The Current Fiscal Cliff Talks Are Not The Answer

Discussion in 'Politics & Religion' started by pspr, Dec 18, 2012.

  1. pspr

    pspr

    We have an annual deficit of at least $1 trillion. In order to reduce the debt we need revenue and/or spending cuts of at least $10 trillion over 10 years. And, that would just keep the debt at the status quo and increasing by the interest expense. But the proposals below by both Obama and Boehner would only total $200 billion per year in revenue and cuts. THAT'S NOT GOOD ENOUGH!
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    Obama and Boehner are still a considerable distance apart on taxes. Obama wants to increase tax rates on income over $400,000. Boehner wants the threshold to be set at $1 million; the House GOP proposal would keep the lower Bush-era rates in place for income brackets below that. In essence, Boehner is seeking $1 trillion in revenue and $1 trillion in cuts — but he doesn’t think the president is willing to get there.

    “He talked about a ‘balanced’ approach on the campaign trail,” Boehner intends to say. “What the White House offered yesterday — $1.3 trillion in revenue for only $850 billion in spending cuts — cannot be considered balanced. We’re going to keep the door open in hopes the president can find a way to support a balanced approach.”


    http://www.politico.com/story/2012/...-to-plan-b-on-fiscal-cliff-85232.html?hp=t1_3