Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:
Barack Obama's reelection campaign sent an email today asking supporters to call Congress to help gather support for the president's "fiscal cliff" proposal. Then, the campaign asks supporters to donate--even though the election ended over a month ago.
There is an increasing feeling that if President Obama’s insistence on my way or the highway produces “a plunge over the fiscal cliff,” catastrophes will follow, not least being a downgrading of our credit rating. Perhaps.
The Wall Street Journal editors are unhappy about the present correlation of political forces. Who isn't? They're also, I gather, unhappy about "Beltway sages" who, facing the fact that the Bush tax cuts expire at the end of this year, have suggested Republicans accept a modest increase in tax rates for the wealthy while leading the charge to keep taxes from rising for 98 percent of the American people.
Among President Obama’s rhetorical skills is an impressive mastery of lip service. He displayed it last week when he spoke to the Business Roundtable, the lobby for big business. And he did so without betraying even a hint that his words were bunk.
In remarks at a diner in Arlington, Virginia, Vice President Joe Biden said that the "upside" of going down the so-called fiscal cliff "is even bigger than the downside." Biden attributed these thoughts to "business leaders."
President Barack Obama met with several MSNBC hosts this afternoon at the White House to discuss tax rates, according to Huffington Post reporter Jennifer Bendery. The reporter wondered if an "MSNBC love fest" was going on at the White House.
Senator Jeff Sessions, the ranking member on the Senate Budget Committee, is releasing a statement this evening that claims President Barack Obama's "secret" plan "increases spending by more than $1 trillion above the current baseline."
"In other words," Sessions adds, "spending will increase $1 trillion above the already projected growth after enactment of the Budget Control Act as part of the last debt deal. It achieves not one dollar in net spending reduction or debt reduction, and it continues the country on a dangerously unsustainable debt path."