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Will President Obama and Congress Reach an Agreement to Avert a ‘Fiscal Cliff’?

ABC News U.S. 2012/11/13 12:27:09
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With the “fiscal cliff” looming, there's been plenty of talk by members of both political parties of reaching a deal to avoid spending cuts and tax hikes that some economists say could plunge the country back into recession.

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Read More: http://abcnews.go.com/blogs/politics/2012/11/gop-s...

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  • ducdodger 2012/11/13 21:24:12
    No
    ducdodger
    +13
    No matter what the House does obama will fight them and try and do what he does best blame everyone else for his failures

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  • Old Salt 2012/12/05 21:25:17
  • Kaye 2012/11/19 06:35:03
    No
    Kaye
    I don't think he wants to
  • andrew.micheals.353 2012/11/16 16:39:43
    Yes
    andrew.micheals.353
    they pretty much are going to have to.
  • Elementer 2012/11/16 15:43:04
    Yes
    Elementer
    Obama will get his tax hikes for the wealthy. The House may get some reduced spending on social programs.
  • Died 2012/11/16 15:31:46
  • Groundskeeper Willy 2012/11/16 15:00:58
    No
    Groundskeeper Willy
    +1
    I hope not. I figure why delay the inevitable. I believe the short term debt cliff is minor as compared to the Quantative Easing crap that has devalued our currency.When the Chicoms call in the debt, they will not want it in Dollars.
  • Roger P 2012/11/16 14:21:25
    Yes
    Roger P
    +1
    If the G.O.P. hope to EVER get another person elected, they'd best get off their high horse and get somethings done to show the majority of Americans that they're willing to take off the gloves and work together to make something happen instead of bucking the system. They have wasted far too much time already.
  • troy.r.... Roger P 2012/11/16 15:29:39 (edited)
    troy.r.ivie
    +1
    I guess you did not understand the full vote that happen the other day, Obama remains as president, and the House remains republican to stop Obama from proclaiming he is god. America Voted for both Obama and the House to keep Obama under control. That is the status qua in washington
  • John Wa... troy.r.... 2012/11/16 17:42:42
    John Walker II
    +1
    And that attitude is exactly why I see the house of Representatives as the house of roadblocks.

    Republicans, they're not interested in helping anyone but themselves, and won't help america recover unless it's on their terms alone.

    I've already seen where they would rather watch this country sink then to work with the other side.
  • troy.r.... John Wa... 2012/11/16 17:48:28
    troy.r.ivie
    +1
    YOUR STATEMENT WORKS BOTH WAYS, incase you did not realize that cause the facts show the Republican house has tried to come up with solutions to many of the problems we are facing, and Obama and the democrats refuse them.
  • John Wa... troy.r.... 2012/11/16 17:55:33
    John Walker II
    +1
    Yea, unworkable solutions.

    Here's a good one
    http://thecaucus.blogs.nytime...
    Senate republicans blocked a bill to help vets find work.

    Take that in two pieces here. "help find work", and "helping vets." That's what the bill was intended to do and they killed it.

    Whose side are they on? Not mine.
  • troy.r.... John Wa... 2012/11/16 17:59:20
    troy.r.ivie
    +1
    you need to look closer into the bill and what was the pork added into it, cause you might be surpised what was added into the name of that bill. and what was added in the details of stuff that has nothing to do with vets.
  • John Wa... troy.r.... 2012/11/16 18:21:09
    John Walker II
    Sounds like a good number of republican bills as well.

    There's plenty of pork in anything that gets passed around. No one, is able to keep their greed out of it in congress.

    And it's the senate and house that make the laws. The president just undersigns them or vetos. If you want change to happen, go after the house and senate, not the president.
  • troy.r.... John Wa... 2012/11/16 19:01:53
    troy.r.ivie
    I been telling people for years the problem starts with our local governments and gets worse as it goes up, but yes you are correct go after thoset hat approve all budget spending,

    It takes an act of congress to speend any money in this country.

