
    It is really hard to debate someone who is so uninformed. Read on exactly what Obama has accomplished in the face of the most filibusters by ANY party in history. Read and learn about what mess he inherited and then, just maybe, you might find a sigh of relief somewhere in your pathetically brainwashed mind that the current President actually has a three digit IQ. For example, your use of socialism and communism in the same sentence means exactly what? They are two different things. Why don't you educate us on exactly what you are trying to say. Or, why don't you explain how it is that EVERY time Republicans are in power they tank the economy, blow up the deficit, and then at the same time complain about too big government? Why is it that if Republicans always complain about keeping government's nose out of our private business, they are then the FIRST to TRY to tell us what to do with our own bodies or how we should conduct our own private lives? Or, if taxing the rich is such a bad thing, why is it, that between 1959 to 1979, when the top tax rate was between 71% - 91%, we had the fastest growing economy in the world? Why is it when Regan lowered the top tax rates, he then saw the deficit TRIPPLE and panicked so much that he then raised those taxes back up (though not back t...

    It is really hard to debate someone who is so uninformed. Read on exactly what Obama has accomplished in the face of the most filibusters by ANY party in history. Read and learn about what mess he inherited and then, just maybe, you might find a sigh of relief somewhere in your pathetically brainwashed mind that the current President actually has a three digit IQ. For example, your use of socialism and communism in the same sentence means exactly what? They are two different things. Why don't you educate us on exactly what you are trying to say. Or, why don't you explain how it is that EVERY time Republicans are in power they tank the economy, blow up the deficit, and then at the same time complain about too big government? Why is it that if Republicans always complain about keeping government's nose out of our private business, they are then the FIRST to TRY to tell us what to do with our own bodies or how we should conduct our own private lives? Or, if taxing the rich is such a bad thing, why is it, that between 1959 to 1979, when the top tax rate was between 71% - 91%, we had the fastest growing economy in the world? Why is it when Regan lowered the top tax rates, he then saw the deficit TRIPPLE and panicked so much that he then raised those taxes back up (though not back to where they were)?

    You want to make some points? Back your words with references. Let's see some facts behind your rhetoric. Oh, and quoting Fox News or Rush Flamebot do not count as credible references.
    (more)
  • daver Jimbo 2012/12/18 00:27:03
    daver
    If he did want things to go over the cliff he wouldn't have compromised at all. And he would be no worse than the republicans who have said "no" to everything he has tried in the last 4 years. Sometimes even when he agreed to give them things they asked for previously. Just to stall the economy so that they could get their rotting carcasses back into the White House. It didn't work this time though did it. Whiners cry baby scumbags
  • GMOM 2012/12/06 18:17:06
    Republicans
    GMOM
    +1
    The republicans still don't care who they hurt as long as they make a statement, they are just a bunch shortsighted bullies "gotta win you know?"
  • Alacrity 2012/12/06 17:44:22 (edited)
    Republicans
    Alacrity
    Pizza and french fries are cures for the fiscal cliff, taxes and spending... heart attacks not withstanding.
  • glennbaby 2012/12/06 17:22:19
    President Obama and the Democrats
    glennbaby
    +2
    I have always been proud to live in a country where anyone can aspire to the 1% ! Why spread other peoples hard work amongst the unproductive. Flat tax now. Earn more dollars, pay more dimes. Simple....
  • Alacrity glennbaby 2012/12/06 17:54:44 (edited)
    Alacrity
    You ask why? There are a myriad of reasons, and if you don't know the answer to your question, you should be condemned. Read on social and charitable institutions, their reasons for existence. Did you ever see a movie or read a book on the miserable people of a nation or society? How did we come out of THE GREAT DEPRESSION?
    Was it by cutting government expenditures or increasing them? Was there deficit spending or taxation? Look it up and learn something, you inhumane conservatives.
  • glennbaby Alacrity 2012/12/07 17:21:38
    glennbaby
    +1
    Condemned? Typical liberal I KNOW BEST response. Social and Charitable? Are you talking public or private? Movie or book? Climb out of your IVORY TOWER and spend some time with your miserable people.
  • Alacrity glennbaby 2012/12/09 04:55:30 (edited)
    Alacrity
    Do you know anything about macro economics? Have you heard of John Maynard Keynes? Read about how we came out of THE GREAT DEPRESSION. Was it by deficit spending or a balanced budget? Read up and learn something.
    We're now in THE GREAT RECESSION, if you didn't already know.
  • glennbaby Alacrity 2012/12/11 22:38:05
    glennbaby
    +1
    Your assumptions are amusing. However, If Keynes were alive today he would probably point out to his disciples that you have to pay the bill when the expansion does come.
  • daver glennbaby 2012/12/18 01:18:49
    daver
    And we did. But you can't pay it back if it never does come can you?
  • Alacrity daver 2013/03/24 04:59:02
    Alacrity
    In my opinion, you won't get any of it when it comes because you have no faith.
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