Dear Leader’s Fiscal Cliff Proposal: $1.6 Trillion In Tax Hikes, $50 Billion In Stimulus Spending, Obama Can Raise Debt Limit Without Congressional Approval…

Yes, you are reading that correctly.

WASHINGTON D.C. - The first serious proposals from the White House to solve the looming “fiscal cliff” of tax rises and budget cuts appear to have been rejected out of hand by Republican leaders in Congress.

Treasury secretary Timothy Geithner is reported to have offered a set of proposals that include increasing tax rates on the wealthy, a one-year postponement of scheduled cuts in defence and domestic spending, and $400bn in savings from *Medicare and other entitlement programmes.

*[I'll post about their Medicare cut strategy soon.  It's machavellian, it's so good]

The proposals from the White House – the first to use hard numbers – include a $1.6 tn tax increase, a $50bn stimulus package and new presidential powers to raise the federal debt limit without congressional approval.

But based on public and private comments after their meetings, both House speaker John Boehner and Senate minority leader Mitch McConnell – the two most senior Republicans in Congress – brushed aside the proposals as incomplete.

Boehner said later: “No substantive progress has been made in the talks between the White House and the House over the last two weeks.”

Boehner is said to have demanded matching spending cuts in return for raising the federal debt ceiling, which limits the total amount the US government can borrow. The Congressional Budget Office estimates it will be breached in February or March next year.

USA Today reports that three Republican congressional aides familiar with the president’s offer cast it as an “outrageous” proposal that surprised the speaker and has set back negotiations on how to avoid the fiscal cliff coming at the end of the year, when all of the Bush-era tax rates expire and the first of $1.2tn in spending cuts over 10 years are triggered.  (read more)

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26 Responses to Dear Leader’s Fiscal Cliff Proposal: $1.6 Trillion In Tax Hikes, $50 Billion In Stimulus Spending, Obama Can Raise Debt Limit Without Congressional Approval…

  1. Sam says:

    Krauthammer suggests the Republicans walk away, which I think is in the Rush link. Read it earlier.

    Dems have merged the fiscal cliff with the tax cliff. Next they’ll want our 401ks and IRAs. Rush talked about that today too.
    http://www.rushlimbaugh.com/daily/2012/11/29/details_the_plan_to_steal_your_401_k

    • Sharon says:

      Today Mark Levin played about a 10 minute interview he had recorded a few years back with the phD dame who was pushing and proposing the 401 takeovers some years ago. He was as polite as could be to her, she kept on biting, kept on explaining and defending her point,…..she had just appeared before a hearing in Congress explaining/selling/defending the proposal and was already at that time working with progs to push it. So the 401 K thing is already headed for boiling point. It’s in the pipeline.

  2. texan59 says:

    ” brushed aside the proposals as incomplete”

    That’s either the scariest thing I’ve ever heard. Or the dumbest thing to ever come out of a politicians mouth. If it’s incomplete, I don’t want to know how it ends. I’m with Rush, let it burn. I just hope there are still jobs left after the meltdown.

  3. cajunkelly says:

    “Boehner is said to have demanded matching spending cuts in return for raising the federal debt ceiling, which limits the total amount the US government can borrow. The Congressional Budget Office estimates it will be breached in February or March next year.”

    Skipping thru channels this evening I caught pukelosi saying;

    We’ve done all the cuts we’re going to do….

  4. cajunkelly says:

    I’m coming around to thinking the same;

    Let the filthy progs go ahead and take us over the cliff. Not doing so is simply prolonging the agony.

    • Sharon says:

      That’s a tempting thought. However, Mark Levin’s ripping of it gave me pause the other day! He quoted someone having that perspective, acknowledged that’s it’s one way to go, but pointed out with (with great emphasis, as only Levin can) that most often when there is a complete financial and societal collapse of a nation, a totalitarian form of government is the usual “next thing.” Let’s just say the man felt very strongly about it.

      • yadent says:

        The financial and societal collapse will happen at some point as our ‘leaders’ continue to kick the can down the road. By not dealing with the admittingly painful choices now they are making it that much more difficult in the future with that total collapse coming closer to reality. As for tax increases US history shows that, irregardless of the tax rates, the average revenue intake has been averaging roughly 17.5% of GDP a year. The nation must live within that revenue parameter to remain economically/politically viable. As for the Federal spending side, the 2 largest areas of the budget are defense(aprox $1 trillion) and medical(approx $850 billion). Until the US has a ‘realistic’ energy policy we will continue to have a need for increased defense spending to protect our energy sources(think the crazy-ass ME). Federal medical spending has been growing at roughly 9+% a year since 1980. At this rate it will double in 7.5 years to over $1.7T. This alone will ‘collapse’ the whole system. Maybe we should allow actual market principles to dictate medical costs and remove the monopolistic protections via the Federal government that the medical industry has acquired over the years. Otherwise we are just throwing pebbles at a charging rhino…..IMHO

        • Sharon says:

          I have a feeling the sheer dynamics of the inevitable math is going to make stuff happen (as you describe) and it’s not going to be under anyone’s control as to how, when and how fast. That point was passed some time back. Fundamental transformation indeed.

