Obama, Republicans reach deal to extend tax cuts, unemployment benefits

[MaggieMae]

he should have told them to screw themselves.

Why do you say that! Then the middle-class would get a tax increase. SUCCESSFUL Small business owners would get a tax increase! The capital gains tax would increase on EVERYONE by 5% stifling investment.

Then for you, you get the unemployment benefits extended without it being paid for.

The country sees the parties both COMPROMISING to help America and not their parties!

because we can't afford to subsidize a bunch of rich people while we borrow money from china to pay for two unnecessary wars.

that's why.

and my dad always taught me... you can't give in to schoolyard bullies. if they want to act like bullies, you tell them to piss off.

really that simple. and i'm kind of tired of obama giving in to the righwingnuts before he even has to.

someone said he punted on the first down... i agree that's what he did.

No, they said "punted on third down." But consider that there's only 10 seconds left in the game, and you're on the 50 yard line, with the score tied. A good punter will try an onside kick.

 

[Spoonman]

Which sounds remarkably like your heroes locking themselves behind closed doors to draft your coveted health care legislation (that equals nothing less than a tax increase on the same people you think you're speaking up for) whilst avoiding any other congressional business, doesn't it?

Since when is 250k wealthy?
Why should 250.1 be taxed so much more than 249.9?
You don't think the 250 earner paid any taxes on their way to the 250 mark? Do you think they were just handed that money? You don't think they worked their way up to that point?

wealthy is a comparative number, the fact that so few Americans make 250,000 a year should give you a clue idiot.

It is considered wealthy by about 98% of Americans.

Which just goes to underscore that there is no real valid economic rationale to raise taxes on the top 2%. It's just based on purely emotional ENVY.

Exactly, all it is is a scare tactic by liberals. oooooh look, the republicans are catering to the rich and snubbing the poor. Wrong, they are putting funds in the hands of those who drive enterprise which inturn creates employment

 

[Spoonman]

Why do you say that! Then the middle-class would get a tax increase. SUCCESSFUL Small business owners would get a tax increase! The capital gains tax would increase on EVERYONE by 5% stifling investment.

Then for you, you get the unemployment benefits extended without it being paid for.

The country sees the parties both COMPROMISING to help America and not their parties!

because we can't afford to subsidize a bunch of rich people while we borrow money from china to pay for two unnecessary wars.

that's why.

and my dad always taught me... you can't give in to schoolyard bullies. if they want to act like bullies, you tell them to piss off.

really that simple. and i'm kind of tired of obama giving in to the righwingnuts before he even has to.

someone said he punted on the first down... i agree that's what he did.

No, they said "punted on third down." But consider that there's only 10 seconds left in the game, and you're on the 50 yard line, with the score tied. A good punter will try an onside kick.

Besides, Obama isn't exactly cutting out spending on those two unnecessary wars is he. Spending is up, WTF?

 

[Truthmatters]

The con bullshit about being fiscal is now blown to bits.

 

[JimH52]

adding 900 Billion to the deficit in two years. So much for the Republican "pay as you go" promise. Anything to give a Millionaire a tax break!

 

[VaYank5150]

adding 900 Billion to the deficit in two years. So much for the Republican "pay as you go" promise. Anything to give a Millionaire a tax break!

We have every reason to believe the GOP has a "plan" to pay for this, right? Just as soon as they take power in the House, right?

 

[MaggieMae]

Obama got new spending that will double on the cost of what he claimed extending tax cuts on the "rich" would cost.

Which numbers are you looking at? Do yours include the $700 billion in lost revenue because the rich will continue to get a windfall for more two years?

 

[MaggieMae]

This CAVE-IN by Obama has a significant element of irony...

...if the Repubilcans who railroaded him into this are right, if this is the right formula for the economy and jobs...

...they've just guaranteed Obama his re-election.

