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Keyword: cliff

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  • What Does Let It Burn Mean?

    12/11/2012 5:13:21 AM PST · by BO Stinkss · 51 replies
    HotAir.com ^ | 12/10/2012 | Drew M.
    As one of the first, if not the first, people to say Let It Burn, I’m clearly thrilled with the growing chorus of voices joining the movement. Like any movement, there are true believers and Let It Burn In Name Only (LIBINO) types. Since it’s never too early to purge a movement of its impure elements, let us lay out some key principles of Let It Burn. 1- America isn’t a conservative country anymore and hasn’t been for a while. Yes, you can point to lots of surveys that show people identify themselves as conservatives and they even say government...
  • Fiscal Cliff: What Isn't Said Tells More Than Actual Words

    12/08/2012 9:56:14 AM PST · by Son House · 5 replies
    CNN ^ | December 7, 2012 | Tom Cohen
    In an interview with Bloomberg TV this week, Obama also hinted at a possible long-range solution, saying lower tax rates for the wealthy could be negotiated as part of broader tax reform in 2013, but only after those rates increase now.
  • President Obama set for Hawaii vacation estimated to cost taxpayers $4-million

    12/05/2012 4:40:02 PM PST · by jimbo123 · 20 replies
    WNWO ^ | 12/5/12 | Norm Van Ness
    Few would begrudge the President of the United States some well-earned down time. But with the "Fiscal Cliff" looming in coming weeks...and millions of Americans struggling to make ends meet...the Obama's choice of location and the expense of being there is causing many to shake their heads.
  • Unemployment and Labor Force Participation Drop Before the Fiscal Cliff

    12/07/2012 7:16:31 AM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 12/07/2012 | Anthony B. Sanders
    The good news out today is that the unemployment rate dropped from 7.9% to 7.7% for November and underemployment dropped from 14.6%? to 14.4% for November. Why the decline? First, nonfarm payrolls increased by 146,000 compared to expectations of 85,000. Private payrolls rose 147,000 compared to expectations of 90,000. Second, labor force participation dropped to 63.6% from 63.8%. So, as more people drop out of the labor force AND labor force survivor employment rises, we get a drop in the unemployment rate. But before you get too excited, there are still over 12 million unemployed in the USA. This compares...
  • The Fiscal Responsibility Cliff

    12/06/2012 11:52:42 PM PST · by NaturalBornConservative · 4 replies
    Natural Born Conservative ^ | December 5, 2012 | Larry Walker Jr
    Talk About Crazy Bastards...- By: Larry Walker, II -Hiking tax rates now, in advance of the pending 2013 Medicare Tax Increase from 2.9% to 3.8% on those making $200K ($250K if married), the new 3.8% Medicare Tax on Investment Income including capital gains, the 2014 health insurance tax on individuals of $695 to $2,085 (plus inflation) depending on family size, and the 2014 shared responsibility penalty of $2,000 per employee on companies with 50 or more part-time employees (working 30 hours or more), probably isn’t wise. Legislator's must pare any further tax increases with the hikes already baked in the...
  • Don't let Obama own it!(vanity)

    12/06/2012 4:01:16 PM PST · by impimp · 24 replies
    6 December 2012 | impimp
    Some conservatives are saying that Republicans should let Obama own the economy. Essentially give him what he wants with regard to tax hike, spending, etc. so that Republicans could not be labelled obstructionist. This is garbage! This strategy will mean that Obama will be able to put more in his Santa sack to give to his constituents. More will become dependents and more will love Obama. The Republicans should not "give" Obama anything. They need to fight for lower tax rates and reduced spending. If it means we go over the cliff so be it. The House must be ruled...
  • U.S. Can't Avoid The Entitlement Cliff By Raising Taxes

    12/06/2012 6:23:07 AM PST · by jimt · 38 replies
    Investor's Business Daily ^ | 12/5/12 | Staff
    A new government report finds that the country is heading toward fiscal ruin, and the only way to avoid that is to make deep cuts in entitlement programs; tax hikes can't fix the problem. In other words, what's needed is the opposite of what the Obama administration and congressional Democrats propose as part of the fiscal cliff talks. The Government Accountability Office report found that, even using optimistic assumptions about spending, the government is "on an unsustainable long-term fiscal path" that will lead to debt exceeding the economy within a few decades. The report puts the blame squarely on entitlement...
  • If Clinton's Economy Is The Model, We Should Just Go Off The No-Bush-Tax-Cut Cliff (Vanity)

