The deadline for reaching a deal on the fiscal cliff was months ago, says Allstate (ALL) CEO...

The deadline for reaching a deal on the fiscal cliff was months ago, says Allstate (ALL) CEO Thomas Wilson. It's frustrating because both sides have agreed on the "three buckets" to prevent the automatic spending cuts and tax increase that go into effect at the end of the year — revenues, entitlements and spending reductions - but neither side can agree on how much to put in each bucket.

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Comments (12)
  • Tricky
    , contributor
    Comments (2583) | Send Message
    And currency debasement, don't forget that one
    4 Dec 2012, 08:12 PM Reply Like
  • marc heilweil
    , contributor
    Comments (183) | Send Message
    they also have tax reform drafts which should be enacted before lobbyists can get to the committee. we all agree we need a simpler tax code for both individuals and businesses. Let's get it done instead of what is now on the table. It would go a long way to restoring our confidence.
    4 Dec 2012, 08:12 PM Reply Like
  • Ted Bear
    , contributor
    Comments (712) | Send Message
    Pure genius. "We have identified the three buckets". Isn't this something a third grader could do without much prompting?


    And why, with a deficit of a trillion or so per year, are we talking about cuts/taxes which raise a couple trillion over ten years....and, to be generous, maybe 200 billion per year?


    Let me see: we overspend by a trillion each year; we are going to solve that spending overdose by cutting 200 billion,.


    Yup. I've got it.


    I'm ready for Washington.
    4 Dec 2012, 08:23 PM Reply Like
  • bbrady413
    , contributor
    Comments (770) | Send Message
    I'm with you Ted. Its insane to me that they throw around numbers like a trillion in new revenue, and X hundred billion in spending cuts, when over the same time period will have shortfalls of at least $10 trillion total.
    4 Dec 2012, 11:12 PM Reply Like
  • Tack
    , contributor
    Comments (16554) | Send Message
    Obama has no intention of diluting his power or that of Democrats by cutting entitlements. And, he knows from the recent election results, and the usual full cover provided by the media, that he has no requirement or incentive to make compromises of any kind. He's going to get his tax increases and spending, too, and Republicans will be left to share nothing other than blame.
    4 Dec 2012, 08:47 PM Reply Like
  • TGC004
    , contributor
    Comments (457) | Send Message
    Time to go over the cliff, then hold the debt ceiling wild card against Obama. It shouldn't take much effort on part of the GOP to show Obama on vacation on Hawaii for 20 days while the country goes over the cliff. All Joe Six Pack will need is to see his 1st pay check of the year be a lot less than it used to be. Give Obama some debt capacity and lock in the old Bush tax rates and take a few trillion in entitlement cuts - problem solved.
    4 Dec 2012, 08:52 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4208) | Send Message
    You are forgetting who would look bad. It would be GOP helping the rich. Joe Sixpack would maybe not vote next time.
    4 Dec 2012, 10:11 PM Reply Like
  • pollyserial
    , contributor
    Comments (1113) | Send Message
    TGC004 it's time for the GOP to reconnect with reality -- if it wants to be relevant in 2016 -- and your statement isn't part of the solution.
    4 Dec 2012, 11:42 PM Reply Like
  • bbrady413
    , contributor
    Comments (770) | Send Message
    So highlighting reality- Obama being in Hawaii during a crisis- isn't reality?
    5 Dec 2012, 07:43 AM Reply Like
  • berbno1
    , contributor
    Comments (1622) | Send Message
    Curious who started calling this the "fiscal cliff?" It's a road block on the road to an unsustainable federal budget, developed as a compromise during the debt ceiling fiasco. Let's just let the tax cuts expire and the across the board cuts kick will be bitter medicine, but will be more substantive than anything these guys will hammer out. I'm betting the market reaction will be to the upside. I thought the GOP whining was going to change after Obama took all battleground states, Mitt took the ironic 47%, Rove wasted $300M, U.S. Chamber of Commerce's $30M was unsuccessful, ......
    4 Dec 2012, 11:51 PM Reply Like
  • Tricky
    , contributor
    Comments (2583) | Send Message
    Bernanke coined the term "fiscal cliff"
    5 Dec 2012, 08:38 AM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    What we're really talking about are our freedoms and liberties.


    Our political class is far too large. The vast majority of individuals in Congress will willingly and knowingly commit to a lesser future for our country if it means a few more years in power for themselves (and their families).


    Only when the American public is willing to tell our elected leaders that we value freedom more than Medicare and liberty more than Social Security, will we see the drastic changes needed in our federal government.


    When I was in grade school part of civics was naming all the departments of the federal government - anyone care to try naming them today? Do we even know all that exist?


    As an aside, I'm already tired of hearing all the crying for bipartisianship. The "fiscal cliff" is bipartisian - both sides voted for it and the president signed it. Thats as bipartisian as it gets.


    At this point, the Republicans should not negotiate any further. Let the fiscal cliff happen and in February or whenever the debt ceiling is up simply shut down the government and only agree to pass a funding bill that contains both total tax reform - ie no deductions and simple tiered rate structure - and a balanced budget.


    We are well on the way to living in a totalitarian society - lets take our medicine now leave a solid foundation for our children and grandchildren.
    5 Dec 2012, 12:21 AM Reply Like
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