Or, even if there's a normal cyclical recovery that has nothing to do with these tax cuts, he still now gets the credit.

sure and this is the way things are supposed to work, compromise not a ram it up the ass attitude, thats why a divided house senate and exec. is almost always best.

Thats exactly the way it is supposed to be.... it keeps everyone in check.

And yet a mere 2 posts back, you said this:

The Repubs should not have agreed to it... let Obama hang out to dry, along with those Americans he has helped stay unemployed.

Go figure.

 

[MaggieMae]

The entire agreement does nothing but add to our national debt.

Complete sell-out by both Obama and the Republicans

No, it doesn't, right now. But to reiterate my point (and HIS point too), making sure that the economy doesn't slide further into obscurity is the top priority at this point in time.

I hope you will take time to listen to his entire press conference this afternoon. He sounded like "give 'em hell" Harry Truman for the first time, painting both Republican and Democratic ideologues as being more concerned about political posturing than the reality that if a deal wasn't struck before the end of the year, millions of average Americans would see less money in their paychecks or no unemployment checks. Pay particular attention to his answer to the last question posed. (I can't find a full video yet, but I'm sure later in the evening or by tomorrow, you can watch a rerun.)

 

[MaggieMae]

This is the best news for all. AND Obama will have an opportunity to expound on it as the elections in `12, loom. I think, with this compromise, he has done himself a favor if he really wants a second term.

Obama did nothing but finally show once and for all that he is all talk and no action. Obama caved. He just lost one vote, should he be on the ballot in 2012. The Republicans are no better. They lied to the American voters and told them that if they put them back in power, they would stand for smaller government and cut spending. They did just the opposite today. Obama should have hedl his ground and kept the tax cuts in place for those making $250K and less (you know, the people who actually need to money more), and then forced the GOP to push for tax cuts for the millionaires after they take control of the House in January. What a whimp Obama has turned out to be. You cannot talk about bringing "hope and change" if you are not will to fight for it.

I can't say he lost my vote, since the Republicans once again proved that if a GOP president is elected in 2012, they will immediately go right back into GW Bush mode.

Obama is pushing the concept of 'lesser of 2 evils' to the brink though.

They tried on Saturday with two bills: The first to cut taxes up to $250,000. It failed. Then they tried a lesser evil, cut taxes up to $1 million. It also failed. The third option was doing nothing, and then the middle class FAILS completely.

So...I pose this question to the liberals here who think Obama sold out:
What would your options have been?

 

[MaggieMae]

Ladies and gentlemen, please put your hands together for the President of the United States.

Way to go POTUS. Just when we thought you couldn't be a bigger disappointment.

[shaking head...] This is just so sad.

 

[MaggieMae]

Obama has no backbone. Borrowing $700 billion to pay for tax cuts for millionaires is fiscally irresponsible

he doesn't have to borrow money he doesn't have to spend eh?


oh pish posh, the dems past nov. rescues for AMT for what? 3 years running? AGAINST their own Paygo rules?

Tea party....Where the fuck are you?

oh they are out there, you think this happened in a vacuum? Those senators up in 2012 are looking over their shoulders, the dem ones most especially.

Cutting taxes without identifying spending cuts first is irresponsible. Obama showed he is unwilling to mix it up with the minority Republicans.

Republicans are full of shit. They are more interested in getting payback taxcuts for their wealthy constituents than reducing the deficit they have been screaming about

Other than the unemployment extension, the other cuts probably will come out of remaining stimulus money. Those parts have yet to be determined. But I'm curious who you mean by "minority" Republicans? I'm somewhat shocked that after all this time, you seem confused that the Republicans have literally blocked any movement on tax cuts unless they got what they wanted for over a year now. This isn't some "new" strategy where Obama was asked to "mix it up" with them and thereby get a better deal, and you of all people should know that.

 

[MaggieMae]

Obama got double what the tax cuts on upper income earners cost in new entitlements.

Really? $700 billion X two? Hmm, prove it please.

 

[MaggieMae]

None of your damned business.