    12/05/2012 8:40:35 PM PST · by ExxonPatrolUs · 8 replies
    Now | Me
    And we should end the wars now too! Wait a minute ... isn't that what Obama campaigned for in 2008? Why hasn't it happened yet? He can do anything with executive privilege, right. I mean, congress is not acting. They have not presented a budget to Obama that he would accept for 3 years now. That do nothing congress. They have bad ideas, like implementing the deficit reduction plans proposed by the appointed Obama deficit commission. Poor Obama ... this feuding is just going to ruin his Christmas vacation plans.
  • WH 'Absolutely' Willing To Go Off 'Fiscal Cliff'

    12/05/2012 4:14:50 PM PST · by ExxonPatrolUs · 14 replies
    ABC ^ | Dec. 5, 2012 | DEVIN DWYER (@devindwyer) , MARY BRUCE (@marykbruce) , JOHN PARKINSON (@jparkABC) and SUNLEN MILLER
    US President Barack Obama speaks on the fiscal cliff negotiations and business relations during the Washington Business Roundtable in Washington. President Obama's lead negotiator in the "fiscal cliff" talks said the administration is "absolutely" willing to allow the package of deep automatic spending cuts and across-the-board tax hikes to take effect Jan. 1, unless Republicans drop their opposition to higher income tax rates on the wealthy. Treasury Secretary Timothy Geithner said in an interview with CNBC that both sides are "making a little bit of progress" toward a deal to avert the "cliff" but remain stuck on Obama's desired rate...
  • Wall Street manipulates deficit angst with fiscal cliff fear

    12/04/2012 8:27:27 AM PST · by ExxonPatrolUs · 1 replies
    GuardianNews.com ^ | Monday 3 December 2012 13.49 EST | Dean Baker
    If no deal is reached this year, then on 1 January, daily tax withholdings will rise by an average of about $4 per person. Any money actually deducted from pay checks will be refunded if a deal is subsequently reached that returns tax rates to 2012 levels. Government spending probably won't change at the start of the new year, since President Obama has considerable discretion over the flow of spending. No one can think that this modest increase in tax withholdings would plunge the economy into a recession, but the Wall Street types seeking to dismantle social security and Medicare...
  • The ObamaCare fiscal cliff (‘You Want To Go Forward, You Put It In D.’)

    12/01/2012 5:36:20 AM PST · by Libloather · 11 replies
    Human Events ^ | 11/30/12 | John Hayward
    The ObamaCare fiscal cliffBy: John Hayward 11/30/2012 02:34 PM While we’re busy listening to President Obama demand a $1.6 trillion tax increase on some people as the price for disarming part of a $1.2 trillion tax bomb aimed at other people, let’s not forget that he’s already detonated a $1.058 trillion tax warhead on all of us: ObamaCare. As the House Ways and Means Committee noted last summer, in the wake of the Supreme Court decision upholding ObamaCare, it contains 21 distinct tax increases, “a dozen of which target Americans earning less than $200,000 per year for singles or $250,000...
  • Stop the Media from Lying About the Fiscal Cliff

    11/30/2012 8:47:24 PM PST · by annajones · 28 replies
    opinion | 11/30/2012 | annajones
    Stop the MSM from Pressuring Congress!!! We should not sit back and let the Main Stream Media continue "campaigning" for Obama!!! The lies: We want to give tax breaks to the 98% of Americans. Obama has a mandate to raise taxes on the wealthy. We can make a difference. History shows they had to back down some when we apply pressure via blogs and notifying conservative news outlets and hosts otherwise they look like fools or continue to appear even more untrustworthy which we know they are. We can't have the kind of news outlets that dictatorship countries have.
  • Stop the Media from Lying About the Fiscal Cliff

    11/30/2012 8:47:20 PM PST · by annajones · 6 replies
    opinion | 11/30/2012 | annajones
    Stop the MSM from Pressuring Congress!!! We should not sit back and let the Main Stream Media continue "campaigning" for Obama!!! The lies: We want to give tax breaks to the 98% of Americans. Obama has a mandate to raise taxes on the wealthy. We can make a difference. History shows they had to back down some when we apply pressure via blogs and notifying conservative news outlets and hosts otherwise they look like fools or continue to appear even more untrustworthy which we know they are. We can't have the kind of news outlets that dictatorship countries have.
  • Obama's opening "fiscal cliff" bid seeks debt limit hike, stimulus

