Obama Rejects Republicans Fiscal Cliff Counter-Offer | TigerDroppings.com

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CajunAngele
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Obama Rejects Republicans Fiscal Cliff Counter-Offer


House Republicans Make Counter-Offer To Obama’s Fiscal Cliff Proposal – Update: Obama Rejects Offer

It doesn’t increase the tax rate on high-income earners so I’m assuming Obama will reject it out of hand.

Via WaPo:

quote:

House Republican leaders on Monday endorsed a far-reaching plan to rein in the national debt that that would raise $800 billion in new tax revenue, slice $600 billion from federal health programs and apply a stingier measure of inflation to Social Security benefits.

In a letter to President Obama, House Speaker John A. Boehner (R-Ohio) and other senior Republicans suggested that the framework – first laid out by Democrat Erskine Bowles during last year’s budget battles – should serve as a starting point for budget talks aimed at averting the year-end fiscal cliff.

“With the fiscal cliff nearing, our priority remains finding a reasonable solution that can pass both the House and the Senate, and be signed into law in the next couple of weeks,” the letter says. “The best way to do this is by learning from and building on the bipartisan discussion that have occurred [earlier in] this Congress.”

The framework serves as a counter-offer to the plan Obama laid on the table last week, essentially a reprise of his most recent budget request. While both frameworks would reduce borrowing by more than $4 trillion over the next decade, Obama’s proposal would raise $1.6 trillion in fresh revenue – double the GOP plan – and produce only about $350 billion in savings from Medicaid and Medicare, the biggest drivers of future borrowing. [...]

The proposal calls for $800 billion in higher tax collections through an overhaul of the tax code next year that would push the top rate below the current 35 percent and raise cash by wiping out loopholes and deductions.

The plan also seeks $600 billion in health savings; one option, GOP aides said, would be raising the Medicare eligibility age from 65 to 67. It also includes $300 billion in savings from other mandatory programs, such as farm subsidies. And it would save $200 billion by applying a less generous measure of inflation government wide, including to Social Security benefits, which would rise more slowly as a result.

The GOP plan also seeks another $300 billion in cuts to agency budgets on top of the $1 trillion in cuts already enacted. All told, it would produce $2.2 trillion in new savings – or $4.6 trillion when measured against the same yardstick as the president’s proposal.


Update: Shocker.

quote:

WASHINGTON — White House Communications Director Dan Pfeiffer rejected Speaker of the House John Boehner’s counter-proposal to avert the fiscal cliff in a statement to reporters Monday afternoon.

“The Republican letter released today does not meet the test of balance,” Pfeiffer said. “In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve.”

President Barack Obama has pledged to oppose any agreement that does not raise tax rates on the top two percent of wage-earners.


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This post was edited on 12/4 at 7:36 am



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JLSIX
New Orleans Saints Fan
Member since Apr 2010
23087 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


SHOCKED!!!!





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TN Bhoy
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Sketty, Wales
Member since Apr 2010
41182 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Told y'all





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bigasstiger
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Baton Rouge
Member since Jun 2006
1125 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Odumbass is a reject





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buddhavista
Member since Jul 2012
3543 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


well of course. He told them yesterday he won't touch anything without raising of rates.







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CajunAngele
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Member since Oct 2012
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:

Pfeiffer continued:

Independent analysts who have looked at plans like this one have concluded that middle class taxes will have to go up to pay for lower rates for millionaires and billionaires. While the President is willing to compromise to get a significant, balanced deal and believes that compromise is readily available to Congress, he is not willing to compromise on the principles of fairness and balance that include asking the wealthiest to pay higher rates.

President Obama believes – and the American people agree – that the economy works best when it is grown from the middle out, not from the top down.

Until the Republicans in Congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates, we won’t be able to achieve a significant, balanced approach to reduce our deficit our nation needs.

White House officials had said there woud be no further negotiations until Republicans presented their own proposal, which they did earlier Monday. But from Pfeiffer's call to "get serious," it doesn't appear that the exchange has moved negotiations forward.

Boehner spokesman Brendan Buck said the burden now falls on the White House to provide a plan that can pass Congress.

“Republicans have once again offered a responsible, balanced plan to avoid the fiscal cliff, and the White House has once again demonstrated how unreasonable it has become," he said, "If the President is rejecting this middle ground offer, it is now his obligation to present a plan that can pass both chambers of Congress.”


