The all-too-brief, conciliatory effort to find some middle-ground over the "fiscal cliff" issue...

The all-too-brief, conciliatory effort to find some middle-ground over the "fiscal cliff" issue may be disappearing in Washington already. Stalemate appears to be re-emerging over a big obstacle. Team Obama wants a gargantuan $1.6T tax hike and to eliminate a number of tax deductions over the next ten years in an effort to boost revenue and finance a bigger government. Spending cuts don't even appear on the radar at this juncture, which could well be a deal-breaker.
Comments (30)
  • 367113
    , contributor
    Comments (3) | Send Message
    GOOD. Stop spending.
    21 Nov 2012, 06:37 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message
    Obama does not want to be labeled the Big Debt Daddy because right behind the fiscal cliff issue is a debt ceiling issue in Feb/Mar. He knows he is going to look bad so raising taxes gives him some cover.


    The Fed Gov cannot raise taxes enough to deal with the amount of debt and promises that have been made over the next 20 to 30 years. We are in deep.
    22 Nov 2012, 12:26 AM Reply Like
  • Stone Fox Capital
    , contributor
    Comments (9654) | Send Message
    Obama has gone nuts again. The election was basically 50/50 suggesting the American people want a compromise. Winning a few more seats was not suggestive that people wanted his agenda to expand!
    21 Nov 2012, 06:38 PM Reply Like
  • Reel Ken
    , contributor
    Comments (6507) | Send Message
    Maybe you should read what Boehner has said if you want to see what nuts really is.


    If Romney would have won a "basically 50/50" election the victors would have claimed a mandate for his agenda.


    The election does suggest the American people want a compromise, but Obama's victory is more suggestive that they want the Republicans (mostly the Tea Party) to compromise. I think you've got it backwards.
    21 Nov 2012, 06:51 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    Thank you for your thoughtful comment Senator Reid
    21 Nov 2012, 07:50 PM Reply Like
  • vandagreenwood
    , contributor
    Comments (27) | Send Message
    The top earners should pay more in taxes. It will not even make them blink. The 1.6 is factored in over the minimum of 5 years.
    The people who voted for Obama know the GOP does not care about them. The GOP are more beholding to big pharma and Grover Norquist and not the people they represent. There is something seriously wrong with the picture. Get your facts straight before you complain.
    21 Nov 2012, 06:43 PM Reply Like
  • chopchop0
    , contributor
    Comments (5156) | Send Message
    Everyone needs to pay more taxes..... And we really need to cut spending. Probably a 10:1 ratio of spending cuts and tax hikes.


    the middle tax class cuts Obama is trying to protect will still add hundreds of billions to the deficit
    21 Nov 2012, 10:26 PM Reply Like
  • Russ Winter
    , contributor
    Comments (690) | Send Message
    My personal favorite "Oh by the way" from a long week of hopium: Boehner wants Obamacare in fiscal discussions.


    This should not be surprising when one realizes the waterfall of entitlement spending from expanded Medicaid, Obamacare health insurance subsidies for virtually the entire lower and middle classes, and the public provider option on the exchanges.

    21 Nov 2012, 06:50 PM Reply Like
  • Reel Ken
    , contributor
    Comments (6507) | Send Message
    If you want to drink the cool-aide regarding Obamacare, you're more than welcome.


    The fact is , all these suggestions about how much it will cost are bogus. The Republicans are concealing their real problem with Obamacare and that is the 3.8% tax on capital gains for incomes over $250k.