    11/30/2012 1:35:04 AM PST · by GVnana · 13 replies
    Reuters ^ | 11/29/2012
    (Reuters) - The Obama administration's opening bid on Thursday in negotiations to avert a year-end fiscal crunch included a demand for new stimulus spending and authority to unilaterally raise the U.S. borrowing ceiling, a Republican congressional aide said. The proposal, made by Treasury Secretary Timothy Geithner to congressional Republican leaders on Capitol Hill, was seen as offering little the Republicans could agree to and was greeted with laughter, the aide said. "We can't move any closer to them because they're not even on our planet," the aide said. "It was not a serious proposal."-snip-In the maiden bargaining session, Geithner, the...
  • CMBS Still Dominated by Government Agency Deals After Commercial Real Estate Bubble Burst

    11/30/2012 9:05:56 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 11/30/2012 | Anthony B. Sanders
    I was on Fox News with Tom Sullivan yesterday to discuss the housing “recovery.” Rick Sharga (formerly of RealtyTrac and now Carrington Mortgage Holdings) was the guest before me and said that we are witnessing the sustainable recovery of the housing market. I simply pointed out that the “recovery” thus far is dominated by hedge funds, corporations, cash transactions and foreign investors and not the traditional family purchase of housing. So, it may be a recovery, but not your father’s Oldsmobile (so to speak). And don’t forget the fiscal cliff and the large volume of foreclosed properties about to hit...
  • Top Five Reasons Republicans Should Take Us Over the Fiscal Cliff

    11/30/2012 12:50:56 AM PST · by GVnana · 37 replies
    BigGovernment.com ^ | 11/29/2012 | John Nolte
    As the clock ticks and we watch the various players move their pieces into place, it's becoming increasingly obvious that Republicans are in a no-win situation. They’re ether going to have to cave and agree to a tax increase without meaningful spending cuts or take the blame for going over the fiscal cliff. Here are five reasons why going over the cliff is by far the best option. 1. It's a Trap! Though House Speaker John Boehner foolishly helped to manufacture this trap by making tax increases the primary issue in the fiscal cliff negotiations, there's still time to extricate...
  • Sen. Franken to Senate Leadership: "Fiscal Cliff" Deal Needs to Include Comprehensive Farm Bill

    11/30/2012 8:24:56 AM PST · by TurboZamboni · 29 replies
    Political News ^ | 11-30-12 | PN
    In an effort to help farmers across Minnesota who are facing uncertainty because a new Farm Bill hasn't been passed by the House of Representatives, U.S. Sen. Al Franken (D-Minn.) urged Senate leadership to include the bipartisan, Senate-passed Farm Bill in any deal brokered to address the nation's fiscal challenges. "Minnesota's farmers, livestock producers, and rural entrepreneurs support one in five jobs in our state, and they need a new Farm Bill so they can plan for next year," said Sen. Franken. "The Senate has passed a comprehensive Farm Bill that will give our farmers the stability they need, but...
  • What Obama Really Wants

    11/30/2012 5:57:46 AM PST · by Thad Lost · 25 replies
    Tea Party Nation ^ | 11/30/12 | Judson Phillips
    Reports are pouring out of Washington about the Fiscal Cliff negotiations. A lot of people observing the negotiations are outraged by what is going on. Instead of being outraged, and there is plenty of time for outrage; we should take a look at what is going on. If you analyze the negotiations, it tells you a lot about what is going on in Washington and what may happen. What is going on inside these negotiations?
  • Debt Limit: The Other Fiscal Cliff

    11/29/2012 10:23:13 PM PST · by ExxonPatrolUs · 6 replies
    Politico ^ | 11/27/12 4:33 AM EST | By CARRIE BUDOFF BROWN and JAKE SHERMAN
    [Nothing raises the ire of Republicans in Congress like the specter of Obama taking matters into his own hands. If the White House goes that route and raises the debt ceiling by executive order, Boehner and his leadership team would likely take immediate legal action to halt the debt ceiling increase, sources familiar with his thinking said.] -Snip- President Barack Obama made a demand of House Speaker John Boehner near the end of their first White House meeting on the fiscal cliff: Raise the debt limit before year’s end. Boehner responded: “There is a price for everything.” And with that...
  • Gingrich to GOP: Stop negotiating on fiscal cliff

    11/29/2012 10:18:16 PM PST · by sheikdetailfeather · 16 replies
    On The Record ^ | November 29, 2012 | Greta VanSusteren
    Former presidential candidate thinks Republicans are giving Pres. Obama, Democrats leverage, that the fiscal cliff is like a 'fantasy'
  • Does Nancy Pelosi have any leverage in fiscal cliff talks? (Ah, no.)