If you don't think you pay enough, send a bigger check.

he wasn't asking you little boy. we know you don't pay any.

Actually, you don't know jack shit. You just drink the kool aid.

So what flavor is hypocrite?

 

[Avatar4321]

i like the fact that im getting some tax breaks. but i am seriously concerned about the effort the government is going to to destroy the heart and soul of so many people by keeping them on public assistance.

 

[MaggieMae]

I agree with this since tight fiscal policy is nuts during a weak recovery, but it is pretty clear that both sides aren't ready to deal seriously with the deficit.

The tax package being discussed, including a likely temporary extension of a number of tax breaks for businesses, could add more than $500 billion to the deficit, depending on details. But supporters in both parties believe much of that money would be poured back into the economy at a time when recovery remains tentative.

Senate Deal Would Link Tax Cuts, Jobless Benefits - WSJ.com

We are still a long way from having an adult conversation on the deficit, which will require both spending cuts and tax increases.

Thank you. Finally someone gets the difference in priorities. The Deficit Commission's recommendations will still be taken up next year, but not by a sweeping endorsement (or not) of the entire set of recommendations. The budget fight will also begin shortly after the first of the year. But compromise on the tax cuts was needed N.O.W.

 

[ElephantMcDonk]

Unless I'm missing something, it's a temporary 2-year extension, so roughly $140 billion, not $700 billion. Given the economy the way it is, granting those tax cuts seems reasonable even to me. I don't believe in trickle down economics at all, but at this moment in time, it's reasonable to think it could have a positive psychological effect for job creators short term. Risk/reward it seems acceptable in the short run.

Dumb question here. I haven't looked into the legislative actions that need to take place with it. In the two years they're set to expire, would a new law need to be passed to extend them again or to raise them? In other words, in 2 years, with the next Congress, they could let them expire, and would need 60 votes in the Senate to extend them again right?

 

[MaggieMae]

Brand new team coming in next month. This deal was cut to make Democrats happy.

That's odd. I have yet to find a Democrat that is happy about it....

I'm a Democrat, but I'm not a liberal who thinks we can have it all just because we won one presidential election cycle. There hasn't been any polling on this subject yet, but I suspect I'm not the only one.

 

[MaggieMae]

The entire agreement is deficit spending across the board. Complete sell-out

and a pathetic sellout at that, on both sides.

Republicans said "We are very serious about fiscal discipline...now give us our deficit-increasing policy or we'll take our bag of candy and go home".

Democrats said "We are very serious about fiscal discipline...now give us our deficit-increasing policy or we'll take our bag of candy and go home"

And both sides said "hey, let's share our candy!". The compromise consisted of both sides getting their wish to expand the deficit and neither side having to make a single difficult decision. Too often, that's what DC means when they talk of "compromise".

Agree

The lesson learned from the last election was supposed to be "Get our financial house in order"

Tax cuts should have expired across the board. Increased revenue should go to the deficit
Unemployment benefits should end at 99 weeks. Beyond that is just welfare

Both sides showed they are more concerned with making short term political capital rather than long term economic progress

Coulda, shoulda, woulda is no longer an option, just redundancy.

 

[MaggieMae]

Obama got double what the tax cuts on upper income earners cost in new entitlements.

You couldn't give us those actual numbers, could you?

Here's what we know...both the tax cut extention and the unemployment extention are going to be paid for by BORROWING money.

It would be nice to know how much each event is really going to cost.

we have to pay for letting people keep the money they've earned? How does that work? I think you guys are very discriminatory, you let 50% of Americans off scott free, they pay ZERO in FEDERAL INCOME tax. Now you want to bitch cause you let high earners KEEEP SOME of that which THEY EARNED? and you think we have to PAY to let people keep WHAT THEY EARN? HOW FUCKED UP ARE YOU?

And how often do the wealthy actually PAY the top rate of 35%, genius? I'd try to splane it to ya, but why bother...