Now wait a minute here, if Geithner can do this so we don’t reach the ceiling limit, why couldn’t it have been done before? The US Treasury is to begin taking extraordinary measures to delay reaching a 31 December borrowing limit. Treasury Secretary Timothy Geithner said it would take accounting measures to save about $200bn to prevent reaching the $16.4tn borrowing limit.
The start of 2013 may turn out to be far less bleak than feared. For one thing, the two sides may strike a short-term agreement before New Year’s that postpones spending cuts until spring. Even if no deal is struck before the end of the year, businesses and consumers would not likely panic as long as some agreement seemed imminent. The tax increases and spending cuts could be retroactively repealed. And the impact of the tax increases would be felt only gradually. Most people would receive slightly less money in each paycheck.
Obama may return to Washington from his Hawaiian holiday as early as Wednesday evening to address the unfinished “fiscal cliff” negotiations with Congress, an administration official said on Tuesday.
Obama is running true to form, as on Thursday, during the debt talks with Republicans, he demanded another stimulus and $$1.6 trillion in new taxes. This time though, Obama sent in Treasury Secretary Timothy Geithner to congressional Republican leaders on Capitol Hill, who was seen as offering little the Republicans could agree to and was greeted with laughter, the aide said.
Nearly 2 million people will lose unemployment benefits next month should President Barack Obama and Capitol Hill legislators not reach a deal to avert the fiscal cliff. Those jobless benefits, estimated at $30 billion in the coming year, are expected to expire on Dec. 29.
Did we really expect anything to come of this? Lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts scheduled for January 1, a senior Democratic senator said on Sunday.
On Monday, anti-tax crusader Grover Norquist insisted that his movement was as strong as ever and that Congress would withstand pressure to raise taxes even if more Republican lawmakers are spurning his anti-tax pledge.
On Tuesday, Obama is back to his same old tricks, as he opens up a new campaign to put pressure on congress to cut the federal debt “his way”, as he meets with labor leaders who want lawmakers to raise taxes on the rich while not slashing health benefits for the elderly.
Actually, Biden is full of hot air. Already the shady dealings are beginning, yet the sheeple follow. On Wednesday, Vice President Joe Biden said he and Obama are anxious to move forward on a bipartisan solution to the looming “fiscal cliff” that could force tax increases and across-the-board spending cuts next year. According to Biden though, the real question is what do Republicans plan to do?