    11/29/2012 5:54:15 PM PST · by Libloather · 17 replies
    Washington Post ^ | 11/29/12 | Sargent and Greg Sargent
    Does Nancy Pelosi have any leverage in fiscal cliff talks?By Sargent and Greg Sargent The Washington Post Posted Nov 29, 2012 08:51 PM EST With John Boehner continuing to (publicly) rule out a hike in tax rates for the rich, Nancy Pelosi fired back today by drawing her own hard lines. She told reporters that another round of big spending cuts is unacceptable, and in an interview with NPR, she rebuffed the idea of raising the Medicare eligibility age. Which raises a question: Does Pelosi have any leverage in the talks to begin with? The Beltway chatter holds that she...
  • Boehner: No progress in fiscal cliff talks

    11/29/2012 11:38:08 AM PST · by ExxonPatrolUs · 15 replies
    CNN ^ | 1:38 PM EST 11.29.12 | Tom Cohen
    Washington (CNN) - After two years of endless debate and a national election, Democrats and Republicans on Thursday found themselves right where they started -- blaming each other for stagnant negotiations on taxes and government spending. This time, they face an imminent deadline of automatic tax increases and spending cuts in 33 days -- the looming fiscal cliff at the end of the year that economists fear could cause another recession. After meeting separately with President Barack Obama's point man on the talks, top congressional Democrats and Republicans said the failure to move forward was the other side's fault. House...
  • Truth On Fiscal Cliff Negotiations

    11/29/2012 9:29:00 AM PST · by Starman417 · 21 replies
    Flopping Aces ^ | 11-29-12 | James Raider
    We apprehensively advance through this nail biting moment in history as a great Nation floats, uncertain, caught in a holding pattern, hoping its leadership will find wisdom enough to avert the so called Fiscal Cliff, even if most of us don’t fully comprehend what such a cliff entails, or even if such a thing exists. We’re too busy struggling, hanging on to whatever we have, hoping for stability, and hoping that tomorrow brings some relief to our stress.So let’s look for a little insight into what astute and gifted minds are really doing deep in the core of the...
  • Tomorrow Never comes

    11/29/2012 11:01:52 AM PST · by Thad Lost · 14 replies
    Tea Party Nation ^ | 11/29/12 | Judson Phillips
    Word is slowly seeping out for Washington about a grand bargain being worked out between Barack Obama and John Boehner. As we hear about the negotiations, the obvious question to be asked is, does Boehner and the Republican leadership in the House even have a clue? What is going on that is so dangerous? The Republicans are going to surrender on taxes. According to published reports a deal is going to be made. It is your typical Republican deal. The GOP will agree to a trillion in new taxes and there will be spending cuts in the future. When will...
  • The Alternative to the fiscal cliff

    11/29/2012 7:10:47 AM PST · by Thad Lost · 2 replies
    Tea Party Nation ^ | 11/29/12 | Judson Phillips
    We are cruising towards the fiscal cliff. The John Boehner leadership of the House is fighting Barack Obama and the Party of Treason. The issue is will some or all of the Bush tax cuts be extended and will there be cuts in spending or will the so-called “sequestration” kick in and force automatic and ill-advised spending cuts in key areas like defense. Is there an alternative to this mess? If there is, what is it? Here is the alternative. Do nothing. Will that be a good thing? Not really. It is simply better than the alternative. Why is it...
  • 10 people who led us to the ‘fiscal cliff’

