Romney, Obama react to fiscal cliff report
August 22nd, 2012
01:40 PM ET
2 years ago

Romney, Obama react to fiscal cliff report

(CNN) – A Congressional Budget Office report released Wednesday on the potentially dismal impact of the impending "fiscal cliff" prompted finger pointing from both parties, not surprisingly, blaming each other.

The White House placed blame for a gloomy economic outlook on Congressional Republicans and Mitt Romney, the presumptive GOP presidential nominee, named President Barack Obama as the instigator of high projected deficits.

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The "fiscal cliff" is a combination of tax increases set to take effect in January 2013 and spending cuts, which were the result of a compromise budget measure passed into law in 2011 after Congressional negotiations failed to agree on a deficit-reduction plan last fall. The cuts will automatically go into effect if Congress does not act before the end of the year on a plan to reduce the federal debt.

The report, released Wednesday, found that the spending cuts and tax increases would result in recession and higher unemployment. However, the report also said it would improve the outlook of the federal government's budget deficit.

Democrats and Republican both found elements in the CBO's findings to pin on the other side. White House Press Secretary Jay Carney wrote that Republicans, who control the House of Representatives, had "chosen to double down on the same failed policies that led to the economic crisis in the first place."

"They're willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires – tax cuts we can't afford that would do nothing to strengthen the economy," Carney wrote.

Obama frequently uses that sentiment on the campaign trail, including in Reno on Tuesday, when he told a crowd at a rally that Republicans had failed to offer any meaningful plans of their own, and were focused instead on criticizing his attempts at improving the American economy.

"They won't be talking about much, but they will spend more money than we've ever seen on ads that just try to repeat the same thing over and over again," Obama said. "The economy is not doing as well as it should and it's all Obama's fault. It's like going to a concert and they just keep playing the same song over and over again."

After the CBO report was released Monday, Republicans quickly pointed back at the White House, arguing they had taken action that the president has thus far ignored.

"The economy isn't growing," House Majority Leader Eric Cantor wrote. "As the CBO makes clear, the President's push for higher taxes on small businesses and failure to prevent devastating defense cuts threaten our national security, jobs and economic growth."

Cantor, in his statement, also boosted his party's presidential candidate, saying it was time for a change in leadership.

"With four years of trillion dollar deficits and an economy threatened by the President's failed policies, Americans deserve real leadership that will create jobs, responsibly reduce our massive debt and return economic growth and prosperity," Cantor wrote.

Amanda Henneberg, a Romney campaign spokeswoman, similarly pinned responsibility for the CBO's findings on Obama, saying the report was "another indictment of President Obama's economic policies that have resulted in overspending, increasing debt, and a growing financial burden on the next generation."

"The Romney-Ryan Plan will get America back on track with lower spending and 12 million new jobs for middle-class families," she wrote.

Romney's vice presidential pick, House Budget Committee Chairman Paul Ryan, voted for passage of the sequestration measure last year. It was signed into law by Obama on August 2, 2011 and was also supported by Democrats.

At the time, he said then the measure represented "a victory for those committed to controlling government spending and growing our economy."

He continued in his statement, "The agreement – while far from perfect – underscores the extent to which the new House majority has successfully changed Washington's culture of spending. No longer can Washington endlessly spend money it does not have."


Filed under: 2012 • Mitt Romney • Paul Ryan • President Obama
soundoff (53 Responses)
  1. bb

    Imagine not paying taxes, but still getting a tax refund — that's just what many illegals with kids may be doing
    Heres a prime example of MR IEPTS POLICIES If u think Oblunder has helped the nation in any way shape or form u r sadly mistaken, its ok democraps to admit u made a mistake with Oblameo firsT line it the article OBLUNDER BLAMES BLA BLA BLA what kind of leader is this ?? ans = the worse

    August 22, 2012 02:29 pm at 2:29 pm |
  2. Hey

    Hey "If blah blah" guy!!!! Is that the same track that we were riding the Bush Train on? Tell us how Romney plans to do that!

    August 22, 2012 02:32 pm at 2:32 pm |
  3. Hey

    Hey bb. I'm still trying to imagine paying less than 13% when making over 20 million when my percentage is way higher and I make way less!

    August 22, 2012 02:34 pm at 2:34 pm |
  4. JP

    American People.......

    the BUSH TAX CUTS are for EVERONE....not just the wealthy....

    in fact the middle class recieved MORE cuts than the wealthy

    the Middle Class tax cuts equalled $1.8 trillion dollars over the last 10 years...while the wealthy recieved 800 Billion in tax cuts.....NEVER FORGET when the PEOPLE get to keep their own money it is a GOOD thing

    the Romney/Ryan plan is to LEAVE the cuts as they are and make them permanant

    August 22, 2012 02:36 pm at 2:36 pm |
  5. 8.3% unemployment - Over 8% 42 Straight months and the Obama Jobs DEPRESSION continues unabated

    "They're willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires – tax cuts we can't afford that would do nothing to strengthen the economy," Carney wrote.
    ===========================================================================================
    The Democrat/Obama lies just keep coming!

    Republicans aren't holding anybody "hostage". They are ready to extend the Obama Tax Cuts for everybody paying taxes. Obama and the Democrats REFUSE to do this. THEY are holding the ECONOMY hostage in order to further their class warfare election strategy. The measly $80 billion in taxes from the "evil rich" is a joke to a government running a $1.5 TRILLIONyearly deficit. But it sure gives Obama and the Democrats a whipping boy/scapegoat to divert from their 4 years of failure.

    August 22, 2012 02:36 pm at 2:36 pm |
  6. G Foster

    Go defense cuts!!!! More, more, more.

    August 22, 2012 02:37 pm at 2:37 pm |
  7. vic , nashville ,tn

    Power hungry GOP won’t do anything

    August 22, 2012 02:38 pm at 2:38 pm |
  8. Since

    Since when have republicans EVER been conservatives?

    August 22, 2012 02:38 pm at 2:38 pm |
  9. Fair is Fair

    "Hey bb. I'm still trying to imagine paying less than 13% when making over 20 million when my percentage is way higher and I make way less!"
    ------
    13% of $20 million is $2.6 million. In one year he pays more in taxes than most people will earn in a lifetime. If you ask me, that's more than fair.

    August 22, 2012 02:40 pm at 2:40 pm |
  10. Lizzie

    G FOSTER, you are right in line with Pres.Clinton and Pres.Carter, reduce the military we don't need them, no one in the world would dare to attack us.

    August 22, 2012 02:41 pm at 2:41 pm |
  11. Lizzie

    G FOSTER that included the intellegance community, which BOTH PRESIDENTS reduced to nothing.

    August 22, 2012 02:42 pm at 2:42 pm |
  12. demwit

    If you think Romney will fix the fiscal cliff then your a moron.
    If you think Obama can fix anything, you haven't been paying attention.., moron,

    August 22, 2012 02:42 pm at 2:42 pm |
  13. Hahahahahahaha

    @ 8.3% IQ – When the Real Class Warfare begins, everyone posting here will be on the SAME side. The POOR side. I will point my finger at you and laugh when we both are in the trenches and say, "I told you so". Hahahahahahaha

    August 22, 2012 02:42 pm at 2:42 pm |
  14. Lizzie

    Hey, you can't pay less then 13% if you Get tax refunds but never payed a dime in income tax.

    August 22, 2012 02:44 pm at 2:44 pm |
  15. Anonymous

    Bill Kristol said Mitt Romney should pay more tazes and release his tax returns.

    August 22, 2012 02:47 pm at 2:47 pm |
  16. Hahahahahahaha

    @Fair in his own mind – You have been assimilated by the GOP machine. Good boy. Now go vote against your own interests this year like a good GOP puppet. Hahahahahahahaha

    August 22, 2012 02:48 pm at 2:48 pm |
  17. demwit

    Prolonged Recession now or Great Depression later.
    Even I know what happens when you stick you head back in the samd.

    August 22, 2012 02:49 pm at 2:49 pm |
  18. bb

    @hey Why is success bad?? who cares what NEXT PRES ROMNEY paid in taxes if he can get the country on track, WHO CARES. U made a bad bet with Oblunder, it happens just dont let it happen twice, its apparent Oblameo is a cancer on the Goverment. He is just INEPT, he even said QUOTE I WONT RUN AGAIN IF THE DEFICET ISNT CUT IN HALF, I say have your boy man up and step down.

    August 22, 2012 02:52 pm at 2:52 pm |
  19. m.l. russ

    The same people who lie on Obama are the same people who voted for Sarah Palin!!!!! Obama will win, the country will prosper ,and Mitt will have to sit down, shut up and pay his fair share of taxes.. Mitt has 77 days to practice his concession speech. That's something he shoud be good at.

    August 22, 2012 02:53 pm at 2:53 pm |
  20. You People Aint Seeing Our Tax Returns

    It's quite simple.

    The only way to balance the budget is to increase DEFENSE spending, give more TAX CUTS to millionaires and turn MEDICARE into a voucher program.

    August 22, 2012 02:58 pm at 2:58 pm |
  21. Anonymous

    "13% of $20 million is $2.6 million. In one year he pays more in taxes than most people will earn in a lifetime. If you ask me, that's more than fair."

    What's your point? Other than the man is a multimillionaire?

    August 22, 2012 03:04 pm at 3:04 pm |
  22. Squigman

    Here's the fiscal cliff: When you can not pay your bills it a cliff. When your neighbor can not pay his, it's called tough toenails. Just ask Mitt. He's itching to fill you in on the concept.

    August 22, 2012 03:06 pm at 3:06 pm |
  23. obama is Out Of Touch with reality

    obama wants it so he can have more welfare recipients, obama wants to be ruler, but soon he will lose.

    August 22, 2012 03:10 pm at 3:10 pm |
  24. Hahahahahahaha

    @bb – You have been assimilated by the GOP machine too. Good boy!!!! Wow, that was easy!!! Now go vote against your own interests just like your fellow GOP supporters that are poor! Atta boy!!!! Hahahahahahahaha

    August 22, 2012 03:11 pm at 3:11 pm |
  25. Fair is Fair

    Hahahahahahaha

    @Fair in his own mind – You have been assimilated by the GOP machine. Good boy. Now go vote against your own interests this year like a good GOP puppet. Hahahahahahahaha
    -----
    Come on, now... you can say it.... "From each according to his ability".... I mean it's right in the manifesto.... go make Karl Marx proud. Oh, by the way... how do you know what my, or enyone else's for that matter, "best interests" are? And finally, I do realize you're last girlfriend was named Amanda Hugginkiss... but I'm not a "boy".... mmmmmkay?

    August 22, 2012 03:12 pm at 3:12 pm |
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