Friday, 30 November 2012
Owebama's Fiscal Cliff Negotiations Are Hysterical!
Three weeks from the "fiscal cliff" drop date, Owebama sent his negotiator, Timothy Tax Cheat Geithner to Republican leaders yesterday. When someone tells you that the only thing stopping the negotiations from reaching a deal, remember this:
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.In exchange for raising taxes by $1.6 trillion, Owebama offered $400 billion in spending cuts - at some future date. We've been there before.
First $1.6 trillion in increased taxes. Where the heck is Owe gonna get that if he's only raising taxes on those making $250,000 or more? The estimate (and mind you it only works if everyone currently making $250,000 or more continues to make that) in tax revenue for those making $250,000 or more is only $85 billion. Therefore, Owe has to be planning to lower the $250,000 bar by quite a bit for tax increases to reach his desired $1.6 trillion.
Next his "promise" is to raise taxes of $1.6 trillion now, but only reduce the debt by $4 trillion in 10 years. Meaning by his numbers he collects $16 trillion yet only puts one fourth of it toward the debt! Fancy trick.
Next Owebama wants $50 billion more in failed stimulus money. We tried that with $1 trillion and it didn't work. So why does Owe believe it will work this time?
Finally - and this is the deal breaker by far - Owebama wants to take a page out Egypt Morsi's play book and have congress give him universal power to raise the debt limit anytime he wants. This from a guy whose administration hasn't bothered with a budget for 4 years!
But then, there is some reasoning there - if you don't have a budget to limit your spending, then why bother to have a spending limit?
Just in case you still need a picture to describe Owebama's negotiations, Ramirez has the perfect one in his political cartoon at HotAir (scroll to the bottom of the page).
Posted By P.Brown at 8:21 AM in Category:Politics
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