    11/28/2012 11:22:37 AM PST · by ExxonPatrolUs · 8 replies
    MarketWatch ^ | Nov 21, 2012 | Rex Nutting
    <p>Pete Peterson. Peterson founded, funded or supported most of the institutions in Washington devoted to publicizing the problem of the deficit, including ... documentary “I.O.U.S.A.”</p> <p>Bill Clinton. By the time Clinton left office, politicians were beginning to talk about perpetual surpluses, in exactly the same way that hucksters on Wall Street were talking about a perpetual bull market.</p>
  • Brown-Forman Declares $4 Special Dividend Ahead of Cliff Deadline

    11/27/2012 9:02:35 AM PST · by mykroar
    FoxBusiness.com ^ | 11/27/2012 | Jennifer Booten
    Two weeks after raising its regular quarterly dividend, Brown-Forman (BFB n.a.) declared a special cash dividend of $4.00 a share on Tuesday as it looks to return money to shareholders ahead of the fiscal cliff deadline that could significantly raise dividend taxes. The maker of alcoholic beverages like Jack Daniel’s Tennessee Whiskey, Southern Comfort, Korbel and Woodford Reserve said the special dividend will be paid on Dec. 27 to shareholders of record on Dec. 12. A slew of companies, including Wal-Mart (WMT), have been moving up the date of their dividend to save shareholders a bundle of money on taxes...
  • Fiscal Cliff Could Hit Michigan Hard

    11/26/2012 1:05:56 PM PST · by MichCapCon · 35 replies
    Michigan Capitol Confidential ^ | 11/25/2012 | Tom Gantert
    If federal tax cuts that are under review are not extended, Michigan residents could end up paying the equivalent of double their state income tax rate, according to an analysis by the Tax Foundation. The Tax Foundation looked at the alternative minimum tax (which includes the child tax credit), the Bush tax cuts (which refers to changes to the tax codes that lowered income tax rates) and the 2 percent tax cut to employee-side social security payroll taxes that all expire at the end of the year. The tax cuts are part of the so-called “fiscal cliff” debate. Michigan residents...
  • Bad Omen: Both Chicago and Dallas Activity Indices Decline In Face of Fiscal Cliff

    11/26/2012 11:23:22 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/26/2012 | Anthony B. Sanders
    The Republicans keep putting new tax revenue on the table (capping deductions), Warren Buffet suggests increasing tax rates on households earning $500k and above, but President Obama and Democrats replied “Nyet.” It is always a risky proposition to raise taxes when the economy is so fragile. Speaking of a fragile economy, the Chicago Fed National Activity Index printed at -0.56 for October and a previous reading of 0.00 in September. A print of -0.56 indicates economic contraction. Meanwhile, down in Texas, the Dallas Fed’s Manufacturing Outlook Level of General Business Activity was expected to print at +2.5, but printed at...
  • Cornell expert: The 'sky will not fall' if U.S. hits the ‘Fiscal Cliff’

    11/21/2012 9:02:34 AM PST · by Behind Liberal Lines · 6 replies
    © Copyright 2012, Ithaca Times , Ithaca , NY ^ | Updated: 9:03 am, Sat Nov 17, 2012. | From staff reports
    The sky is not falling. That's according to Steven Kyle, an expert in macroeconomics and government policy, and a professor of management at Cornell University's Dyson School of Applied Economics, who offered his comments on the potential economic implications of Congress and President Barack Obama failing to come to an agreement ahead of the Jan. 1, 2013 "Fiscal Cliff" deadline. “The fiscal cliff isn't an emergency that requires most people to take immediate action," he said. "Actually, it is more of a slope than a cliff. The "Fiscal Cliff" refers to the effect of laws that, if unchanged, could result...
  • 9 reasons why America might go over the fiscal cliff

    11/20/2012 10:22:19 PM PST · by ExxonPatrolUs · 10 replies
    Amrican Enterprise Institute ^ | November 20, 2012 | James Pethokoukis
    Veteran political analyst Pete Davis offers up a list of possible impediments to a deal on avoiding the fiscal cliff: 1. President Obama insists on a tax rate increase on those earning $250,000 or more, and House Republicans balk; 2. President Obama and Democrats refuse to accept revenue increases that won’t be scored by CBO, i.e. that depend upon tax reform and/or upon an assumed increase in economic growth; 3. President Obama insists on a Making Work Pay tax credit to replace the lost 2% payroll tax cut for working Americans that Republicans won’t accept; 4. House Republicans insist on...
  • 'Is There NO Democrat with Virtue Who Will Decry this Madness?'