    If Obama got rid of this tax, you'd see how fast the Republicans start to embrace the program.
    22 Nov 2012, 10:18 AM Reply Like
  • Lakeaffect
    , contributor
    Comments (1449) | Send Message
    Well he did win the election. The GOP needs to step aside and give him all the rope he wants. Maybe that will be a lesson to those who sat home and didn't bother to go to the polls
    21 Nov 2012, 06:58 PM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
    Mr. Obama needs to be reminded that he's not the only person who just won an election. So too did all 435 members of the House, whose constitutional responsibilities explicitly include appropriations.
    21 Nov 2012, 07:02 PM Reply Like
  • Rhianni32
    , contributor
    Comments (2086) | Send Message
    The house in which democrats gained seats?
    21 Nov 2012, 07:10 PM Reply Like
  • bearfund
    , contributor
    Comments (1550) | Send Message
    And picked up a majority, which is why this isn't an issue. Oh, wait... actually, it turns out that a majority of districts chose otherwise. Maybe they just didn't like Mitt.
    21 Nov 2012, 09:41 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4206) | Send Message
    This is probably a BS message that doesn't contain any new news. I mean, what is new in above text??? Regurgitated old crap it is.
    21 Nov 2012, 07:11 PM Reply Like
  • Tricky
    , contributor
    Comments (2426) | Send Message
    Best comment so far. This "news" is pure speculation, from what I can tell, pulled out of its author's butt.
    21 Nov 2012, 08:01 PM Reply Like
  • heywally
    , contributor
    Comments (249) | Send Message
    Totally agree - what is the basis for this 'piece?' More lousy content at the expense of credibility .... page hits page hits.
    21 Nov 2012, 08:37 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    LOL, more of the same from politicians regarding any type of fiscal management.
    21 Nov 2012, 07:18 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2862) | Send Message
    No one in Washington is actually working for the rest of the week, so anything out of DC til Monday probably isnt true, and doesn't matter. The facts are we need to broaden the base, get rid of the loopholes, and cut spending. Thats the only way this works, and the sooner everyone can understand that, the better. I'll again point people to the Barron's cover story 2 weeks ago, (to read the article google "Barrons Shock Treatment"), that points out letting the Bush tax cuts expire for everyone would raise $161 billion a year, and letting it only expire on incomes above $200k ($250 for married) would raise $66 billion. In fact, letting all the tax raises that the "fiscal cliff" has would raise $500 billion a year. Compare that to the trillion dollar deficit last year, and raising taxes only gets us halfway there. The US has overspent by over $4 trillion dollars in just the last 4 budgets, so how does raising $1.6 billion over ten years solve the problem? Blasting the rich was an election platform, not a tax policy, and anyone who can't see that isn't paying attention. Of course Obama ran on the "tax the rich" platform, thats because the rich are the minority of voters. The US could nationalize and sell off Apple, Exxon, and Walmart at current market caps and only close LAST YEARS budget. We can't tax our way out of this.


    Lets talk numbers, for once, not politics.
    21 Nov 2012, 07:53 PM Reply Like
  • Archman Investor
    , contributor
    Comments (3316) | Send Message
    The simple fact of the matter is:
    Our system is broken. Neither one of these so called political "parties" has any interest of the American people at heart. The political parties are one in the same, just different talking points to keep the American public entertained and completely dumbed down.


    If you haven't been preparing for what is coming and what has projected to be coming even 10 years ago, you are behind the curve.
    Democrats, Republican, it doesn't matter. They are one in the same.


    All congressional millionaires who want to stay in power. Forget middle class, poor or even the some what rich. Every single person in the country will suffer because of the corruption in our country by all in Washington.


    The poor, down on their luck, and unemployed have been seduced by free handouts, 5000 weeks of unemployment, reality TV shows, etc. They are now slaves to their government and though they do not know it yet will now have to obey their government without question or face the music.


    The middle class (or what's left of it) will keep falling down the ladder into poverty (slavery). It is a carefully planned course by the powers in Washington to reduce the size of the middle class and add more people who must do the government's bidding or face hunger, forced military service. etc. Oh yes folks. Think it's not possible? Think again. You will do what your told when your family relies on government for everything.


    We are finally past the 5th inning of a very sad game that Americans have let happen. We are heading straight for the ninth inning while Americans are glued to their mindless TV shows, fascinated by cable news TV who's opinions are designed only to keep you entertained and not really informed, and keep your eyes fixed to your latest gadgets while giving you the sense of wealth, yet having no real wealth of their own.
    160 million American work in this country. 107 million Americans earn $45K per year or less before taxes. Only 7 million Americans in this country earn $100K or more regardless of all the so called wealth portrayed in the media.


