Geithner: Obama will go over the fiscal cliff unless GOP agrees to tax hikes

[Revmitchell]

On Sunday, Treasury Secretary Timothy Geithner made the rounds on all five major Sunday morning talk shows to support President Barack Obama’s argument that taxes must be hiked on the top two percent of income earners.

“The Republicans have said for the first time in decades, if I’m not mistaken — the leaders of the Republican Party — that they are prepared to raise taxes as part of a deal that helps reduce our long-term deficits,” Geithner said on Sunday’s broadcast of CNN’s “State of the Union.” “Now, what they haven’t said to us is how far they’re willing to go both on rates and revenues. And that’s something we’re going to need to see from them if we’re going to have an agreement.”

The treasury secretary later told host Candy Crowley that without those hikes, there would be no deal.

Read more: http://dailycaller.com/2012/12/02/g...-gop-agrees-to-tax-hikes-video/#ixzz2DxrSpK5y

 

[SolaSaint]

It's a bluff. If the GOP doesn't stand their ground, they are finished. Is there a MAN left in the GOP?

 

[Crabtownboy]

Grover Norquist is holding the GOP hostage and thus holding the nation hostage. The GOP is allowing this one man to dictate and harm the nation greatly. An unelected man holding a political party hostage for his own selfish purposes. Shameful!

 

[Mexdeaf]

Of course the Dems want to go over the cliff- the cliff gives them almost everything they asked for- increased taxes on everyone. The only thing they don't want from the cliff is the cuts in programs.

Obama is simply refusing the compromise because he wants to beat down the Republicans.

 

[Revmitchell]

Of course the Dems want to go over the cliff- the cliff gives them almost everything they asked for- increased taxes on everyone. The only thing they don't want from the cliff is the cuts in programs.

Obama is simply refusing the compromise because he wants to beat down the Republicans.

Which is obvious in light of the fact that there is no good reason to raise taxes on the wealthy.

 

[InTheLight]

Grover Norquist is holding the GOP hostage and thus holding the nation hostage. The GOP is allowing this one man to dictate and harm the nation greatly. An unelected man holding a political party hostage for his own selfish purposes. Shameful!

Republicans that signed Norquist's pledge are leaving him in droves. Three Republican House members here in Minnesota have stated they would support increasing tax revenues.

I don't understand why Reps were beholden to this man in the first place.

 

[Aaron]

The headline should read: Dem's Refusal to Compromise on Tax Heights Sends Nation over the Cliff.

 

[mont974x4]

Any Republican that bows to Obama and agrees to tax hikes needs to be ran out of office.

 

[SolaSaint]

Raising taxes on the top 2% will do noting to help our economy for the next ten years, it is only a symbolic move by Obama and the left to beat their chests and claim that elections have consequences. Evil lefties and wimpy righties and all us in the middle... maybe a revolution is a coming...

 

[Jack Matthews]

Lots of Republican talking points here. No facts, as usual.

First of all, the President won re-election on this issue, and on the lack of confidence voters had in his opponent to fix the economy. So it will be the Republicans, not the Democrats, who will get the blame if the country goes over the fiscal cliff. Second, it will generate $1.6 trillion in revenue against the deficit, and debt. Third, agreeing to keep the tax cuts for 98% of taxpayers is a very generous compromise offer, since the alternative to it is raising taxes, not to mention the spending cuts that the Democrats had already agreed to.

The Republicans lost this election because they couldn't come up with any kind of a comprehensive plan on their own, and became the party of NO! So now, unless they want to lose Congress in 2014, they'll do whatever the President suggests.

 

[Revmitchell]

Lots of Republican talking points here. No facts, as usual.

First of all, the President won re-election on this issue, and on the lack of confidence voters had in his opponent to fix the economy.

Wrong, he won because conservatives would not get behind Romney.

 

[InTheLight]

Lots of Republican talking points here. No facts, as usual.

First of all, the President won re-election on this issue, and on the lack of confidence voters had in his opponent to fix the economy. So it will be the Republicans, not the Democrats, who will get the blame if the country goes over the fiscal cliff.

Yep.

Second, it will generate $1.6 trillion in revenue against the deficit, and debt.