    11/20/2012 3:21:32 AM PST · by Reaganite Republican · 17 replies
    Reaganite Republican ^ | 20 November 2012 | Reaganite Republican
    As you're most likely already aware, Greece imploded dramatically once they hit about 170% debt-to-GDP ratio. But what you may not know is that America is well on pace to dig a proportionally even deeper hole -and on a far greater scale.  Alas, when we go belly-up, they'll be nobody big enough to bail us out- and you libs can kiss your beloved entitlements bye-bye forever. The harsh reality comes via Doug Ross: Suffice it to say that no country in history has ever survived a 195% debt-to-GDP ratio without devastating economic repercussions.  Yet that is the course Barack Obama, Harry...
  • There Will be a Deal: We'll Never Reach the Fiscal Cliff, And It Wouldn't Matter If We Did

    11/19/2012 6:42:05 AM PST · by SeekAndFind · 22 replies
    Forbes ^ | 11/18/2012 | John Tamny
    Supply-siders and Keynesians don’t agree on much these days, but when it comes to the alleged “fiscal cliff”, both sides are in agreement that jumping off this ledge would bring tragic economic consequences. Though a strong believer in supply-side principles, I believe even more strongly that conventional wisdom is nearly always wrong. It’s wrong here. Before getting into why the grand assumptions surrounding the fiscal cliff are ridiculous, it’s best to explain why we’ll never reach this ranch-style house “plunge” onto soft ground. We won’t because the incentives that drive politicians ensure a deal. That’s the case because with the...
  • Reid and Boehner split over timing for deficit-reduction deal

    11/17/2012 11:28:05 AM PST · by what's up · 15 replies
    The Hill ^ | Nov 16, 2011 | Alexander Bolton
    A rift has emerged between Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) over the timing of a deficit-reduction deal, which they discussed at the White House Friday. The disagreement stems from a battle for leverage. Democrats want to strike an agreement now, when their political capital is at a high point following the election. They feel their position is further strengthened by the pending expiration of the Bush tax cuts and scheduled cuts to defense spending.
  • The 'fiscal cliff' is actually an 'austerity bomb'

    11/16/2012 2:44:21 PM PST · by ExxonPatrolUs · 20 replies
    All Voices ^ | Nov 15, 2012
    Brian Beutler of Talking Points Memo may have been the first person to use the term “austerity bomb” for the expired tax cuts and automatic spending cuts to take effect at the beginning of next year. Paul Krugman adopts the term in his blog entry "The Austerity Bomb" in the New York Times. Beutler wrote: “A giant austerity bomb is timed to go off at the beginning of next year, and the threat of significantly higher taxes and lower spending has Republicans running around the Capitol sounding more like John Maynard Keynes than John Boehner.” The term "fiscal cliff" makes...
  • The Audacity of 51% -Get ready for higher taxes and no spending reform

    11/16/2012 4:37:26 AM PST · by TurboZamboni · 15 replies
    WSJ ^ | 11-16-12 | james taranto
    Dennis Van Roekel, president of the teachers union that styles itself the National Education Association, told the network: "I brought the message that, number one, it's important that we let the Bush tax cuts disappear for the wealthiest 2%. As we're looking for a $1.2 trillion solution, $829 billion takes us a long way there." Do you see the problem here? The annual budget deficit has been running at around $1.2 trillion. (The Hill reports the deficit for October alone was $120 billion.) Raising taxes on "the wealthiest 2%," it is estimated, would increase government revenues $829 billion over a...
  • US Budget Deficit Soars In October As Government Spends Over $300 Billion In One Month

    11/13/2012 11:43:12 AM PST · by mojito · 13 replies
    ZeroHedge ^ | 11/13/2012 | Tyler Durden
    Moments ago the MTS [Monthly Treasury Statement] released the final October budget report. It was not pretty, although those who read our report on how much debt was added - $195 billion to be precise - in the first month of the 2013 Fiscal Year will know where this is going. The US budget deficit was expected to soar after the September surplus of $75 billion, driven entirely by calendar shifts and pre-election propaganda, to -$113 billion. That was optimistic: the total amount of overspending in October was $120 billion. What is distressing is that this was well above the...
  • The Hard Fiscal Facts--Individual tax payments are up 26% in the last two years

