Fiscal cliff fight is on – and economy suffers
July 16th, 2012
02:35 PM ET
6 years ago

Fiscal cliff fight is on – and economy suffers

New York (CNNMoney) - The inability of Democrats and Republicans to work out their differences on the fiscal cliff is already becoming a problem for the economy.

And that problem will grow the longer the standoff lasts.


Filed under: • Congress • Debt • Deficit
soundoff (32 Responses)

    Every time president Obama comes up with ways to chip at the defict ,45billion here ,40 billion there ,60 billion here 80 billion there ,the Gop cancer on,America bafoons party says that's not enough and laughs it off while they do nothing ,Gop must be voted out in Nov.

    July 16, 2012 03:46 pm at 3:46 pm |
  2. Silence DoGood

    Obama 2008 promised he would change the way Washington works.
    Obama 2012 not quite so naive now but that doesn't really help us here.

    July 16, 2012 03:55 pm at 3:55 pm |
  3. Black Independent

    There is a good that I am neither a Democrat nor a Republican. For Democrats, we are not another new government program away from prosperity. Therefore, spending cuts are necessary. For Republicans, trickle down economics is a fantasy and real joke. It does not work. I want all income including investment taxed the same way. The very poor and the wealthy are not paying their fair share. I am part of the middle-class that keeps getting burdened with taxes. The earned income tax credit gives tax money to people that did not earn that money to supposedly make work pay. I think a 'flat tax' is the way to go. If it was decided that 20% was the tax rate, then all income earners would pay 20% of their entire income (investments included) in taxes. Get rid of all deductions and get the government out of picking winners and losers. For instance is family made $60,000 of income and had children, then their would be no per child tax credit. Is it fair to the couple with no children that makes $60,000 to pay more in taxes that people that the say income with children? NO. Should a person that puts his or money in investment pay a lower tax rate than people that do not invest? NO. A flax tax expands the amount of people that have to pay taxes especially the very poor and very wealthy and lowers the impact on the middle class. It is fair to all income groups. One tax rate for all income earners. People that make a million dollars or more per year will pay more in actual dollars in taxes but will pay no more than the 20%. Very poor people will no longer have the earned income tax credit and will now pay something in taxes even if it is a minimal amount.

    July 16, 2012 04:00 pm at 4:00 pm |
  4. Rudy NYC

    MOVE Forward wrote:

    ...I'm sure you meant in debt, but when are you right wingnuts going to realize that almost $13T of that was caused by administrations other than Obama's. Sure Obama added $5.6T,...
    As of today, I will go with the more accurate figure cited by Bill Kristol. Yesterday, he cited $4 billion on the Fox News Sunday. People are quick to add FY2009. FY2009 belongs to Bush. Pres. Obama is responsible for FY2010, FY2011, FY2012, and upcoming FY2012.

    July 16, 2012 04:00 pm at 4:00 pm |
  5. tellin it like it is

    >Rudy NYC - @tellin it – The Bush Tax Cuts were supposed to be "temporary". They were also supposed to create j>obs and stimualte the economy. One decade later, none of the above has occurred. It is time for Republicans to not >renege on their pledge to the American people that the cuts were to be temporary.

    the Bush tax cuts were temporary. they expried. they were renewed by the obama tax cuts for two years. those are now expiring. so let's get all those taxes back into the government and out of the pockets of people because they will do dumb things with that money like spend it on food, fuel and shelter for their families. the government is far better at spending on what is truly important.

    democrats love taxes so get ready america because in janauary you're going to be paying taxes like you've never seen before, especially if those 21 new obamacare taxes kick in. bit not to worry america, democrats say you're under taxed and the problem with the country is we just need more taxes and everything will be sunshine and happiness.

    July 16, 2012 04:02 pm at 4:02 pm |
  6. tellin it like it is

    >>Obama 2012 – MOVE Forward America, NOT another round of DUBYA's FAILURES
    >>@tellin it like it is – our economy is over $15 trillion
    >>I'm sure you meant in debt,

    ummmm no, i meant our economy otherwise known as the gdp. and even comparing the minscule 70 billion to the government yearly spending deficit of 1.3 trillion, it is still chump change. obama talks this tax up like it amounts to a trillion dollars and he has even used that number. maybe over 10-15 years, which he never says. he's just dishonest that way.

    July 16, 2012 04:06 pm at 4:06 pm |
  7. Thomas

    @Michael B.
    Let's get American's the jobs they need and a better economy!! Romney 2012!

    We all can't work for Karl Rove ! He and Romney have exported jobs overseas . I just had a call the a guy in India asking me to support Romney.

    July 16, 2012 04:28 pm at 4:28 pm |
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