    BTW incase you can not tell I am against all port spending and most special interest groups. Something either benefits everybody in this country, or it does not.
  • Kaye John Wa... 2012/11/19 06:38:43
    Kaye
    Thats Big time BS
  • John Wa... Kaye 2012/11/21 18:04:28
    John Walker II
    Them's the facts. If you don't like it, I'm not here to help you digest the info.
  • Kaye Roger P 2012/11/19 06:37:08
    Kaye
    Really?The GOP? NOT
  • hippie.chic (>‿◠)✌ 2012/11/16 13:49:54
    No
    hippie.chic (>‿◠)✌
    it's to far over the edge to stop it now ͼ(ݓ_ݓ)ͽ
  • skip 2012/11/16 10:28:21
    Yes
    skip
    +1
    the gop is a bunch of losers
  • Kaye skip 2012/11/19 06:41:21
    Kaye
    Funny thats exactly how I feel about the democrats
  • skip Kaye 2012/11/21 10:31:10
    skip
    you cant fix stupid
  • Sherlock Dog BL - a Gazillion 2012/11/16 09:18:49
  • Darnel 2012/11/16 06:13:23
    Yes
    Darnel
    +1
    IF the repubs want to stay viable,....
  • us 2012/11/16 04:17:20
    No
    us
    +1
    Obama lies, he tells you what you want to hear, IF he really cared, he and michelle would not spent that much in the first 4 years. I believe more taxes is coming.
  • Liberty Blade 2012/11/16 03:42:01
  • Lorenzo Liberty... 2012/11/16 15:22:53
  • Diana Dee Lorenzo 2012/11/16 16:54:03
    Diana Dee
    +1
    Alot of name calling.. and cursing shows your mentality.you talk like a thug. That's democrats r good at.
  • Lorenzo Diana Dee 2012/11/17 00:23:09
  • Diana Dee Lorenzo 2012/11/19 12:44:08
    Diana Dee
    What's to refute..?All I see is a bunch of name calling, and a bad attitude.
  • Lorenzo Diana Dee 2012/11/19 20:20:13
  • Kaye Lorenzo 2012/11/19 06:43:57
    Kaye
    +1
    You'll be eating your words before long.Wishing you could take them back
  • Lorenzo Kaye 2012/11/19 20:26:05
  • Retta 2012/11/16 00:39:53
    Yes
    Retta
    +1
    I said yes, only because if the GOP (Grand Obstructionist Party) continues their ways, the Bush Tax cuts will expire, and the Democrats will introduce new tax cuts for the Middle Class (all those below $250,000 ) which is far from the middle class (stats show $50,000-60,000 is middle class, not a quarter of a million!)
  • Kaye Retta 2012/11/19 06:45:52
    Kaye
    +1
    There will be no tax cuts.He will probably double them
  • harry 2012/11/15 21:13:40
    No
    harry
    Let the Bush Tax cuts expire. Everything will be OK. I would rather pay more income tax to the Feds than have to pay double by the time the state and local guys nickle and dime us on food, gas, electricity, phone, car, house, land, license's to do business and drive a car...... They will get their money one way or the other. They tax our ass for everything.
  • Michael S. 2012/11/15 19:54:39 (edited)
    No
    Michael S.
    It depends on what you mean by the "fiscal cliff." It seems that common usage refers to a situation where the yearly deficit would have to drop..."Oh, the horror! Anything but that! We have to avoid it!" That's not the real cliff though: The real cliff will occur when the government can't fund itself with printed money anymore and the "road runs out."

    Unless they're prepared to cut a trillion in spending, we will continue driving toward the cliff. They're not prepared to cut a trillion in spending, so we will continue driving toward the cliff...and eventually fly right off it. Once the world loses enough confidence in the dollar for OPEC to start taking other currencies for oil, international demand for the dollar will plummet.

    Without exports to maintain demand, we will either see very high gradual inflation or sudden hyperinflation, keeping us from buying the oil we need to grow and transport food...and it will get quite ugly, possibly very quickly. At that point, we'll be faced with three options:
    a.) Painfully adapt to our new role as a third world country, cut government spending by 90 %, and rebuild a production-focused economy from the ground up.
    b.) Do something extraordinarily stupid like triple the size of the military and try to control the world's oil by force.
    ...





