As clock ticks, U.S. lawmakers seek fiscal cliff solution

World Dec. 30, 2012 - 07:00AM JST ( 8 )

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8 Comments

1

FarmboyDec. 30, 2012 - 11:36AM JST

Look for either a package that simply postpones the vote, or a package that removes the cliff, so that we just keep truckin' along, doing what we're doing, with neither reduced spending nor increased income, and no need to resolve anything.
5

SuperLibDec. 30, 2012 - 12:18PM JST

This isn't about the deficit. It's about 2 things:

1) It's about a section of Republicans who have vilified Obama to the point where they cannot politically agree on anything with him, even if they privately support the legislation. They have made standing next to him too toxic and they'd rather have bad legislation as opposed to explaining to their radicalized base that they might actually agree with Obama on something.

2) Dismantling the government and returning to the days of the government handling diplomacy and military only. The tea party nutters may say it's about the deficit and government spending, but it's really about eliminating as many programs as possible. We have historically low taxes and they've signed a pledge to never raise them. Then they tell us it's all about the deficit. It's not. If the budget were balanced and there were no deficits the tea party wouldn't change a thing. They'll still be fighting to strip the government of any revenue possible so it would be forced to closed down social programs and keep only defense. Eliminate the revenue, eliminate the government.
0

toguroDec. 30, 2012 - 01:13PM JST

And just in case you didn't think things were messed up enough....... http://www.huffingtonpost.com/2012/12/28/obama-pay-raise-congressn2377714.html?utmhpref=mostpopular
0

WonbattoDec. 30, 2012 - 01:43PM JST

The willingness of many US politicians to take the economy hostage as a means to their ends is one of the most distressing things about this whole mess. The prospect of going off of the "fiscal cliff" seems to be getting some replies of "it's not that bad if we go off of it - the impact on the economy won't be as bad as feared, and even if it is, we'll learn our lesson and get some real change in spending policy." We heard similar claims in resolving the debt ceiling crisis of last year, that it won't be "that bad" if the US defaults on debt payments for a few days/weeks/months.

That kind of thinking works if you have your nest egg saved up and are hoping to avoid a jump on your marginal tax rate of e.g. 35% to 38% down the road. Doesn't work as well if you lose your job because the economy tanks, or you live every day worrying that you're going to.
1

FarmboyDec. 30, 2012 - 02:52PM JST

The prospect of going off of the "fiscal cliff" seems to be getting some replies of "it's not that bad if we go off of it - the impact on the economy won't be as bad as feared, and even if it is, we'll learn our lesson and get some real change in spending policy."

Well, yes, and the cliff wouldn't exist without the previous lack of agreement as to how to proceed.

There will be no deficit if we throw all old people into the forest, shoot the poor, close all hospitals and schools, dismantle the armed forces and the Defense Department, stop paying for Interstate Highways, bridges, etc, and stop paying for Washington, D.C. to exist.

There will also be no deficit if we raise taxes on the on the corporations, etc., the middle class, and the rich (we will probably already have shot the poor, above, in any case, as a cost-saving measure (the New War on Poverty)).

In either scenario, we should also stop all spending on campaigns by corporations and special interest groups.

Yes, that's right. None of the above will happen, really, so I expect the Fiscal Unification Cliff Avoidance Legislation (FUCAL) to be passed within a day or so. The legislation won't do anything, but everyone will feel so good that they have passed it together.
0

Herve Nmn L'EisaDec. 30, 2012 - 05:05PM JST

" so I expect the Fiscal Unification Cliff Avoidance Legislation (FUCAL) to be passed within a day or so. The legislation won't do anything, but everyone will feel so good that they have passed it together."

Yes, that really sounds about right. Afterwards, they'll all have a smoke and heave a big sigh. Meanwhile, the citizenry will get to clean up the mess.
2

LagunaDec. 30, 2012 - 06:01PM JST

FUCAL is funny and all but points away from where responsibility lies, both on the revenue and expenditure sides. As for the former, the GOP acts like Islamic expansionists: once a low tax rate has been achieved, it is their territory, and they are loathe to relinquish it. The proportion of debt relief that most GOP House members would admit from revenue is laughably close to zero, and this is the party that advocates debt relief. The expenditure side is similar: Already, moves are being made to shift the spending cuts required by sequestration entirely away from the Pentagon and entirely towards domestic programs. Again, the House GOP is all gung-ho for deficit reduction as long as it does not involve defense cuts or tax increases.

The House Leader has proven himself unable to get his hands around his own caucus; allowing an up-or-down vote on whatever the Senate sends over would be the best way to circumvent those blockading progress on this issue. A GOP able to compromise for the national good is the only GOP that will see itself relevant in future elections.
2

zurcroniumDec. 30, 2012 - 09:00PM JST

The republicans are going to look bad, as they should, for delaying an agreement until the last second. Clearly their hatred of the black man who just won his second term is more important to them than the US economy. Points to one thing and one thing only, racism. Once you understand that the republican party moves to destroy the US economy makes a demented sense of sorts.