Posted on 11/07/2012 12:38:24 PM PST by Starman417
“Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 are scheduled to go into effect.Among the laws set to change at midnight on December 31, 2012, are the end of last year’s temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, the end of the tax cuts from 2001-2003, and the beginning of taxes related to President Obama’s health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect. According to Barron's, over 1,000 government programs - including the defense budget and Medicare are in line for "deep, automatic cuts."
This was signed into law by Barack Obama on August 2, 2011.
Republicans should allow this to take effect. All of it.
democrats should understand what they elected. Obama supporters should reap what they have sown.
Among the bright spots is the AMT.
Unless Congress acts by the end of the year, more than 26 million households will for the first time face the AMT, which threatens to tack $3,700, on average, onto taxpayers’ bills for the current tax year. Because those people have never paid the AMT, they have no idea they are in its crosshairs — put there by a broader stalemate over tax policy that has kept Congress from limiting the AMT’s reach.
The Obama administration was a week late with its Sequestration Transparency Act, which was supposed to detail where budget cuts would fall:
Sequestration would impose cuts of 9.4 percent in nonexempt defense discretionary funding and 8.2 percent in nonexempt, nondefense discretionary funding. A 2 percent cut would hit Medicare providers, 7.6 percent would affect other nonexempt nondefense mandatory programs, and 10 percent would be applied to nonexempt defense mandatory programs, according to the report. Cuts in the range of 7.6 percent to 8.2 percent would affect everything from the Capitol Police to the Merit Systems Protection Board to the States Interagency Council on Homelessness.
Amusingly, Obama said the law he signed into effect "will not happen."
When Gov. Mitt Romney pointed out the devastating $1 trillion in cuts set to hit our military via sequestration, Obama stated flatly, "[those] cuts will not happen."
Obama is pledging that he will ignore a law he signed into effect.
Interesting.
democrats will now expect Republicans to bend over to Obama's will.
Not. Gonna. Happen.
(excerpt) Read more at floppingaces.net...
Reminds me of my little brother reaching his hand for a hot stove, eventually, my mother told me to pretty much let him put his hand there, and sure enough it hurt so much it made him recoil and cry. All I have to say is that the electorate has been warned, and even, at one time, professed to believe in fiscal responsibility (Al Gore’s promise to end the National Debt) let them have exactly what they want. I could get along, and even be a hero in a situation where our nation is economically in shambles and pretty much can’t even meet it’s own programs demands due to inflated currency, but honestly at this point, I could care less, let them touch the hot stove and get a feel for what they were doing, like my little brother.
When the government does collapse, those most dependent on it suffer most. It’s like Sandy on a large scale.
I can’t believe this happened. I’m looking at my fellow americans today with disbelief. Almost like I feel like the whole country is stupid.
I’ve been feeling like it more like the frogs in the water that gradually gets hotter. They don’t notice a thing until it’s - oops - too late.
We can start a boycott, buycott or avoidcott with the Blue States.
Don’t buy a product made in a blue state unless you have proof its owners are not left wingers.
Don’t visit nor have a vacation in a blue state.
They hate us,our religion, and our priorities in life. Let them live without out $’s.
http://boston.com/news/special/politics/2012/general/us-president-election-results-2012.html
When I got to work, (I'm a school teacher) two other teachers who supported Romney came into my classroom.
None of us could figure out how we can be so different than the rest of America.
Well....look at the mess he just inherited.
Northern Michigan is red, even though it is a blue state. Lots of conservatives here.
I think White Men have a duty at this point to dedicate themselves to a zero tolerance policy towards liberal or feministic white women. If they show weak leanings, sympathy towards, or event a hint that they may sway to the left in any way, cut them off. I don’t care WHO it is! Your daughter, your mother, your sister, your lover, wife, boss, co-worker, checkout girl, romantic prospects, ALL OF THEM!
If they fall for the ideology that affords them victim status then in their heart they hate you! They hate you. They hate everything about you. Even if you are their father, brother, son. They blame you for all evils. Turn your back on them forever. They are all dead to me from this day forward.
We need a new Speaker and Boehner needs to be throw out on his a*s. Have him fetch coffee.
The Obama maniacs will soon get what they voted for. They might have free birth control, but when they are sick they will be standing in long lines with young, old and even illegal immigrants for a 10 minute visit with a physicians assistant and find longer waits for definitive treatment for things like cancer. The country side will be littered with forests of windmills, but on peak demand days rolling blackouts will be the norm and their electric bills will jump by 30% or more. Their little electric hybrid car may get good mileage, but when gas is $6 per gallon and often not available it won’t matter much. They will find out that Islamic terrorists hate us all regardless of how we voted. The terrorists will soon be planting bombs at local shopping malls, setting fire to schools and hospitals and even attacking US cities with radioactive dirty bombs or crude nuclear weapons. The Obama voters will find many of their friends and family as well as themselves unemployed and the social safety net gone bankrupt. Socialists have long promised paradise on earth, but often have to erect fences to keep people from finding their paradise elsewhere.
BINGO
Obama's response will be an EO similar to Directive 10-289. Then it will be up to the farmers and other producers to do a Wyatt's Torch.
I agree the Republicans should take us over the Fiscal Cliff. It’s austerity now, or austerity later. I think we can better handle it now.
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