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Without the super committee, the spending cuts start automatically in January of 2013.
When the Bush tax cuts expire in December of 2012, Obama won't allow them to be renewed.
Spending cuts + a return to the old tax rates = deficit reduction.
Congress has been taken out of the equation. No treasonous Tea Party/Republicans to mess things up.
Another brilliant move by Obama.
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.
The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.
so wait a second..You stop the tax cuts which mean you take in more taxes. You cut spending so you dont use up said taxes and can pay off other things? Equal going off a cliff?
and that is the real reason we are fucked.
Could you provide a link to the actual CBO report rather than Fox News?
The CON$ervoFascists won't provide a link because it says things like this: "reduce the federal budget deficit dramatically between 2012 and 2013a development that some observers have referred to as a fiscal cliff"Google it.. many news organizations have run the story, including far right CBS.
Could you provide a link to the actual CBO report rather than Fox News?
The CON$ervoFascists won't provide a link because it says things like this: "reduce the federal budget deficit dramatically between 2012 and 2013a development that some observers have referred to as a fiscal cliff"Google it.. many news organizations have run the story, including far right CBS.
That's right folks, reducing the deficit is bad for the economy, according to the CBO report the CON$ are taking out of context.
CBO estimates that the combination of policies under current law will reduce the federal budget deficit by $607 billion, or 4.0 percent of gross domestic product (GDP), between fiscal years 2012 and 2013. The resulting weakening of the economy will lower taxable incomes and raise unemployment, generating a reduction in tax revenues and an increase in spending on such items as unemployment insurance. With that economic feedback incorporated, the deficit will drop by $560 billion between fiscal years 2012 and 2013, CBO projects.
Under those fiscal conditions, which will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expectswith the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half. Given the pattern of past recessions as identified by the National Bureau of Economic Research, such a contraction in output in the first half of 2013 would probably be judged to be a recession.
CBO analyzed what would happen if lawmakers changed fiscal policy in late 2012 to remove or offset all of the policies that are scheduled to reduce the federal budget deficit by 5.1 percent of GDP between calendar years 2012 and 2013. In that case, CBO estimates, the growth of real GDP in calendar year 2013 would lie in a broad range around 4.4 percent, well above the 0.5 percent projected for 2013 under current law.
I thought we already fell off the cliff when Obama/Reid/Pelosi/Frank and Dodd collapsed the housing market in 2008.
Raise taxes on the rich, cut bloated military and more, pass jobs bills under reelected Obama- Recovery completes within 2 years, with no Pub crony bubble, and bust..
The OP is Pure Pubcrappe...
"CBO observes that simply extending all of our current tax and spending policies will produce unsustainable deficits and debt, which will also send the economy into decline," said Rep. Chris Van Hollen, D-Md., the top Democrat on the Budget Committee. "We need to act and we must do so in a balanced way."
FROM THE ARTICLE.
The CBO says, cut the deficit and the economy falls off the "fiscal cliff." Don't try to reduce the deficit and the economy grows by 4.4%.Could you provide a link to the actual CBO report rather than Fox News?
The CON$ervoFascists won't provide a link because it says things like this: "reduce the federal budget deficit dramatically between 2012 and 2013a development that some observers have referred to as a fiscal cliff"
That's right folks, reducing the deficit is bad for the economy, according to the CBO report the CON$ are taking out of context.
moron...
CBO | Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013
CBO estimates that the combination of policies under current law will reduce the federal budget deficit by $607 billion, or 4.0 percent of gross domestic product (GDP), between fiscal years 2012 and 2013. The resulting weakening of the economy will lower taxable incomes and raise unemployment, generating a reduction in tax revenues and an increase in spending on such items as unemployment insurance. With that economic feedback incorporated, the deficit will drop by $560 billion between fiscal years 2012 and 2013, CBO projects.
Under those fiscal conditions, which will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expectswith the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half. Given the pattern of past recessions as identified by the National Bureau of Economic Research, such a contraction in output in the first half of 2013 would probably be judged to be a recession.
CBO analyzed what would happen if lawmakers changed fiscal policy in late 2012 to remove or offset all of the policies that are scheduled to reduce the federal budget deficit by 5.1 percent of GDP between calendar years 2012 and 2013. In that case, CBO estimates, the growth of real GDP in calendar year 2013 would lie in a broad range around 4.4 percent, well above the 0.5 percent projected for 2013 under current law.
Raise taxes on the rich, cut bloated military and more, pass jobs bills under reelected Obama- Recovery completes within 2 years, with no Pub crony bubble, and bust..
The OP is Pure Pubcrappe...
This deserved its own thread...
Without the super committee, the spending cuts start automatically in January of 2013.
When the Bush tax cuts expire in December of 2012, Obama won't allow them to be renewed.
Spending cuts + a return to the old tax rates = deficit reduction.
Congress has been taken out of the equation. No treasonous Tea Party/Republicans to mess things up.
Another brilliant move by Obama.
yup. brilliant if you want another recession...
CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.
The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.
Raise taxes on the rich, cut bloated military and more, pass jobs bills under reelected Obama- Recovery completes within 2 years, with no Pub crony bubble, and bust..
The OP is Pure Pubcrappe...
I know you can't answer this and will avoid it no matter how many times it's asked but... How high do you raise taxes on the rich and how much revenue will that bring in. Then do you use that money to pay down current debt or do you start new programs that cost well beyond the revenues higher taxes brought in?