Raising the income tax rates on the wealthy has been estimated by most economists to raise between $800 billion and $1 trillion over the next ten years. I think you are getting the $1.6 trillion number from the accumulation of ALL revenue raising measures, not just raising income tax rates on the wealthy but also such as closing loopholes and eliminating deductions, raising the capital gains tax rate, raising the estate tax rate, etc.

Third, agreeing to keep the tax cuts for 98% of taxpayers is a very generous compromise offer, since the alternative to it is raising taxes, not to mention the spending cuts that the Democrats had already agreed to.

I'd like to see the tax rate increases start at incomes of $500,000 or greater. $250,000 a year is wealthy in most areas of the country, but there are plenty of places where the cost of living is such that $250,000 isn't that much money.

The Republicans lost this election because they couldn't come up with any kind of a comprehensive plan on their own, and became the party of NO!

The Republicans lost because they didn't have that great of a candidate. Or as RevMitchell says, people didn't get behind Romney. Their economic plan was comprehensive enough, the problem was that Obama went around the country lying about it. The Republicans became the party of NO? Well, yes, insofar as any new spending goes, they said no, and rightly so.

So now, unless they want to lose Congress in 2014, they'll do whatever the President suggests.

Wrong. Obama will cave in because he doesn't want to be remembered for two full terms of lousy economic growth and presiding over two recessions in a row. The Republicans would do well to hang onto their insistence of no tax rate increases on the wealthy because as soon as they give up that card, they've got nothing left to play.

 

[Aaron]

Lots of Republican talking points here. No facts, as usual.

First of all, the President won re-election on this issue, and on the lack of confidence voters had in his opponent to fix the economy. So it will be the Republicans, not the Democrats, who will get the blame if the country goes over the fiscal cliff. Second, it will generate $1.6 trillion in revenue against the deficit, and debt. Third, agreeing to keep the tax cuts for 98% of taxpayers is a very generous compromise offer, since the alternative to it is raising taxes, not to mention the spending cuts that the Democrats had already agreed to.

The Republicans lost this election because they couldn't come up with any kind of a comprehensive plan on their own, and became the party of NO! So now, unless they want to lose Congress in 2014, they'll do whatever the President suggests.

Got any new subterfuge? This has all been belched before, and soundly debunked.

 

[Oldtimer]

Of course the Dems want to go over the cliff- the cliff gives them almost everything they asked for- increased taxes on everyone. The only thing they don't want from the cliff is the cuts in programs.

Obama is simply refusing the compromise because he wants to beat down the Republicans.

That track record has already been proven.

Bail-outs that failed, stimilus that didn't stimulate, toxic assets still on the books, borrowing money from lenders to give "aid" to some of those same lenders, "bridges and roads" that are still crumbling, -- the list can go on.

On your last point, I somewhat disagree. For the time being, till they reach their objectives, they don't want cuts in programs. Any program, that is, that keeps a large percentage of this country comfortably feeding at the government trough. From states to individuals who expect the government handouts to continue.

There's so much more involved than "beating down the Republicans".

IMO, that's just a distraction to keep John Q Public's mind occupied for the time being. If I'm spending my time feuding with the fellow across the road about what he isn't doing, I may not hear the chain saws cutting down the trees on my back 40. That's the hope, anyway, of the logger who initated the fight with my neighbor. If my neighbor and I do finally come to terms, it won't matter, as the trees have ALREADY been hauled away.

 

[Crabtownboy]

Everything from both parties so far is simply posturing. If they announced an agreement now the fear, and probably rightly so, that they would be pummeled by their supporters as having caved in and not negotiating tough enough.

I believe there will be a settlement, but it will not be this early in the game. They may even let it go into January, but there will be a settlement when the folks on both sides decide enough time has passed that they can cover themselves to their supporters.

 

[FR7 Baptist]

I think both sides are playing politics with this. I don't think we'll go over the cliff. My prediction on what will happen is President Obama will cave on the tax rates and give into the Republicans like he always does. They won't go up at all.

If they were trying to really compromise, a good one would include lowering the COL increase for Social Security, raising the tax rates but either not all the way to the Clinton level or starting the higher bracket at $500K or thereabouts and capping deductions.