
11/8/2012 8:30 PM ET
|Heading for the fiscal cliff
You'll hear a lot about the fiscal cliff in the news from Washington and Wall Street through at least the end of the year. Here's what it is.

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Nov 9, 2012 4:59PM
Nov 9, 2012 4:59PM
If Obama insists on having the rich pay just "a little bit more", whatever else he proposes is DOA. Boehner and the rest will be standing strong as the "cliff" is approached. Obama won, as he liked to tell people during his first term, but the days of his trying to bully the Republicans into submission are over. After all, what do we have to lose?
Nov 9, 2012 4:55PM
Would the bunch of you whiners like some cheese?? We were going off the fiscal cliff no matter who became Prez. The current path is unsusstainable....all will collapse and all will start over again and screw up the country all over again.
As history proves we do not seem to learn from previous history. We do the same crap over and expect a different result because every new generation thinks they are smarter than the past generation..Guess what...it is not true.
Reducing the size of the government should include eliminating 235 representatives. We can do the same as the senate..2 per state. Don't even tell me that those reps have anything to represent from their communities....they only represent the lobby or special interest that greases their purse.
Nov 9, 2012 4:54PM
Ready for this......I work for a contractor supporting a gov't agency. I am middle aged and have been told by numerous civil servants they are taking a gov't buyout prior to a Jan 31st, 2013 cutoff. The buyout includes them starting to recieve thier full pension when they accept the buyout. Here is the kicker, the individuals I know taking this aren't even my age (less than 50).
YOU cannot run the gov't like a union. I am tired of providing pensions for CS's when they are also offerd optional retirement plans (401ks, etc,) like the normal Joe. Not one of our elected officials, nor media outlets will talk about this issue.
Gov't agency's total salary info is public information. Check it out and you will see where all our tax dollars are going. The gov't calls these funds "Economic Impact."
Nov 9, 2012 4:52PM
Nov 9, 2012 4:49PM
Nov 9, 2012 4:49PM
Generation Y is a generation of druggy losers. Many great people fought with thier lives to have the American Dream, and Generation Y, illegal aliens and President Obama have destroyed it all. We will continue to lose our credit rating, until we become financially insolvent. What do you think China will do when we cannot pay them. Do you think they will say, "It's okay, no problem... OR, do you think they will say we own America now, or it is WAR." Watch what happens when Spain and Greece go under. they might become new countries...
Nov 9, 2012 4:47PM
Nov 9, 2012 4:46PM
I want the cliff. Please let the cliif come soon. The cliff will be perfectly suited for the Lemmings who voted for four more years of Hidden, but looming, tax increases that are going to cripple every household. So, if i have to do with less, every welfare dirtbag will also do with less. If the military has to do with less, than rich greedy medical companies will also do with less. So when doctors stop seeing poor patients becasue it isn't economically feasible, blame yourselves and your votes. I have lost all respect for half my country and if i have to go over the cliff for all the stupidity they have reaped upon us, so be it.
Nov 9, 2012 4:45PM
I have read the majority of the comments here....both from Obama supporters and from the Romney supporters. Personally, I think all of them are bs! Here's the thing people..... the truth is that we simply have had irresponsible politicians for years. It isn't Bush's fault just like it isn't Obama's fault. Look in the mirror and this is the reality of what you see: WE THE PEOPLE have elected people ( career politicians ) who simply have been fiscally irresponsible with OUR money we have paid in the form of taxes etc. You can't possibly believe that one figure in the government is responsible for this mess. Their cabinets and boards and committees ( yes both Democratic and Republican ) have pissed away your hard earned tax dollars on such things as whatever they think will bring the federal dollars to their own pet projects...for example..... one of our local congressmen wanted a Customs office at the local general airport here in Central Florida at a cost of 1.7 million dollars to handle incoming international flights ( like we have a lot of those with the Orlando and Sanford airports within 20 mins flight time of here ). He got it after agreeing to sign off on the "obamacare plan ". To date there have been exactly 38 flights that have used this particular office.... meanwhile the staffing and expense of operating it continue to grow each year. You want dumb... or dumber? Ok.... under the current fiscal plan local governments have to use it or lose it! So..... our local government uses it ( $585,000 ) for "highway improvements"... and what are these highway improvements????? They planted new sod and tress in a i/2 mile stretch of 441..... Think this through people.... we are but one of 50,000 like same drawers from the well. The deficit is due in fact to government wasted spending.... period! The current political party holding office wants even more but the real bitch is that the other side will eventually go along with some form of the idea AS LONG AS THEIR POCKETS GET LINED! I don't mena this in the personal sense of the statement..... they are signing off on bad ideas as long as their own bad idea gets funded.... understand now? The real problem is the general public is out there pointing fingers at the other party while their own party is equally to blame. Young people get it they think.... and yet when you ask them one question: How are WE ALL going to pay for every program... their standard answer is "the government pays for it" Holy crap... these are our college educated young adults..... Ask yourself one question..... how do we pay for this mess???? And before you post some finger pointing bullcrap on here about how it's Bush's fault or Obama's fault of "somebody eles's fault"..... so some real non biased research..... you are going to be STUNNED! Our government needs to be downsized..... we can do that by defining what the 10 most important jobs the government must perform....for example: defense, healthcare, roads and transportation, welfare etc. Once defined by this country as a whole..... fit the government to the size of those jobs. Anything else above and beyond is subject to the availablity of funds ( kind of like a debit card INSTEAD of a credit card ). Mandate that we can't spend more than we take in..... and take a responsible approach to other things like our world grants and aid, space programs, and fiscal bailouts and other forms of spending. I didn't vote for Obama.... but I'm not blaming him for the mess just like I didn't blame Bush.... I am blaming myself and 200 plus million more people of this country for our lack of reasonable thought before voting.