    11/12/2012 5:17:43 AM PST · by TurboZamboni · 12 replies
    WSJ ^ | 11-11-12 | Editors
    Mr. Obama won't want you to know this, but this revenue increase is occurring under the Bush tax rates that he so desperately wants to raise in the name of getting what he says is merely "a little more in taxes." Individual income tax payments are now up $233 billion over the last two years, or 26%. This healthy revenue increase comes despite measly economic growth of between 1% and 2%. Imagine the gusher of revenue the feds could get if government got out of the way and let the economy grow faster. Now let's look at outlays, which declined...
  • Tell me what I'm missing (Vanity)

    11/11/2012 8:09:37 PM PST · by CountC · 31 replies
    11/11/2012 | me
    It seems to me that we're holding all the cards in this sequestration negotiation. We don't need to protect a President Romney and have nothing to lose, really. This is the deal I would offer Obama: We'll give you tax increases for $250k and higher. We'll even eliminate the debt ceiling. But, he needs to agree to repeal Obamacare. If he chooses not to accept our offer, tell him he'll have until X date in December, at which point everyone will head home for Christmas and he can explain to the American people why he's putting "economic patriotism" aside for...
  • Sen. Corker optimistic ‘there is a deal’ to get beyond ‘fiscal cliff’ (or foothills)

    11/11/2012 12:37:07 PM PST · by whitedog57 · 13 replies
    Confounded Interest ^ | 11/11/2012 | Anthony B. Sanders
    According to The Hill, Senator Bob Corker (R-TN) is optimistic that there is a deal to get beyond the fiscal cliff. Really? The fiscal cliff is simply the foothills of a much larger mountain (of debt) range, much like the Andes of South America. So, what Senator Corker is talking about is getting past the foothills right in front of us. President Obama’s preferred habitat of tax are households with adjusted gross income of $250,000 and above. He defines this group as “the rich” and wants them to pay their “fair share.” Households with adjusted gross income of $250,000 or...
  • Real World Economics: Data on federal government show sky isn't falling

    11/11/2012 8:12:16 AM PST · by TurboZamboni · 30 replies
    pioneer press ^ | 11-11-12 | ed lotterman
    Yes, the federal government is growing, as measured by its outlays of money. However, if one compares these to the size of the overall economy, the increases are less dramatic than many claim. Total federal outlays during the first three fiscal years of the Obama administration averaged 24 percent of Gross Domestic Product, or GDP, which measures the value of all final goods and services produced in our economy. That was an all-time high. But 30 years ago, during the first three fiscal years of the Reagan administration, they averaged 22.5 percent. Whether an increase of 1.5 percentage points over...
  • A few thoughts on Fiscal Agreement

    11/11/2012 7:34:05 AM PST · by ExxonPatrolUs · 2 replies
    Calculated Risk Blog ^ | 11/09/2012 12:33:00 PM | Bill McBride
    As I've noted before, there is no "cliff" and January 1st is not a drop dead date. There are a few things that appear certain (but you never know with policy): 1) The top marginal tax rate will increase from 35% to 39.6%. 2) The payroll tax cut is probably going away. This was the 2% payroll tax reduction that workers received in 2010 and 2011. 3) The Alternative Minimum Tax (AMT) relief will probably be extended (it is every year). 4) Given that the top marginal tax rate will increase - and that certain politicians can't vote for any...
  • VIDEO: President Obama Addresses Fiscal Cliff, Holds Firm on Tax Hikes

    11/09/2012 10:59:28 AM PST · by Nachum · 21 replies
    fox ^ | 11/9/12 | staff
    Just days after Tuesday’s presidential election, President Barack Obama invited Capitol Hill leaders to the White House for debt and spending meetings next week in order to discuss the country’s looming ‘fiscal cliff.’ On the election, he said that “the American people voted for action, not politics as usual.” “You elected us to focus on your job, not ours and in that spirit, I’ve invited leaders of both parties to the White House next week so we can start to build consensus around the challenges that we can only solve together.”
  • How will GOP solve fiscal cliff riddle?

