Fiscal Cliff

[carlfense]

This probably deserves a new thread since it will probably dominate the political news for the next few weeks.

 

GOP offer, December 3:

That’s the plan Boehner offered the White House on Monday. It’s progress. If you ignore the first nine paragraphs in his letter to President Obama — nine paragraphs in which he vents about the White House and rehashes the virtues of the Ryan budget — it’s a far more centrist proposal than anything Boehner has offered in public before now. But it’s essentially identical to what he offered in his talks with Obama, and to what Bowles offered Republicans during the supercommittee talks. Which is understandable. Those deals must be looking pretty good to Boehner about now.

<snip>

Instead, we are likely to see a slow process of Bowles-style, split-the-difference compromise. Boehner is now at $800 billion in revenues, and the White House is at $1.6 trillion. If the two sides end at $1.2 trillion, that would be about what most in Washington are expecting. Similarly, Boehner is at $900 billion in mandatory spending cuts, and Obama is at $600 billion. if the two sides end at $750 billion, that wouldn’t be such a surprise.

http://www.washingto...all-a-mulligan/

 

Democratic offer, November 29:

 

 

 

STAGE ONE

Taxes

 

Immediate increase in both top marginal rates, as well as capital gains and dividends: +$960 Billion

• Additional taxes: +$600 Billion
  
• 2009-level estate tax
  
• AMT and business tax extenders: -$236 Billion
  
• Payroll tax extension or alternative policy: -$110B
  
• Bonus depreciation extension
  

Spending/Extras

• $50 billion stimulus package in FY13
  
• Mass refi mortgage proposal
  
• Deferral of sequester
  
• Savings from non-entitlement mandatory programs
  
• Extension of unemployment insurance: $30 billion
  
• Medicare SGR Patch: $25 Billion
  
• Increase in the debt limit to avoid requiring Congress to vote to increase
  

STAGE TWO:

• Tax reform consistent with $1.6 trillion tax increase
  
• Entitlement policies from President’s FY13 budget that could total $400 billion in savings

http://www.washingto...cliff-proposal/

[zoogs]

The virtues of the Ryan budget? Oh Boeher, you joker, you!

[strigori]

The GoP needs to stop hanging on Grover Norquist's sack and think for themselves. I would argue that the pledge they signed might be a violation of the oath of office they take to serve.

[Undone]

Agree with the article - there are no mulligans in politics.

 

This is all finally starting to seem pretty anticlimactic, which isn't too surprising I guess.

[Hingle McCringleberry]

Great interactive page... We bang things around in here, but many times fail to be specific. This has some really tough choices (insurance for Vets, ouch!)... Anyway give it a go...

 

http://projects.wsj.com/my-deficit-plan/?standalone=1

[Conga3]

Rename "Fiscal Cliff" to "Can Kicking Day" for a more accurate metaphor.

[BigRedBuster]

We're going over.

[carlfense]

We're going over.

Wouldn't surprise me.

 

That said, I also wouldn't be surprised if they have some halfway/stopgap measure that kicks the can down the road.

 

At this point I think that the best option is going over the cliff and then talking tax cuts. That way the Republicans don't have to face the wrath of Norquist.

[strigori]

We're going over.

Wouldn't surprise me.

 

That said, I also wouldn't be surprised if they have some halfway/stopgap measure that kicks the can down the road.

 

At this point I think that the best option is going over the cliff and then talking tax cuts. That way the Republicans don't have to face the wrath of Norquist.

The fact that many of them are more beholden to that idiot is a problem in and of itself. And quite possibly a violation of their oaths of office.

[Ziggy]

I have not followed this whole BS cliff deal. But I saw the house put some plan up to a vote, but has the senate attempted anything yet?

[strigori]

They were going to, but pulled it instead as the tea party revolted on the "Plan B" GoP members with some sense need to work a deal, and just forget the teabaggers even exist.

[carlfense]

I have not followed this whole BS cliff deal. But I saw the house put some plan up to a vote, but has the senate attempted anything yet?

Yes. The Senate has passed a bill extending the Bush tax cuts for all income under $250,000.

 

Boehner refuses to bring it up for a vote.

[strigori]

I have not followed this whole BS cliff deal. But I saw the house put some plan up to a vote, but has the senate attempted anything yet?

Yes. The Senate has passed a bill extending the Bush tax cuts for all income under $250,000.

 

Boehner refuses to bring it up for a vote.

It would probably fail if they did vote. He couldn't get enough backing of his own bill to even bother. The House is a train wreck, and gerrymandering will keep it that way with nothing getting done.

[MichiganMan]

we all are doomed

[Count 'Bility]

Donald Trump says this Fiscal Cliff BS is way overrated and is nothing more than a political tool used by both parties. Also that going over this so called "cliff" will be good for this country as a whole in the long run. I would take Don's word on economics over any crooked politician, so I'll go with that.