Nov 9, 2012 4:43PM
Nov 9, 2012 4:43PM
Now you will see a quick exodus of more billionaires from America to countries that don't punish people for getting ahead. The "Tax the rich" is a joke and won't ad any measurable money to our President's "Spend like a drunken sailor policy". Time to pay the piper Obama. You bought the election but your going to be President when the economy slides back to 2008 levels and no one is going to buy your excuses and blame game except ... well, we know who lives by excuses and blame. Poor me poor me.. Pour me another. Just keep printin that money fool. Of course he will just blame the Republicans and Blame the rich.. Blame Blame Blame.. it's all this guy can do. Typical.
Nov 9, 2012 4:43PM
Nov 9, 2012 4:40PM
Nov 9, 2012 4:40PM
I voted for Obama and I'm proud of it. Romney's solution of deregulation and tax cutting our way back to responsible government was voodoo economics at its best. It was equivalent to going home and telling your children "use your cell phones as much as you want" and telling your spouse "don't worry about depositing your paycheck in the checking account anymore because I've decided to save money by not buying groceries." This, magically, will mean everyone is going bring more money home. It didn't work in the 80s and it didn't work during the first decade of the 21st century... Or has everyone forgotten that was one of the selling points of the Bush tax cuts?
The solution, in the short term, is to implement the Simpson Bowles Commission’s recommendations. That will require serious cost controls by the Federal government and more revenue collection in a controlled and reasonable manner. Most of all, it will require compromise on the part of both liberals and conservatives to make it happen. Neither side can dig in its heels and say there will be no compromise on their pet issues.
For those of you who are spouting off about how we all deserve to go over the fiscal cliff because of who was elected as President, YOU ARE THE PROBLEM! Grow up.
Nov 9, 2012 4:40PM
We are so far in debt we can never pay it back. That is the issue here. So what if Obama manages to pay off a Trillion dollars... We are 16 Trillion in debt, we pay out a 1/3 of our National Budget in interest... How will we ever recover from this debt.
Obama has spent more than all past Presidents combined. He has taken us from 10 Trillion to 16 Trillion in 4 years, we are doomed. I hope everyone know how to speak Chinese...
Special shout out to all the illegal aliens who destroyed the American Dream... I hope they choke on all of their entitlements. Half the voting populous despises you all.
Nov 9, 2012 4:38PM
LOL there is no mention of $23 trillion in banker bail-outs which dwarfs all these numbers, or the $43 trillion lawsuit against bankers in which the CNBC executive in charge of online content suddenly found his children murdered after posting a story about the lawsuit. We should do like Iceland. They ARRESTED their bank criminals and now their economy is doing better than the rest of EU.
The bankers are getting desperate because we are one step away from connecting the dots. Medicare is not the problem. They are.
Bailouts could cost U.S. $23 trillion
http://www.politico.com/news/stories/0709/25164.html
Bankers jailed, sued as Iceland seeks culprits for crisis
http://www.google.com/hostednews/afp/article/ALeqM5hkg5VhwETJHWaiIqxwwj_PsHQ2Dg
$43 trillion lawsuit and NYC nanny murders linked
http://www.examiner.com/article/43-trillion-lawsuit-and-nyc-nanny-murders-linked
The bankers are getting desperate because we are one step away from connecting the dots. Medicare is not the problem. They are.
Bailouts could cost U.S. $23 trillion
http://www.politico.com/news/stories/0709/25164.html
Bankers jailed, sued as Iceland seeks culprits for crisis
http://www.google.com/hostednews/afp/article/ALeqM5hkg5VhwETJHWaiIqxwwj_PsHQ2Dg
$43 trillion lawsuit and NYC nanny murders linked
http://www.examiner.com/article/43-trillion-lawsuit-and-nyc-nanny-murders-linked
Nov 9, 2012 4:34PM
“I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it. In my youth I traveled much, and I observed in different countries, that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer.
-- Benjamin Franklin
Nov 9, 2012 4:34PM
What people are missing is the tax cuts came from BUSH's term, NOT Obama's. He spend the surplus that was obtained through Clinton's term. The spending was a result of the not one, but two wars BUSH got the country into. By the way where are those weapons of mass destruction, Obama haters....I'll wait. Yeah, that what I thought, there were none! The whole point of the matter is that we are in a place where the government budget needs to be balanced and so does individual budgets. Everyone needs to cut spending. Cable, iPAD's, the new iPhone, etc are luxury items...they are not needed. Those who are wise will tighten their belts and do what needs to be done to survive. Others will continue to tear down Obama.
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