    11/08/2012 9:02:58 PM PST · by ExxonPatrolUs · 65 replies
    Politico ^ | 11/8/12 11:09 PM EST | By STEVEN SLOAN and KELSEY SNELL
    Republicans know they’re going to have to budge on revenues in the looming debt and spending debate. The question is when to blink. The problem: Revenue increases, which could solve the fiscal cliff riddle this fall, are also their best bargaining chip for an even bigger fight to overhaul the Tax Code expected next year. GOP lawmakers — especially those on the tax-writing Ways and Means Committee — say tax increases should happen only as part of a fundamental Tax Code rewrite that also lowers marginal tax rates, a policy dream that won’t be realized until next year at the...
  • CBO: Fiscal cliff will mean recession, rise in unemployment (Just do nothing and let it go)

    11/08/2012 6:15:21 PM PST · by tobyhill · 50 replies
    politico ^ | 11/8/2012 | By STEVEN SLOAN
    The Congressional Budget Office offered a sobering assessment of the economic implications of plunging off the fiscal cliff Thursday, just as lawmakers prepare for a fight over taxes and spending. If Congress and the Obama administration allow scheduled tax increases and spending cuts to occur, the economy will shrink by 0.5 percent in 2013. The unemployment rate would soar to 9.1 percent — up from 7.9 percent today. Senate Finance Committee Chairman Max Baucus (D-Mont.) asked for the report and said the findings are another reminder of the need to find an alternative to the tax increases and spending cuts...
  • CBO: "Fiscal cliff" would spark recession

    11/08/2012 1:00:23 PM PST · by ExxonPatrolUs · 35 replies
    AP ^ | 11-8-2012 | ANDREW TAYLOR
    WASHINGTON (AP) -- A new government report says the so-called fiscal cliff would send the economy back into recession and cause a spike in the jobless rate to 9.1 percent by next fall. The Congressional Budget Office analysis says the combination of automatic tax increases and spending cuts would cut the deficit by $503 billion through next September. But that would cause the economy to shrink by 0.5 percent next year. The report comes as a newly re-elected President Barack Obama and Congress are seeking ways to avert the problems. The study estimates that America's gross domestic product would grow...
  • Vampires, Werewolves and The Post Election Market Reaction

    11/08/2012 12:54:22 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/08/2012 | Anthony B. Sanders
    It has been two days since the US election where President Obama was re-elected and both the House and Senate remained in the same hands. In other words, nothing changed. The reaction? Dow Jones Industrial Average The reaction was decidedly negative since the election signals more of the same policies under which the economy if foundering. Ten Year Treasury Yields Ten year Treasury yields have dropped indicating a rush to safety. Gold Prices Gold prices have risen a heck of lot faster than the stock market, particularly today. Silver Prices Often used as a defense against vampires and werewolves, silver...
  • Middle class faces quick impact from fiscal cliff in form of alternative minimum tax

    11/05/2012 7:34:10 AM PST · by Timber Rattler · 11 replies
    The Washington Post ^ | November 4, 2012 | Lori Montgomery
    The best hope for a deal to avoid the “fiscal cliff” may lie with the alternative minimum tax, an obscure provision of the tax code that is about to become alarmingly relevant to millions of middle-class taxpayers. 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...
  • The Cliff - A Satirical Short

    10/25/2012 11:19:48 AM PDT · by JERussell · 1 replies
    In the Shadow of the Greats ^ | 10/25/12 | J.E. Russell
    The Cliff Bear with me a moment as I describe the scene. You're walking up a steep incline. The kind that never seems to end. It just keeps going up and up and your breathing gets harder and harder. You feel like you're giving it your all but it just isn't good enough anymore. It used to be. There was a day that when you worked hard you covered ground. Maybe not as much as some, but certainly more than others. You were proud if the ground you covered and heaven help you you will not stop until you crest...
  • Don't worry, WFB and National Review: I'm not losing my nerve. Romney is still going to lose

    10/19/2012 12:20:42 PM PDT · by Cincinatus' Wife · 29 replies
    Telegraph - UK ^ | October 19, 2012 | Dan Hodges
    These are words I never thought I’d have to write: William F Buckley Jnr,I’m sorry.Actually,my apology isn’t really directed towards that titan of modern conservatism;he’s galloping proudly across the eternal range with the Gipper. It’s more a mea culpa to my good friends at National Review,who have kept Buckley’s flame flourishing during the long days and dark nights of the Obama administration.Yesterday,I let them down. In this piece admiring the strange beauty of the US electoral college,I wavered. Or at least,I gave columnist John O’Sullivan the impression that I had finally allowed the cold needle of doubt to pierce my...