December 10th, 2012
11:23 AM ET
10 years ago
President, House speaker trying to talk their way down from fiscal cliff
Washington (CNN) - It's crunch time for avoiding the fiscal cliff, with President Barack Obama and House Speaker John Boehner and their aides holding private talks on issues that will affect every American.
Three weeks remain to cut a deal before the automatic tax hikes and spending cuts of the fiscal cliff go into effect on January 1.
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And the President should...? JUST LISTEN! Boehner and congress are the ones that made the deal AND the consequences! THEY need to propose something acceptable or FACE the consequences.
Oh by the way, for those of you who are insisting that the taxes be raised on the upper 2% of taxpayers, there is a hidden surprise for you. Unless Congress extends the tax cuts, on January 1, 2013 anyone who had debt forgiveness from a short sale of their home will be getting a 1099 Form. This means that whatever debt the bank writes off from a short sale, the seller will have to pay taxes on that amount as if it were ordinary income to them.
Happy New Year.
rs
Republicans have no answers.
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Oh really??? Republican governors are turning their states around BIG TIME after taking them over from failing Democrats. And then you have bankrupt and failing California, with the highest tax rates in the country. And then Illinois, that is not much better, of course run into the ground by Democrats.
If you want to stop the rising debt quit giving red states all the monies they cry for.For every $1 in revenue that red states send to Washington they recieved $2 back so that's not a great way to curb spending and these same red states with their republican reps are the biggest hypocrites calling for debt reductions,that's hilarious..Doctors,lawyers the biggest thieves in this country are the ones in congress,senate calling the shots on Americas economic futures and they're not economic professors so if they were so sucessful in their professional businesses why be politicians,need I say more to add fuel to this fire!!
So how about this.. Let the rates go up on the top 2%, and all those that think it's horribly unfair can send a check to their favorite millionaire!
@tommy g only reason rep gvnrs hv turn around is b cuz they used stimulus $ to balance there budget instead of creating jobs like they were suppose 2. Republicans made the mess they better figure out how 2 fix it if they r going 2 hv any credablity!
2012liberal
@tommy g only reason rep gvnrs hv turn around is b cuz they used stimulus $ to balance there budget instead of creating jobs like they were suppose 2. Republicans made the mess they better figure out how 2 fix it if they r going 2 hv any credablity!
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It is simply scary how clueless so many on the left are.... Stimulus money is LONG GONE. The foolish governors that did as Obama wanted and used it to pay their state union workers eventually had to let those people go when the money ran out. End result, still lost jobs and now the country more in debt.
Smart Republican governors knew they had to get their expenses in line with their revenues and made the tough decisions EARLY and now have a great leg up on getting their states growing economically again.
And then you have Democrat run nightmares like California and Illinois... teetering on the verge of bankruptcy because the unions and their spending levels are anchors dragging them to the bottom of the sea. The ykeep raising their taxes only to watch more and more people and businesses flee their state, further reducing their tax revenue. Idiots.