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Whatever deal they make will probably be a exact copy of the Budget Control Act of 2011 (what engineered the fiscal cliff), so we'll go through this again next year or will we just drive off the cliff? My faith in Obama and Boehner coming up with a deal has soured recently after believing they were becoming allies (or at least being able to deal with each other far better than the previous term) of types, it seems like we aren't going to get the final deal done.
So what do you guys think? Drive off the cliff or Budget Control Act of 2012?
...off the cliff. While at the barber yesterday I was listening to Obama's answers to the reporters yesterday at his presser re the shootings (?s where about the cliff, not the shootings) and it sounds like there is no deal. Obama isn't leaving the door open.
My call would be to agree to the "Millionaire Tax" that B is offering, and back down on that six figure tax that Obama ($500K? $700?) Obama was talking about, but O. seems adamant that he wants the tax hike to kick in in that six figure range.
The cliff will come unless JB comes up with a reasonable offer. $1 million for a small rate increase is an unreasonably high bar. $500k would be acceptable.
I suspect JB needs the cliff to drive home to the wing nut portion of his party (aka TP) that 2013 will present even worse options for them. No doubt, they will have to accept either budget cuts or rasing 250k to 400k in 2013; not cuts and 500k.
If the party were as sane as JB, the 400k offer with 1 trillion in cuts would have flown through the House, 1st vote. So I do not think JB is personally being irresponsible-he knows how wacky the TP group is. In a way, I feel sorry for JB, as he is running an asylum.
Cutting Social Security benefits and raising the Medicare eligibility age is stupid policy that doesn't save much money.
On the income side, what's important to do is address capital gains, which is remarkably low by historical standards and is 90% in the hands of the 1% (and half of that is in the top 0.1%.) So, low capital gains rates benefits the rich.
Next, is raising ordinary income's top rate to only effect those earning over $1 million is a slight of hand. There aren't that many people who earn over $1 million as salary. This class earns their money via capital gains.
Going over the cliff is far better than accepting bad policy. If the country goes over the cliff, we end up with the tax-rates that existed under Clinton and a military budget that is still nearly double that existed under Clinton.
Republicans have a lot more to lose if the Fiscal Cliff happens. Tax increases for everyone and deep cuts to defense spending affects two core GOP planks. Obama knows this, which is why he won't take any stopgap measures. Since Boehner's "Plan B" only addresses the tax side but does nothing for spending, it will be interesting to see if it passes his own party.
To use a football analogy:
It's the 4th quarter, 1:59 left on the clock. Republicans are down 8 points, on their own 30 yard line, and it's 4th and long. Coach Boehner sends in his punting team instead of running his two-minute offense. The crowd starts heading for the exits...
Looks like his team walked off the field and is letting the clock run out.
This Tea Party group of GOP legislators are so dumb it is scary. This is what happens when you fill your party with ideologues and bible thumping mouth breathers. They simply cannot reason well enough to know they are not serving the country, and ultimately have set up a circular firing squad.
I think Obama is doing us a favor. If these tools drive us off the cliff, then perhaps the carnage will force their base will put in some real, competent people who can horse trade and compromise. These folks are just self-righteous wingnuts, who are not smart enough to realize how truly bad they are.
It is, but when they see how much uglier 2013 will be for them post cliff, they will blame him anyway.
Exactly!
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Will The President and Congress Come Up With A Deal or Will We Drive Off the Cliff?
