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OBAMA: FISCAL CLIFF DEAL IS 'JUST ONE STEP,' VOWS NOT TO DEBATE DEBT CEILING
Business Insider ^
| 01/02/2013
| Grace Wyler
Posted on 01/02/2013 8:39:33 AM PST by SeekAndFind
Appearing shortly after the House voted to pass a fiscal cliff deal Tuesday night, President Barack Obama called the bill a "first step" toward deficit reduction, but warned that he will not go through the same battle with Republicans over the debt ceiling.
"Thanks to the votes of Democrats and Republicans in Congress I will sign a law that raises taxes on the wealthiest 2% of Americans," Obama said. "Tonights agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households."
But, he added, "the fact is, the deficit is still too high."
"I believe there's further unnecessary spending in government that we can eliminate," he said. "There will be more deficit reduction as Congress decides what to do about the automatic spending cuts in two months."
The statement caps off days of chaotic negotiations, which ended in a bill that will raise taxes on households earning $450,000, as well as increase taxes on estates over $5 million and extend unemployment benefits. The bill does little to address sequestration, however, but extends the deadline for the spending cuts by two months.
That deal marks a significant political victory for Obama, fulfilling his central campaign promise to raise taxes on the wealthiest Americans.
Still, the agreement fell far short of the "grand bargain" that Obama had initially hoped for, putting off negotiations over spending cuts and the debt ceiling.
Republicans have indicated that they plan to put up a tougher fight over these issues in the next Congress, guaranteeing a protracted battle that the White House had initially sought to avoid.
(Excerpt) Read more at businessinsider.com ...
TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: debtceiling; fiscalcliff; obama
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To: SeekAndFind
Problem is he feels all the “unnecessary spending” is the military, and anything taking care of old white people. Beyond that, it’s just peachy to the prez...
2
posted on
01/02/2013 8:42:17 AM PST
by
vpintheak
(Occupy your Brain!)
To: SeekAndFind
And he is a LIAR !!! Reduce the debt — NEVER !!! He will just spend all the more money he (and the bent socialist Congress) steals from Americans.
3
posted on
01/02/2013 8:45:00 AM PST
by
EagleUSA
To: SeekAndFind
“Tonights agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households.”
I don’t believe this for a minute. When the “threshold” for “millionares” was at $200K and $250K, the additional revenue was approximately $70-80B a year. Of course that also makes the false assumption that economic activity is static. This new “threshold” for the “super rich” is some portion of that original number. I have not yet seen what it was, but it is 100% already spent between the Sandy relieve bill at $60+B just passed and the Fed employee raise at $11B...
Hey, what bowl game is tonight....
4
posted on
01/02/2013 8:45:52 AM PST
by
CSM
(Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
To: vpintheak
In order for the Reps to avoid the reductions in military spending, they will have to agree to increased revenues whether thru taxes or closing loopholes, etc. The Reps who were afraid of going over the fiscal cliff are just as afraid of government shutdowns due to a failure to increase the debt ceiling. Prepare for another cave by the Reps.
5
posted on
01/02/2013 8:47:56 AM PST
by
kabar
To: SeekAndFind
If his policies are designed to reduce the debt, then why does he need to raise the debt ceiling?
If he’s going to cut spending soon, then why raise the debt ceiling more than the amount needed to get us to the point where he lowers the debt?
Shouldn’t he be able to lower the debt ceiling pretty soon?
He just claimed to have cut spending by $1T in 2011.
He should not need to raise the debt ceiling...
6
posted on
01/02/2013 8:49:32 AM PST
by
ltc8k6
To: CSM
He’s already got about half of that $620B allocated for new spending...and you can bet that is a low-ball estimate on the spending.
That $620B is already gone...
7
posted on
01/02/2013 8:51:36 AM PST
by
ltc8k6
To: SeekAndFind
8
posted on
01/02/2013 8:52:10 AM PST
by
Sooth2222
("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
To: CSM
The Sandy bill did not get passed and the pay raise was rescinded...
But they will both be back soon...
9
posted on
01/02/2013 8:52:51 AM PST
by
ltc8k6
To: ltc8k6
How does he even get to the $620B number? The “threshold” was raised, therefore reducing the number of Americans effected and somehow it moves from $80B to $620B.
He just pulls numbers out of his arse.
10
posted on
01/02/2013 8:57:05 AM PST
by
CSM
(Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
To: SeekAndFind
There will be no defict reduction. He wants to raise taxes even more, cut defense and then increase spending even more. There no one even willing to even try and fight this insanity.
To: vpintheak
Think sometime before the Obama pResidency ends that we’ll see the day that our soldiers end up thumbing a ride back home like the Soviets did during their collapse?
To: Sooth2222
His continued “presidency” may be in jeopardy...
If I don’t have this done in [whatever], then this is going to be a two-term proposition.
13
posted on
01/02/2013 9:00:02 AM PST
by
C210N
(When people fear government there is tyranny; when government fears people there is liberty)
To: SeekAndFind
--- But, he added, "the fact is, the deficit is still too high." ---
47% of the country doesn't see the humor in this. We are so screwed.
And then the deficit ceiling "fight" lies ahead... I wish I could laugh.
To: EagleUSA
And he is a LIAR !!! Reduce the debt NEVER !!! He lies to the cameras, and then does just the opposite because people don't pay attention. All they see is the MSMs version of reality. If engaging in jihad, the Koran says it's OK to lie. In fact, it's encouraged.
It's like I've always said. He's finishing the job the Muslims failed to do on 9/11.
Destroy the economy - check.
Destroy our military - check.
Destroy our form of government - check.
Prove me wrong. He is "the one" the Muslims have "been waiting for."
The Communists claimed the only way to destroy the U.S. is from within.
Add his Muslim faith, his communist upbringing, and his hate for anyone white, and you get the real Oboma. You immediately KNOW what he's trying to do.
To: SeekAndFind
Obama has repeatedly said he will not have the debt limit fight again. Does he plan to have a Morsi moment by dismissing the courts, the congress and declaring martial law by instigating a crisis and writing a new constitution? He cannot raise the debt limit by executive order. Is he bully-pulpit bluffing like most cowards do? BTW was it treason to aid and abet the terrorist enemy, the Muslim Brotherhood, by sending 20 F-16’s to Egypt which may use them against Israel?
To: kabar
REPUBLICANS WHO NEED TO BE PRIMARY-ED
ENEMIESAlabama
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Young, Donald Don
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Womack, Steve
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17
posted on
01/02/2013 9:02:18 AM PST
by
Yosemitest
(It's Simple ! Fight, ... or Die !)
To: ltc8k6; All
If his policies are designed to reduce the debt, then why does he need to raise the debt ceiling? You'd think yours and all of the other excellent points posted so far could easily be made by the Pub *leadership*.
Sadly, I fear, that won't happen. They'll continue to be cowards and cave to whatever 0 asks for.
18
posted on
01/02/2013 9:03:06 AM PST
by
Jane Long
(Philippians 2:11)
To: SeekAndFind
... warned that he will not go through the same battle with Republicans over the debt ceiling. And how does he propose to eliminate debate on raising the debt ceiling?
To: Yosemitest
These are the R's who voted YES? If so, great list.
Ron Paul can't be primaried, he's retired.
20
posted on
01/02/2013 9:06:22 AM PST
by
Jane Long
(Philippians 2:11)
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