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Obama's opening fiscal cliff bid seeks debt limit hike stimulus

  1. You have chosen to ignore posts from msobstinate99. Show msobstinate99's posts

    Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    WASHINGTON | Thu Nov 29, 2012 7:21pm EST

    (Reuters) - The Obama administration's opening bid on Thursday in negotiations to avert a year-end fiscal crunch included a demand for new stimulus spending and authority to unilaterally raise the U.S. borrowing ceiling, a Republican congressional aide said.

    The proposal, made by Treasury Secretary Timothy Geithner to congressional Republican leaders on Capitol Hill, was seen as offering little the Republicans could agree to and was greeted with laughter, the aide said.

    "We can't move any closer to them because they're not even on our planet," the aide said. "It was not a serious proposal."

    Obama and congressional Republicans are returning to the bargaining table to prevent across-the board tax increases and deep spending cuts, the so-called fiscal cliff, from taking effect next year.

    The president wants Bush-era tax breaks to be extended for all but the wealthiest earners, but Republicans have balked at tax hikes of any kind.

    In the maiden bargaining session, Geithner, the president's lead negotiator, proposed raising tax revenues by $1.6 trillion, congressional aides confirmed. That figure is in line with what Obama has said is necessary to achieve long-term deficit reduction of $4 trillion over 10 years.

    The administration also sought at least $50 billion in new economic stimulus spending.

    Obama's negotiators also sought the ability to raise the nation's borrowing limit unilaterally. Currently, Congress must approve an increase in the debt ceiling, and it was an impasse over that issue that brought the country perilously close to default in 2011.

    The administration's proposal would put off across-the-board spending cuts for a year.

    In exchange the administration agreed to make $400 billion in spending cuts to entitlement programs, an aide confirmed.

    The White House had no comment on the details of the offer.

    "The only thing preventing us from reaching a deal that averts the fiscal cliff and avoids a tax hike on 98 percent of Americans is the refusal of congressional Republicans to ask the very wealthiest individuals to pay higher tax rates," a White House official said.

    (Reporting by Steve Holland and Mark Felsenthal)

     
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  3. You have chosen to ignore posts from StalkingButler. Show StalkingButler's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    That's a bit like attempting to stop arterial bleeding from a wrist wound by chopping off the arm, isn't it?

     

     
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  5. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    In response to jmel's comment:

    In response to NO MO O's comment:

    More Stim !!!!

    Take the cash to vegas and bet it all on one hand.

    You'll have better odds than allowing Barry to pay off more political debts.

     

    What WAS the average cost per job created under the OLD stim.. $200K ?

    it's a shock this came out AFTER the election.

    Still waiting for the next GM "gift" because they are going down.  



    Ford is laying off too.  

    It`s a great economy though.........didn`t you hear? We`re in a recovery. (eye-roll)



    Average cost per job of the last stimulus was @$400K.

    We have been in recovery for 3 years, supposedly.  Great economy.  Just great.

    This is the new normal:  high unemployment, negligible growth, shrinking assets (by plan) for the middle class.

    In some fairness, the best Romney would have done is slow the decay a bit.

     
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  7. You have chosen to ignore posts from UserName99. Show UserName99's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    Simpletons again lying about the cost per job.  Its always the same bogus calculation of taking the cost of a plan that will extend over several years, creating millions of jobs each year, and dividing it by the jobs created in just one of those years.

    Its the same fuzzy math that opponents of the school lunch program, which is to to take an estimate of the cost of that program over the next five years, then divide it by the number of lunches provided in just one of those years, and assert that the program was hugely wasteful, because it cost $15 per lunch.

    The true cost per job of the Obama plan is closer to $100,000,  and the net cost will be as little as $60,000 once you take into account the fact that a stronger economy means higher tax receipts.

    Arithmetic has a liberal bias.

     
  8. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    In response to UserName99's comment:

    Simpletons again lying about the cost per job.  Its always the same bogus calculation of taking the cost of a plan that will extend over several years, creating millions of jobs each year, and dividing it by the jobs created in just one of those years.

    Its the same fuzzy math that opponents of the school lunch program, which is to to take an estimate of the cost of that program over the next five years, then divide it by the number of lunches provided in just one of those years, and assert that the program was hugely wasteful, because it cost $15 per lunch.

    The true cost per job of the Obama plan is closer to $100,000,  and the net cost will be as little as $60,000 once you take into account the fact that a stronger economy means higher tax receipts.

    Arithmetic has a liberal bias.



    You are nuts.  Your math doesn't hold.

    But, besides that, the stimulus did-not-work.  Get it through your skull.  The unemployment picture never improved, it got worse.  Look at the u-6.

     
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  10. You have chosen to ignore posts from DirtyWaterLover. Show DirtyWaterLover's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    According to the righties..... Obama increasing deficit in year one is bad.  Romney increasing deficit for 10 years is good.

     
  11. You have chosen to ignore posts from 12-Angry-Men. Show 12-Angry-Men's posts

    Re: Obama's opening fiscal cliff bid seeks debt limit hike stimulus

    In response to NO MO O's comment:

    It would be a MONSTER mistake to allow Barry (or any other president to have the power to jack up the debt without oversight.



    Then why did Droop-dog McConnell specifically propose that procedure last year?

    Geepers you freakin wingnuts just hate to take responsibility for anything.

     
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