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 3:26PM
My question is, why wasn't this prepared for the first four years while Washington was wasting time trying discredit and disqualify this president? Why couldn't they work together in the beginning to resolve this without the bias? NO, it's entertaining to see all this negative rhetoric from the media! What a waste of time by GOP and Tea Party members!
Nov 9, 2012 3:26PM
It's amazing how much hate there is for Obama. And all the fear mongering. The best way to increase revenue IMO is to lower the tax rate but not allow any type of deductions and people who make right at or less than the govt. listed poverty levels pay zero. Besides, the more spending money in the economy the better. Let those who make the most money pay the most taxes. Common sense. All the whining from the people who make all their $ off the backs of hard workers is pathetic and greedy. They should be happy to pay a little more to relieve the working class from their daily repetitiveness. That would probably help their bottom line. Happier workers work harder. Win, win. I like old movies and in one of them a wall street guy asks another wall street guy if he'd look after his clients for a few days and he'd receive $50,000.00 and the other guy whines and says why would I do it the govt. takes 1/2 of that. Today's top end earners should be glad they don't live in the 30's.
Nov 9, 2012 3:25PM
My opinion is that I'm 54 years old & have been working since I was 13 & the Demo's of this country [note demo's as in demolition] have been forcing me to pay [taxes] benefits for lazy, leg opening, zipper pulling down irresponsible people for years. How's that for forcing one's believes on another.
And those Demo's are going to have to take my gun out of my cold dead hand...no they're not going to force that on me.....and sooner or later those Demo's are going to realize that robbing me and my fellow Americans of our hard earned money thru unfare taxing and forced payments to the lazy and fertile is not going to work either. Move in with your Momma or get a job.
Everyone goes thru hard times, but let's end the life long benefit programs.
But ....hey that's coming to an end simply because the working class of this country can't find a job and well we all know who pays the taxes to pay for all those "benefits".
Nov 9, 2012 3:24PM
@VThomas... I totally agree. Now they tell people the ugly truth. A few days ago they have Katy Perry, J-Z and all these freaks on campaigning with Obama. This doesn't affect them! Young people are so easily persuaded, un-informed and down right stupid... Not to mention black people that simply voted for Obama because he's black... I can go on and on.... Excuse me while I Throw up!!!!!! What the hell is wrong with people and their lack of morals... They're watching MTV watching pregnet young teens... And this is Obamas target audience. God help us !!!!!
Nov 9, 2012 3:24PM
Nov 9, 2012 3:23PM
Nov 9, 2012 3:22PM
Nov 9, 2012 3:22PM
I really wish the politicians and media STOP acting like what amounts to about a 5-7% cut in our defense/military budget (The largest in the world and the size of the next 12 countries combined *Most our allies) is in their words
Massive/damaging our ability to defend ourselves/huge/un-sustainable/BLAH BLAH BLAH
So we spend about $850B Vs $920B a year
IMAGINE WHAT WE COULD DO AS A COUNTRY WITH THE DIFFERENCE....PAY DOWN THE DEBT???
Nov 9, 2012 3:22PM
It is SOOO STUPID to keep referring to our tax rates as the Bush tax cuts; these rates have been in place for 12 YEARS!!! They are our CURRENT tax rates and, therefore an expiration amounts to a tax INCREASE. So keeping tax rates where they are doesn't cost the government money anymore than not increasing the price of milk costs the store money because they didn't raise the price.
Nov 9, 2012 3:19PM
like o.m.g. ... like now what ? like we turn to china for like more money and like the obama card ??? and poof ... were like o.k.?? i'm guessing there is only 1 candle to which our fiscal budgetteirs are using to work this out too and based off that it is burning at both ends fast. BRING BACK REGAN ECONOMICS.
Nov 9, 2012 3:18PM
The government thanks to Obama and friends has been spending like drunken sailors for too long. Its time to do something constructive. We need to go over the cliff to begin to get our house in order. We need to put more money towards creating jobs and get rid of all the other crap we don't need. It would have helped to have Romney in the white house, he at least knew a little about finances. Obama knows nothing except to print more money. GO OVER THE CLIFF!!