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LSURussian
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


I SO hope they don't agree on anything and taxes go up on EVERYBODY who had a tax cut from the "Bush tax cuts."







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HailHailtoMichigan!
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Mission Viejo, CA
Member since Mar 2012
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:

well of course. He told them yesterday he won't touch anything without raising of rates.
Damn Obama obstructionist!






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LSURussian
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Baton Rouge
Member since Feb 2005
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:

well of course. He told them yesterday he won't touch anything without raising of rates.

Since when has he kept his word about anything?






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CC
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Member since Feb 2004
13633 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:

I SO hope they don't agree on anything and taxes go up on EVERYBODY who had a tax cut from the "Bush tax cuts."
This. The Repubs are fricked if they do and fricked if they don't. They are much better off in the long run if they stand up to anything Obama wants.






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CajunAngele
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Obama has the idiots that voted for him convinced Boehner and the pubs will stop Obama from delivering their new escalades, unicorns and skittles falling from the sky.

So when these people don't get a 2K tax refund they will blame Bush, Boehner and the pubs. Obama's propaganda is frustratingly deceitful.






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Tiger n Miami AU83
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Why even put this out there? Obama has only said about 500 times he would oppose any measure which didn't include a tax increase on the top 2% and the Dems said yesterday nothing that did not raise rates on the top 2% would even be considered.

Here is the bottom line and time to quit wasting time:

Either the GOP agrees to raise rates on the top 2% or we go over the fiscal cliff. Period.

And the majority of the country WILL blame the GOP if they refuse a tax hike on the top 2% which WILL lead to a GOP bloodbath in the mid-term elections after another relatively serious recession next year.






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Janky
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


And vice versa, but that didn't stop that dumbass Geitner from pitching a bull shite plan.





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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:


I SO hope they don't agree on anything and taxes go up on EVERYBODY who had a tax cut from the "Bush tax cuts."


Well, that is fine with me as my job is perfectly safe even if we have another "great recession". I won't see a pay cut and will probably get a raise whether we are in a major recession or not.

But I will chuckle at people that lose their jobs and suffer that wanted gridlock and a fiscal cliff recession. Will laugh my arse off as I won't be hurting.






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CC
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Member since Feb 2004
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


I hope your pay raise covers out of control inflation.





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Tiger n Miami AU83
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Miami
Member since Oct 2007
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


quote:

I hope your pay raise covers out of control inflation.


In a recession?






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CajunAngele
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Member since Oct 2012
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Do you really believe raising taxes on people making more than 250K a year will stop a recession/depression?
__________________________________________________________________________________________________

quote:

they overlooked the most frightening line of all. That was when Obama promised that he'd pursue "the kind of bold, persistent experimentation that Franklin Roosevelt pursued during the only crisis worse than this one."

That promise might have made liberal hearts swoon. But as Amity Shlaes explained in her outstanding history of the era — "The Forgotten Man" — it was precisely FDR's "bold, persistent experimentation" that was largely to blame for the length, depth and severity of the Great Depression.

Convinced that the government had to do something, FDR tinkered and experimented, she said, figuring that if he didn't "get it right the first time ... maybe he'd get it right the second time." But the very arbitrariness of FDR's actions, she found, made it impossible for businesses to make plans. And so, as FDR's bold experiments increased, business activity decreased and markets froze.

"From the point of view of a business," Shlaes said in a 2009 interview, "it is annihilating to hear Washington uncertain, and that itself retards recovery because you really don't know what to expect."

If Obama wants to conduct experiments, he should get a job as a high school science teacher, and not use the entire nation as guinea pigs, particularly when we already know how his tests will turn out.

Read More At IBD:






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udtiger
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re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Ell
Oh
Ell

frick Obama. Seriously, frick that guy.






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CajunAngele
LSU Fan
Member since Oct 2012
11168 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


What do you do for a living that makes you recession/depression proof?





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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
33591 posts

re: Obama Rejects Republicans Fiscal Cliff Counter-Offer


Climbed the ladder a bit in a large public firm with 5.5 years of previous experience in the "Big 4". And I am in a specialty niche (and have been for several years now) - international tax which is an IRS hot button (tier 1 priority).

The changes in the international area since 2008 have been unreal and I specialize in it and even publish articles on occasion. The rules are complex, people need legal advice and planning, it is getting worse and more risky every year as the IRS enforcement gets smarter, more focused, and increase penalties and the costs associated with fricking up multinational and cross border planning and/or compliance.



This post was edited on 12/3 at 7:38 pm


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