Fiscal Cliff Negotiations

The Republicans put out a budget last year for the upcoing fiscal year. It passed the House and was never even looked at by the Senate. The Senate Republicans drafted a budget proposal which was killed in committee. The onus is on the Democrats to propose the budget.

 

Read up on the South Korean/Japanese case studies. Both nations went through balance sheet recessions in the lat eighties and early ninties which were similar in structutre to what the US and Western Europe saw in 2008.

The Japanese took the American approach of bailouts and big spending. The South Koreans let bad banks fail, reduced government's role in the economy, cut taxes, cut spending and let the market correct issues.

Twenty years later Japan has had two lost decades and Korean has one of the most sound and fastest growing economies in the world.

 

point blank cut some of these people who are living off the goverment,

 

and the main problem with this country is the big powerful rich want to run everything and let the others try to make ends meet,well it won't work.

 

Hold the line on taxes and pull back reigns on spending. I'd swear this administration ,and the senate democrats, are doing everything they can to destroy this countries economy. It doesn't take a CPA to figure out you can't spend $4 for every $2.75 you make.

 

With his political bombshell timed perfectly to escalate the fiscal cliff 'crisis', U.S. Treasury Secretary Timothy Geithner warned America would officially hit the debt ceiling on Monday.

"I am writing to inform you that the statutory debt limit will be reached on December 31, 2012", Obama's Treasury Secretary Geithner warned congressional leaders. "The Treasury Department will shortly begin taking extraordinary measures authorized by law to temporarily postpone that date that the United States would otherwise default on its legal obligations."

Geithner's announcement was largely unexpected, with most in Washington still led to believe the U.S. would not hit the debt ceiling until late February to mid-March.

 

Well, last day to make a deal or EVERYONE's taxes go up.

 

This article claims we will come to a compromise on taxes and basically kick the can down the road on spending. This is a complete fuck show.

http://finance.yahoo.com/news/two-sides-now-absurdly-close-124000145.html

 

we have done this for the last 10 years

 

I know. It's not surprising. It's what I always expected.