Fiscal cliff...

[A//// Guy]

http://www.theatlantic.com/business/archive/2012/11/the-fiscal-cliff-explainer-what-it-is-where-its-from-who-will-pay-and-why-it-matters/264990/

Summary: "If your household makes a typical salary -- say, $50,000 -- you should expect to pay $2,000 more in taxes next year. If your household makes an atypical salary -- say, $500,000 -- you should expect to take a $50,000 hit. The richer you are, the bigger the hit you face as a share of income. The top 0.1% would see an average tax hike of $600,000.

What Will the Fiscal Cliff Do to the Economy?

The double whammy of spending cuts and tax changes will push the U.S. economy into a recession in the first six months of 2013, according to the Congressional Budget Office. Unemployment would rise to 9%. Real GDP would decline by about 3% in the first half of 2013. That's a certain double-dip.

Should We Avoid the Fiscal Cliff?

Nobody wants a recession. But you know what's worse than a short-term recession? A bad long-term deal. That's why some liberals are asking the president to dig in and not make a compromise with Republicans that would change Social Security and Medicare, or give up on higher tax rates on the richest 2%. "

Discuss.

[tpunx99GSX]

Some, Including myself, think this is a political move by both sides.
If we miss the deadline, tax cuts will expire, and major cuts will happen correct?
So all of the sudden we have tax increases for everyone, and our military budget gets slashed significantly as well as other programs.
The compromise on this is that if the tax cuts expire the GOP can say they didnt personally vote for a tax increase, thus keeping their pledge. The Dems will immediately push or a payroll tax decrease or the tax cuts for the first $250k of income leaving the rich to bear the burden of the increased taxes.
Secondly, with the cuts in taxes, the GOP and DEMs will have to put forth a bill increasing Spending on military and other such interests, if they can compromise on where the moneys should go.
Regardless something has to be done. Its not only on the presidents shoulders as the GOP and their cohorts will have you believe. The presidents budgets need to be put through congress and the senate in order for them to pass. http://en.wikipedia.org/wiki/United_States_budget_process

[Goat Blower]

We already know that taxing the rich won't make any difference, that's just dem class warfare. They need to really scale back spending and come to an agreement with the house on keeping the Bush tax cuts in place. Now's not the time to be hammering anyone with substantial large tax increases. These huge spending bills have really put us in a pickle, it's a little late to backpeddle now.

[Goat Blower]

No, the president's budget does not need to be pushed through, he needs to compromise, which so far he has rarely done.

[Kracka]

he needs to compromise
This. Every rational person knows that what this country needs is compromise, not extreme views. For anything to get done both sides need to make fair concessions.

[A//// Guy]

But we do know that Republicans wont budge either.. look at Bohner, so hows compromise going to work?

I dont see an easy answer to cure our problems, besides massive cuts and a tax increase to cut down our huge deficit. Its simple economics really, and I dont get how these people running out country dont understand that.

[Kracka]

Republicans are ready, and calling, for compromise because they know it's the only way anything will get done for this country. Time for Obama to man-up and realize he isn't the only kid in the sandbox.

"This is an opportunity for the president to lead," Boehner said late Friday morning. "This is his moment to engage the Congress and work towards a solution that can pass both chambers."

http://www.foxnews.com/politics/2012/11/09/obama-holds-firm-to-tax-hikes-as-invites-hill-leaders-to-talks-on-fiscal-cliff/#ixzz2BkvFkYH0

This can obviously be argued for either side, but the reality is everyone needs to come together and do what's best for this country as a whole...and yes, the rich are part of this country too just like the poor are.

[tpunx99GSX]

You are wrong. You cant just cut spending and think everything will be happy after that. There needs to be both spending cuts, and revenue increases in order to bridge the gap quickly. The dems have compromised on EVERYTHING, 3:1 and 10:1 and GOP wont budge. "No New Taxes" is their motto and "T.E.A.". Sorry but you cannot run government this way.
I didnt say the presidents budget needs to be pushed through, i said it needs to be PUT through the congress and senate. As in, like he has already done, president makes budget in the beginning of the year, it gets handed to congress, they make changes and vote it, then it goes to the senate, they vote and make changes and voila we have a budget.

[A//// Guy]

But republicans arent willing compromise either. lol

The speaker was likewise holding firm to his demand that tax rates not go up, because many of those affected are small business owners. "Raising tax rates will slow down our ability to create the jobs that everyone says they want," Boehner said.

[tpunx99GSX]

BTW, what do you think we should do about the $300 BILLION in oil subsidies we give to Exxon? And what about the land they are sitting on that the Gov Gave them to drill for oil that they did not start drilling on? These are things that can be fixed, these are things that can aid in cutting the deficit.