          • Sam says:

            You were right that dictatorship is the next step. And the only way out is a return to market principles. But a dictatorship will slow the inevitable return. Vladimir Putin, of all people, tried to warn the US in 2009 that this was what Obama had in store for us. Whatever happens is going to be ugly.

      • jordan2222 says:

        While that is possible, we have enough Patriots to stop it. I have agreed with Ron Paul for years about this one particular issue. Let’s go ahead and get it over with. Prolonging the inevitable will make it even more agonizing and people could become so desperate that they might yield to anything. That “anything” is what Levin means when he says a totalitarian form of government.

        I honesty see no peaceful solution to this. The power of the vote means nothing. The election proved that to me. There are simply too many of THEM versus US. In a sense, the Progs plan to make so many folks dependent upon the gumbint has worked. NO ONE is going to vote to give up what they now actually believe they are entitled to receive.

        I think there is more to the secession thing. It’s a sign that people are secretly meeting all over America to figure out a realistic solution, just as we did in planning the Revolution. The foundation was laid in 1913, even it was done so unwittingly. So we have been at this giving away crap for a hundred years now.

        At some point, the so called rich cannot support the others even if the government takes it all.

        When is the last time you heard any politician, aside from Paul, talk about true wealth? How many Americans know what wealth really is or can really comprehend the national debt or understand that printing money is even against the rule in Monopoly. Holy crap.

        Hell, I get into frequent arguments at other sites about why we are not a democracy. Ever notice how Obama never says republic? My point is that much of the public is pathetically ignorant of basic essential facts about their own damn country.

        I am ready for a fight. I served 4 years in the military so I and others could be free in a Constitutional Republic. Surely, I .. and many others.. would do it again.

        Sorry for the rant.

        • yadent says:

          Like your ‘rant’. As for the rich supporting the others, I guess it depends on one’s definition of ‘rich’ doesn’t it? $50,000/yr could be the new ‘rich’ shortly…..or anyone having more than you do.
          One would think that ‘sensible’ people could agree to peacefully separate and ‘live and let live’ but alas I guess not.

        • michellc says:

          I had discussions/arguments with people over the last year that people always like the sound of tax the rich because they’re not rich so they think tax increases don’t apply to them. However, that has never been true in our history, tax increases always manage to hit the middle class and they get a double dose of it. Pay more in taxes and pay more for products. The rich pay a lot of money to others to see that all the loopholes are used to avoid more taxes. Yet any penny less in profit is made up through higher prices. I’m not blaming the rich or big business, I’m just stating a fact. All of these rich progs running around saying tax me do this as well and they’re giving a wink and nod while they’re saying it.
          Higher taxes mean higher products and fewer jobs and it never increases revenue.

          The cliff is going to happen, it can’t be stopped without drastic spending cuts, even if Republicans had won they would have only slowed the bus, not stopped it.
          The thing is I don’t think anyone can really predict what will be the outcome after the crash because it will cause a global crash.
          Will all governments become totalitarian? I think that is a possibility but then I also think the strong that survive especially in this country will rise up against that.
          I also believe though we’re on a crash course towards a totalitarian government even without a total economic crash. That has been the goal the communists have been working on for years.
          Just how free are we anymore anyway? We can never own our property outright, try not paying your property taxes. We can be jailed for not paying income taxes. We can’t ride on an airplane without being strip searched if they feel like we need it. Our kids are now told what they can eat at school. We’re now told we must buy health insurance. The list goes on and on.

  5. akathesob says:

    SMH! Regardless of what we do at one point someone America owes is going to be pissed off real bad.

  6. 22tula says:

    The Talk to Solomon Show’s YouTube Channel
    Conservative Political Network
    Alan Keyes The Fiscal Cliff – First Video
    http://www.youtube.com/user/CPNtvTube/videos?view=0

    Loyal To Liberty
    http://loyaltoliberty.com/

  7. Coast says:

    The current tax rates are nothing more than “collection” rates. The true tax rate is what the federal government spends. If you consider the current deficit spending, and paying off the $16.4T debt in a reasonalble amount of time, the true tax rate would be over 100%. As a nation and as a people, we need to start paying for the govt we voted for. Everyone needs to pay taxes, and spending needs to be reduced. This so called fiscal cliff (basicall a big scare tatic) is a first start. Granted, not a good first start, but a start.

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