Posted on 11/21/2011 8:08:19 PM PST by presidio9
President Obama said he would veto any effort by lawmakers to repeal a requirement for $1 trillion in automatic spending cuts to be triggered after the Super Committee failed to agree on terms to save the country $1.2 trillion over a 10-year span.
There will be no easy off ramps on this one, Obama said at an afternoon press conference where he laid blame squarely on Republicans who refused to bend in their defense of tax cuts for the wealthy during debt talks. We need to keep the pressure up to compromise, not turn off the pressure.
He went on to promise that the deficit will be reduced by at least $2.2 trillion in the next decade one way or another. He included the roughly $1 trillion in cuts approved in August.
"The only way these spending cuts will not take place is if Congress gets back to work to reduce the deficit by at least $1.2 trillion," he said. "They've still got a year to figure it out."
These automatic spending cuts are designed to fall evenly on the military and domestic government programs beginning in 2013.
Defense Secretary Leon Panetta as well as lawmakers in both parties have warned the impact on the Pentagon could be devastating.
"In my four decades involved with public service, I have never been more concerned about the ability of Congress to forge common-sense solutions to the nation's pressing problems," Panetta, a former House budget committee chairman, said in a statement.
Sens. John McCain, R-Ariz., and Lindsey Graham, R-S.C., issued a statement about the mandatory cuts to defense, calling the sequester of $600 billion in defense spending a threat to the national security interests of the United States and cannot be allowed to occur.
After months of talks,
(Excerpt) Read more at foxnews.com ...
I see that Herman Cain has revised his 999 plan on his sight yet again.
Now he has removed all mention of his procedural points that called on the Super Committee for approval.
He is backing away.
The truly wealthy don’t have to show ‘income’. It’s those who are upwardly mobile middle class who get nailed by the democrats.
“It doesnt matter. Obama is bluffing. As a defender of the welfare/warfare state, he doesnt really want the automatic cuts.”
—Yep. The only reason he’s saying this is because he already knows it’s not really going to happen. The “automatic” domestic cuts will be smoke and mirrors, and will be pushed back and never actually go into effect.
When will the Debt Ceiling need to be raised again?
That will be the key event.
“The Republicans were idiots for getting into this crap.”
Indeed they were, they let the democrats convince the public that shutting down the federal goverment would have catastrophic consequences.
For that alone many of them deserve not to be reelected.
There’s something oddly surreal about this whole farce - the ‘rats/libs/media are apoplectic about the supercommittee’s inability to agree to $1.2t in deficit reduction, and the downside is that we’ll then have $1.2t in deficit reduction? Smoke, mirrors, and nonsense the lot of it. There’s no cuts. Just meaningless budget projections of what the federal budget will be doing a decade from now (from people that couldn’t even draft a budget for last year, nor this one, nor the one after).
One thing must be remembered the GOP holds the house if the money is there they can probably find $1.2 trillion (over 10 years) about any time they want to and pass a spending cut bill (say September 2012)and lift the automatic cuts to military and social spending. I can see it now the march with the big gavel like with Obamacare.
If a (R) is elected, I am afraid he will be cowed by the media and choose to play nice with the (D)s.
If I heard and understand this correctly the budget is on an upward glide path that makes these ‘cuts’ puny. If one just let the budget grow, net of cuts, we’ll still be broke. And soon! But keeping the tax rate increases off the table will reinforce the point. Washington is sucking America dry!
Notice how NOBODY ever suggests that the current Government accounting trick of Baseline Budgeting should be eliminated?
For the big bucks we are paying our Civil Servants, they should account for every Taxpayer Funded dollar allocated to their Departments.
I spent many years justifying my Budget Projections while working for a large Corporation. Unless there was a requirement for year to year expansion of services to my Clients, the Budget was static or cut.
Any Merit Pay or Bonus Money paid to me was based on Operational Savings. There was no built in increase. If I didn’t find the savings, they would hire someone who would.
The absolute waste in Government Spending is beyond my comprehension. I only had an 18 Million Dollar Budget to look after.
Well, since the supercommittee is a failure, you could cut spending by eliminating the budget for the supercommittee. One small step for man, one giant leap for mankind.
FUBO
Not FUBO,
more like FTTPC , the first is self explanatory, the rest, the tax paying citizen , we are truly screwed by both sides of this equation.
If the current generation does not end up paying for this BS, surely the next 2 or 3 will,assuming the whole ball of dumb assry does not collapse.
I personally believe that the whole house of cards will collapse into anarchy sooner than later.
So we are past FUBO,we are into F the world, for when the USA goes so does the rest.
I have no crystal ball nor am I a doomsayer, however our elected leaders refuse to face reality, they would rather kick the ball into the next administration.
The time for kicking this is past, it is now time for our elected leaders in the house/congress to SOGOTP, if they are unwilling to do what is needed they need to leave.
Ignore the OWS and MSM, they are lost cause.
Speak with you children, neighbors, family and pols. Make them understand that if we continue on this path everyone loses.
We all know exactly what we think about Obama - even those with buyers remorse.
The Republicans are were idiots for getting into this
There, Jim, I fixed it for you.
Possibly before the election if the economy weakens and revenue falls, from what I have read.
I think you’re right but that’s all the more reason for the GOP to embrace the sequester. Now that Obama has committed to defending them as a bluff he can’t easily back off if the GOP calls his bluff.
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