    It depends on what you mean by the "fiscal cliff." It seems that common usage refers to a situation where the yearly deficit would have to drop..."Oh, the horror! Anything but that! We have to avoid it!" That's not the real cliff though: The real cliff will occur when the government can't fund itself with printed money anymore and the "road runs out."

    Unless they're prepared to cut a trillion in spending, we will continue driving toward the cliff. They're not prepared to cut a trillion in spending, so we will continue driving toward the cliff...and eventually fly right off it. Once the world loses enough confidence in the dollar for OPEC to start taking other currencies for oil, international demand for the dollar will plummet.

    Without exports to maintain demand, we will either see very high gradual inflation or sudden hyperinflation, keeping us from buying the oil we need to grow and transport food...and it will get quite ugly, possibly very quickly. At that point, we'll be faced with three options:
    a.) Painfully adapt to our new role as a third world country, cut government spending by 90 %, and rebuild a production-focused economy from the ground up.
    b.) Do something extraordinarily stupid like triple the size of the military and try to control the world's oil by force.
    c.) Do something extraordinarily stupid like cave to global governance.

    The second option isn't exactly sustainable, but it seemed to be Romney's preferred way of dealing with the situation (even though it would eventually cause World War III as the US, Israel, and a few allies fought against China, Russia, Iran, the entire Middle East except Israel, and their allies). I imagine Obama's preferred way of dealing with the situation may be the third option: I think he'd prefer to trade in dollars for a new IMF-created world fiat currency before the dollar implodes (kicking the can down the road until the world fiat currency imploded for the same reason). We could no longer print money beyond that point, so he'd either tax the crap out of everyone and bring the economy to a screeching halt in a vain attempt to balance the budget...or he could just let the government go bankrupt and demand regional or global government to "save us." Neither would be good news, but I think something like that is on the horizon if the dollar fails under Obama.

    Spending cuts are necessary not only for fiscal sanity and the survival of the dollar but for the broader economy even discounting dollar issues: Most mainstream economists fail to understand that aggregate demand is not the be-all, end-all. There are several reasons for this, but here's one: Whenever the government spends money in a particular sector, it makes that sector more lucrative and diverts investment capital AWAY from all the sectors fueled by actual consumer demand. By spending money, government creates jobs in the short term, but these jobs carry an opportunity cost, and they produce less wealth that consumers demand than market-driven jobs...on a spectrum from being "slightly less efficient" to "as good as paying people to dig ditches and fill them back up," with an emphasis toward the latter. In short, government spending causes a mismatch between what the demand side wants and what the supply side is producing. Until this stops, along with other short-sighted policies, we will all continue getting poorer in the long term (except for government contractors and bankers).

    In other words, we unfortunately NEED a recession - one that is not papered over while the underlying problems fester - in order for the economy to restructure itself around industries that consumers actually demand, in direct proportion to that demand...and using investment capital built on savings rather than the infinite money machine, so interest rates and lending more accurately reflect the underlying economy's capacity for sustainable spending instead of being set too low and contributing to the boom/bust cycle.
    (more)
  • 001 2012/11/15 19:50:27
    No
    001
    Maybe for now, but the fall of the anti-economy we live in has been inevitable since the creation of money. It could happen next week, or in 50 years, but it will happen.
  • SK-pro impeachment 2012/11/15 19:38:53
    No
    SK-pro impeachment
    okay maybe the will but the downward spiral will continue since Olinsky set it in motion long ago. it's his ''runaway train'' baby.
  • zbacku 2012/11/15 19:14:27
    No
    zbacku
    +5
    Either way, we are doomed because Obama will NOT STOP SPENDING WHAT WE DON"T HAVE. money down toilet
  • Tuna zbacku 2012/11/15 20:16:11
    Tuna
    +2
    "EVERY" time the Republicans have made a deal (compromise) with the progressives, the progressives "NEVER" live up to their end of the deal. If the Republicans fall for the SOS, that will be their end.
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