The Christian Noob (n00b)

born & raised Catholic, now going to a Presbyterian church & still learning

Daily Archives: 12/06/2012

end of times: T-15 & the fiscal cliff

img-20110512-00017fifteen (15) days to end of it all or twenty-four (24) days to fiscal cliff (set to strike on 01/01/2013)

“19.63% increase in tax revenue and 0.25% reduction in spending”
http://en.wikipedia.org/wiki/United_States_fiscal_cliff

mainly due to the Budget Control Act of 2011 (S.365, 08/02/2011)

“The Budget Control Act has been updated to make certain that House Republicans fulfill their pledge to cut spending more than we increase the debt limit. Congressional Budget Office numbers confirm that the updated legislation adheres to this pledge: no new taxes; no blank check for the President; spending cuts greater than the size of the debt limit increase.”
http://budget.house.gov/budgetcontrolact2011/ (07/27/2011)

+ Obama’s re-election (11/07/2012)

“Earlier this year, Mr. Obama’s 2013 budget did not receive a single vote when it came up in the GOP-controlled House and Democrat-controlled Senate — a point that Republicans were happy to remind voters of during the course of the 2012 presidential race.”
http://www.washingtontimes.com/news/2012/dec/5/democrats-block-quick-vote-on-obama-fiscal-cliff-p/ (12/05/2012)

+ Republicans vs. Democrats

“‘Where are the discussions? Nothing is going on,’ Republican Majority Leader Eric Cantor told reporters. ‘We ask the president to sit down with us and be serious.’”
http://www.foxbusiness.com/business-leaders/2012/12/05/gop-house-leaders-demand-meeting-new-cliff-offer/ (12/05/2012)

+ no interest to accept expert advise (11/13/2012)

“…The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes. For instance, the Bowles-Simpson commission, which Mr Obama established, has proposed limiting tax preference benefits for upper-income households. Also, Martin Feldstein of Harvard University and Maya MacGuineas of the Committee for a Responsible Federal Budget have suggested caps on the amount of deductions relative to a taxpayer’s income. These ideas are good places to begin.”
– Glenn Hubbard, Former Romney Economic Advisor & Dean of Columbia Business School
http://www.businessinsider.com/glenn-hubbard-fiscal-cliff-proposal-2012-11 (11/13/2012)

= maybe the real end of it all by sacrificing national security

“Naturally we hope very much that sequestration will be avoided and that we don’t enter that phase in early January 2013. We don’t want to go off the fiscal cliff, but in consultation with [the Office of Management and Budget] we think that it is prudent at this stage to begin at least some limited internal planning,” [Pentagon spokesman George Little] said.
http://www.foxbusiness.com/government/2012/12/05/pentagon-told-to-plan-for-fiscal-cliff/ (12/05/2012)

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