Fiscal Cliff (Page 5)

The big problem we have is that SS/Medicare/Medicaid/Defense/Interest is larger than $2.9T. So there will be minimal cuts IMO.

They absolutely can cut their way out of this, but they absolutely will not cut their way out of this simply because as you stated a bunch of those cuts would have to come from SS/Medicare/Medicaid which are political untouchables.  We would literally have to be completely broke, 50%+ unemployment, and total anarchy on the streets before a politician would consider mentioning a cut to any of those programs.

Well, the way I see the electorate has spoke in the last election and they want to see all the Federal Govt. welfare and charity to continue, there is no way we can raise taxes enough to cover what people want the Feds to spend. I haven't seen in the last 12 years our elected officials do anything other than serve their own and their parties self interest. I don't know how long it will take but I won't be surprised when we as a nation have the same issues going on as what has been playing out in Greece. The way things are now the elected officials can't even agree to do away with the automatic what is it 3 or 4% growth?

I'm not unfeeling to your situation, I just don't know how with the gutless pos on both sides of the isle things will get any better.

ETA,,,, Even on this board with the amount of debt we have people still want the govt to give PBS a half billion a year which I believe costs us another 200 million in debt service many people thing that borrowing money from China is worth it.  

I wonder what would happen if our interest rate went up 2 or 3 points from where it is today?

Anyone notice the report on Yahoo yesterday, that the President met with "labor and progressive leaders" to discuss the fiscal cliff and how to approach it.  Among those he met with were, The Head of SEIU, The two executive Directors of Center for American Progress, and the director of MoveOn.org.

This meeting occurred prior to his scheduled meeting with industry leaders and his scheduled meeting with congressmen on Thursday.

Just saying.

And today he is starting "negotiations" with asking for 1.6 trillion in new tax revenues.

From WSJ:

President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011.

http://professional.wsj.com/article/SB10001424127887323551004578117152861144968.html?mod=WSJPRO_hpp_LEFTTopStories

Here's hoping they ask for double the cuts

And anyone wanting to cut spending will be portrayed as wanting to throw granny off the cliff, waging a war on women, wanting to kill Big Bird (might as well serve him for Thanksgiving) and a host of other divisive catchy phrases.

As far as tax increases go here are some that are already enacted and about to take effect.

Summary of tax increases: (ten year projection)

• Increase Medicare tax rate by .9% and impose added tax of 3.8% on unearned income for high-income taxpayers: $210.2 billion
• Charge an annual fee on health insurance providers: $60 billion
• Impose a 40% excise tax on health insurance annual premiums in excess of $10,200 for an individual or $27,500 for a family: $32 billion
• Impose an annual fee on manufacturers and importers of branded drugs: $27 billion
• Impose a 2.3% excise tax on manufacturers and importers of certain medical devices:$20 billion
• Raise the 7.5% Adjusted Gross Income floor on medical expenses deduction to 10%: $15.2 billion
• Limit annual contributions to flexible spending arrangements in cafeteria plans to $2,500: $13 billion
• All other revenue sources: $14.9 billion

Source http://en.wikipedia.org/wiki/Patient_Protection_and_Affordable_Care_Act

You have to get your priorities straight.

Sir... you are flat out wrong. We all know only Republicans use fear tactics.

I guess we are finding out what "vote for revenge" means.