    It is a planned course. It is a sad course yet Americans in general really seem to have no interest in their future other than looking to someone else to make their future for them.
    21 Nov 2012, 08:12 PM Reply Like
  • debtfree1
    , contributor
    Comments (209) | Send Message
    You could tax the rich until they're dressed in rags, we still would be going Greek.
    It's going to take money out of everyone's pockets to get solvent as a nation.
    By everyone I mean the rich, the political class, the public sector, the poor, the unmotivated, the unlucky, the old, the young and certainly the middle class being there are so many of us.
    21 Nov 2012, 08:45 PM Reply Like
  • Terry330
    , contributor
    Comments (883) | Send Message
    President Obama won the election by a landslide, now the Republicans must bow down to their victor.
    21 Nov 2012, 08:49 PM Reply Like
  • Mike Maher
    , contributor
    Comments (2862) | Send Message
    Romney got 47% of the popular vote, so I dont see how you consider that a landslide.
    22 Nov 2012, 03:13 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    Actually 350,000 votes in the right places would have given Romney the Electoral College and the Presidency.
    22 Nov 2012, 06:18 AM Reply Like
  • Mike the Spike
    , contributor
    Comments (13) | Send Message
    Crash! Crash! Crash! Put a brick on the spending pedal and deadlock the doors. Let's crash this thing as hard, fast, and loud as possible. Maaaybe something useful will rise up from the remains.


    I don't hold out much hope of anything useful happening. Going into the election Congress had an approval rating under 20%, yet most of them were re-elected. This killed any faith I had in the American people having common sense. I have no faith in any politician applying common sense to this spending issue.


    As for all you Obama fans doing the "rah, rah, rah, we won",... enjoy the next 4're going to spend the rest of your life paying for it. Literally.
    22 Nov 2012, 09:30 AM Reply Like
  • Interesting Times
    , contributor
    Comments (15009) | Send Message
    Just posturing so that whatever they agree to they look like champs!!
    21 Nov 2012, 09:13 PM Reply Like
  • Kevin Flynn, CFA
    , contributor
    Comments (633) | Send Message
    Going to Larry Kudlow for an assessment of Barack Obama is like asking your grandfather to buy you a hip-hop album.
    21 Nov 2012, 09:31 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    My GranPa likes hip hop
    22 Nov 2012, 06:18 AM Reply Like
  • megaballs
    , contributor
    Comments (45) | Send Message
    Federal Spending was ratcheted up in 2009 to 25% of GDP, where as we ve been 18-21% in the post war era. The US economy spent the next three years in economic recovery mode. The Federal Government maintained the "temporary crisis spending" mode.
    Weasel. Ryan and Romney never quite spelled out the debt, the deficit in Ross Perot fashion and here we are.
    70% have no clue on any of this. Nor do they care. Obama wants his $66 bil from $250k earner tax hikes for symbolism...trillion $ deficits every year and if we can"t grow this $15 trillion economy soon, we'll be slow growth zombified soon enough for decades.
    Things are so bad I'd say "Geronimo!" To the fiscal cliff.


    If the author's claim pans out, then Obama wants to keep spending as is and only "finance a bigger government ". I find that highly unlikely. If we are negotiating, then Obama puts his taxes up and the other side fights for spending cuts later. The author is a "bullshitter".
    22 Nov 2012, 12:22 AM Reply Like
  • kmi
    , contributor
    Comments (4579) | Send Message
    The anti-Obama crowd needs to get their story straight.


    Are we talking about 'reducing the debt' to safeguard the fiscal future of the US?


    Are we talking about 'no tax increases' to keep the economy growing?


    The fact is that it is very likely impossible to do both. Economic expansion has always been accompanied expansion of debt.


    Obama needs to decide if he wants to be the President who presided over policies intended to reduce the national debt and return the country to fiscal sanity, and take the hit for the resulting contraction in GDP and the tax increases that will necessarily accompany such a policy, and go down in history as the guy who tried to fix the country's fiscal house,


    or if he wants to prolong the current series of debt-increasing fiscal policies of huge government spending and Bush-era tax cuts, and go down in history as the guy who presided over the largest expansion in government debt in the history of the nation.


    Either way he'll be doing both a good and bad thing in tandem. I wonder which way he will go.
    22 Nov 2012, 09:55 AM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4911) | Send Message


    I have no idea which way Obama will go as he tacks with the wind but his rhetoric is very populist which moves emotions but is usually the language of a Prez trying to deflect peoples anger during hard times. He and Chavez could use the same speech writer.


    My sense is he wont fix much of anything because government spending has to come down. How many Prez's have done that?
    22 Nov 2012, 11:51 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs