December 6th, 2012
12:33 PM ET
10 years ago

Fiscal cliff deal down to wrangling over details

Washington (CNN) - Both sides agree the wealthy will pay more, so now fiscal cliff talks come down to how much Republicans can wring out of the White House in return for giving in on taxes.

To President Barack Obama, it's all about first locking in additional revenue from raising taxes on high-income owners, an outcome the GOP has long rejected.


Filed under: Congress • Fiscal Cliff • President Obama
soundoff (18 Responses)
  1. Kelby in Houston, TX

    From the Article: Washington (CNN) – Both sides agree the wealthy will pay more, so now fiscal cliff talks come down to how much Republicans can wring out of the White House in return for giving in on taxes.

    In the words of the great Willy Wonka

    December 6, 2012 12:38 pm at 12:38 pm |
  2. Rudy NYC

    Details. Boehner keeps making the same proposals that Mitt Romney did. They claim to eliminate deductions without specifying what they would be, but somehow are able to come up with a dollar figure of how much increased revenue would result. That's pretty amazing, that they're able to do that. I think Al Gore called it "fuzzy math". Paul Ryan admitted the truth in the CBS interview, "I haven't run the numbers."

    December 6, 2012 12:42 pm at 12:42 pm |
  3. Ed1

    If we spend what we don't have we go to jail let Obama and his thugs be held accountable for all the wasted tax dollars that they spent over the last four years.

    Two years ago a new Congress was elected to stop all the out of control spending guess what they were elected again this year to do the same thing.

    Get it thru your thick heads over spending is not the solution it's the problem wake up and put the Kool Aid down and get real.

    Obama knows how to do one thing and he does it very well class warfare period.

    Last year Obama wanted to close loop holes for the rich this year he doesn't want the because the Rebubs said they would do it. You only have to look at the Democrats that are not reaching out to help they just want to continue they way we are heading not and it's a train wreck.

    This is all smoke and mirrors. Economists on both sides, state clearly that the revenue will simply be far too little, to pay for Obama's spending. Period. End of story.

    This entire battle, was fought simply to take control of the Congress, by a dictator.

    December 6, 2012 01:10 pm at 1:10 pm |
  4. Rick McDaniel

    That's simply untrue. Obama is not yielding anything, and that is simply a deal that cannot get done.

    December 6, 2012 01:11 pm at 1:11 pm |
  5. Wilson

    The fake gurgyl did bring up one interesting point. Does anyone really believe that the only taxes that will be going up will be on the 2%, that it will stop there? How many of you are that naive?? Go on raise your hands.

    December 6, 2012 01:14 pm at 1:14 pm |
  6. Rich Peoples Union Local 250000

    In protest of Obama's war on the rich, rich people will declare a strike on all investment in the USA and any USA based company. Over the next year, all stocks and bonds will be sold and replaced with companies in other countries. All property owned int he USA will be sold. All US government securities will be sold. All deposits in US banks will be withdrawn an dmoved to overseas banks.

    The 99% should remember that YOU, Obama and the Democrats have asked for this. You have made it clear you hate us and think we are the source of all the nations problems yet think our money is the solution to all the nations problems. We will do you a favor and take our evil money elsewhere so that you are not troubled anymore. Enjoy what you have asked for. We will do just fine elsewhere, as rich people will always do. You will all have to learn how our economy works the hard way. Sory it had to be this way but remember, you are the ones that declared war on us.

    December 6, 2012 01:14 pm at 1:14 pm |
  7. Data Driven

    Unless I read this article wrong, I don't see any progress. Loopholes ONLY does not mean the wealthy will pay more. They'll just find other loopholes. The Drunkard of the House is still gibbering about loopholes while still not conceding on rates. Did I misread this? Mea culpa, if so.

    December 6, 2012 01:15 pm at 1:15 pm |

    It is clear stupid people re-elected Obama. Even though it is 100% clear Republicans are offering to increase the taxes paid by the rich, I keep reading and hearing Democrats claim Republicans are trying to get some kind of tax cut for the rich and pass the cost onto the middle class. The issue is not if taxes will be raised on the rich, they will be, but how will they be raised and how much. The Republicans offer does not increase taxes on the middle class. Only stupid people would think so. A recent Washington Post article stated that 750 billion in new revenue could be raised by setting a deductions cap at 50,000. Middle class tax payers do not have deductions that add up to 50,000 so there would be no impact to them. I agree Republicans should provide the details, that would help. But taxes are going up on the rich no matter what happens, that is settled. Deal or no deal. Only question is how much and how. Only stupid people would not understand that and the only people who do not seem to understand that is those who are clearly Obama supporters who also stupidly voted this non leader back into office.

    December 6, 2012 01:15 pm at 1:15 pm |
  9. Ray E. (Georgia)

    It ain't over til the Fat Lady Sings. 75 years of Liberal Polotics and a 16 Trillion dollar federal debt All spent and now the Libs want to blow more. So, the "Rich" pay more, jobs dissappear, the National Debt goes up, Who wins? Maybe China.

    December 6, 2012 01:20 pm at 1:20 pm |
  10. Darryl

    After the last 4 years of obstructiveness and keeping JOBS from the American people the republicans should NOT get anything period. The american people are the ones to get all and any deals here and in the future. The madness stops here and now for the Party of NO !

    December 6, 2012 01:28 pm at 1:28 pm |
  11. James Bond

    Mike, put down the pipe buddy, your not thinking clearly, what, exactly are the increase in taxes on the rich, unspecified loopholes are not an answer

    December 6, 2012 01:31 pm at 1:31 pm |
  12. James Bond

    Hey rich dude, you still here? bye already. your greed is showing again, how many jobs you created this year, and how much do they pay,. bye again

    December 6, 2012 01:33 pm at 1:33 pm |

    It is true both sides agree that taxes are going up on the rich, only questions that remain on that point is how they will be raised and how much. But even if Republicans agreed to a tax rate increase as Obama demands, that would not get a deal done. Obama still wants new spending in the deal, not going to happen. Obama still wants Congress to give him the power to raise the debt ceiling when ever he wants by what ever amount he wants, not going to happen. Obama still wants only very small spending cuts that are only a promise to be passed into law sometime in the future, not going to happen. Spending cuts are going to have to be much larger and passed now, not a promise to pass sometime in the future. Obama feels he has a winning argument on the taxs and he talks only about the taxes, distorting the Republicans offer on taxes and pretends that is all that is preventing a deal. Not true at all.

    December 6, 2012 01:33 pm at 1:33 pm |
  14. James Bond

    Mike repubs plan is close unspecified loopholes, that will be the morgage iterest deduction, and set the cap at a % of income, that does in fact benefit the wealthy substantionally more. next

    December 6, 2012 01:36 pm at 1:36 pm |
  15. James Bond

    Heres the thing botthering my sense of logic, 50-55% of medicade is used by just 5 % of the people, set a cap, raise social security age by 26ears,up the taxable earnings for it to 150k instead of 100k, and increase contribution rates 5%, both are now viable for decades. why is this so hard to do?

    December 6, 2012 01:41 pm at 1:41 pm |
  16. James Bond

    Please tell me the increase in taxes on the rich that you say is being offered? exactly , if they can come up with a specefic number, they should be able to tell us how they got that number

    December 6, 2012 01:45 pm at 1:45 pm |
  17. Ray E. (Georgia)

    Obama is asking not only for the Keys to the Kingdom but a limitless Credid Card where he can have no Debt Limit at all. It is the Soviet Union Re-Invented. Good God can anyone see the folly of this??

    December 6, 2012 01:49 pm at 1:49 pm |
  18. Claudia, Houston, Tx

    We rejected Romney/Ryan and their plan to install the "Ryan Budget Plan" and the GOP are still trying to install it. Unfortunately the keep hanging their coats on the wrong coat hangers when they should be kicking Ryan out.

    December 6, 2012 02:01 pm at 2:01 pm |