Nov 9, 2012 3:18PM
It is truly funny how everyone here is willing to blame the President for "all" the failed policies as well as the fical "cliff" that is approaching. No one here is willing to put House leader Bohner on the carpet for playing the "it is my way or the highway" with the future of the country. Nowhere in history maybe with the exception of Hitler,did one man says it is my way and screw whatever else. That is what he has said from day 1 and there has absolutely been no compromise. That is down right criminal. People, this is the guy that you should be attaching. This is the guy you should be calling and asking where is the compromise. Bohner wants everything he is asking for and is not willing to compromise on anything. That is whats wrong in DC. Though many will never admit it, The Pres. is meeting this opposition because he is black. I know I know i know you all will say that is not the case but Bohners actions speak for you all. Does the president have to flex on some things,yes he does, but so does the opposition party as well.
Nov 9, 2012 3:17PM
Nov 9, 2012 3:16PM
Would have thought that the amount of ink used to print all the money that 1% of the population has. Is invested in overseas tax shelters leaves very little for the rest of us Monopoly players, But we still continue with corporate welfare, and sweet deals for big businesses so that we can keep people employed. And former President Bush was in the Cayman Islands talking about tax shelters but by all means we should continue to give tax breaks to people who move their businesses out of the United States who laugh about putting over 10,000 people out of work as you know a certain person who was running for president did. And I still cannot believe nobody ever looks at how much money we have spent in the last 10 years on two wars simultaneously draining our money. And say with a straight face to old people sorry but you need to pack up your bags move into a tent in the woods to die because I do not live paycheck to paycheck. And how dare you think you have an entitlement that you paid for all your life called Social Security stupid old person.
Nov 9, 2012 3:15PM
The United States is not far from being a Socialist government. When the Social Security Bill was passed, it was said by millions of Americans that is was an attempt to put America on the path to socialism. When it was started the money was taken and put in a protected account only to be used for Soc. Security pay outs to retired recipients, then guess what happened several years later, they passed a bill making the Soc. Security acct. classified with the general account. Thats when it became government controlled money to be spent as they seen fit. Thus the next step of socialism was completed. Whats next?
Nov 9, 2012 3:14PM
It would not have looked good for Obama if all the grim details had been released and it would not have played into his socialist agenda to have the public aware of his actions, they might have voted someone in who could have fixed the problem, instead we have someone that is going to drive it off the cliff.....
Nov 9, 2012 3:14PM
Nov 9, 2012 3:13PM
The graphic above makes no sense. Ending the tax cut brings in revenue - it does not cost us. It may affect the economy in other areas but should not be included as a "cost" and the same is true of every tax break expiration included in here.
If the graphic is a projection of effect- that's what is should say, but it does not.
Nov 9, 2012 3:09PM
Nov 9, 2012 3:08PM
All those in DC know how to stop the wasteful spending, but they won't. Look at all their personal finances, they know damn well how to manage money because they're all wealthy. None of them give a damn because it's our money and not theirs. That, my friends is the problem.
They wouldn't be spending money on half the BS programs if it was their own money and they all know it. If they managed the country's money the way they do their money we'd all get a profit check every year like they do in Alaska.
But the people have done the same thing and actually believe they'll get a different result (The definition of insanity) by electing the same party first types that were already there. What needs to happen is to elect 20 or 30 Independents to Congress to break the hold on power the parties have. This would force compromise because neither party would have a majority, therefore voting along party lines would have no effect.
I was a bit surprised when CBS News called the Senate seat in Maine for Angus King, an Independent, because Scott Pelly actually said that the Independent had won the election but had not yet said which party he would align himself with. DUH !!! If he is truly and Independent he wouldn't align himself with either party !!! Otherwise he wouldn't be Independent now, would he ?
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