Obama says failure to reach fiscal deal would hurt markets

Comments (30)
Joe_Casepack wrote:

Obama doesn’t care. He wants the “fiscal cliff” and it is by design.

It demonizes the GOP while giving him an opportunity to save the day by enacting new tax cuts with his name on them while getting rid of the “Bush Tax cuts”. Never underestimate the pettiness of Obama.

Dec 30, 2012 9:23am EST  --  Report as abuse
costag1 wrote:

Isn’t it funny how everyone praised about the Clinton days and now they all complain about going back to the tax rates when clinton was president.

Dec 30, 2012 9:29am EST  --  Report as abuse
ZackShoemaker wrote:

A failure to cut spending and increase taxes, will lead us to insolvency, that’s going to not only hurt markets, it’s going to shut them down. I guess we’re going to hold markets hostage by not mandating a sound budget, and just make the world loan us more of their money and add to our deficit. Pettiness is looking at 14 trillion debt dollars, and seeing party lines.

Dec 30, 2012 9:43am EST  --  Report as abuse
JamVee wrote:

NO DUH it will hurt “markets”! The sun is also hot!

Dec 30, 2012 10:05am EST  --  Report as abuse
courtobserver wrote:

Obama’s fail-safe is a great plan. Taxes go up on everyone and mandatory spending cuts go into effect. A bill is then introduced to reduce taxes on the middle class, a bill that would easily pass both houses. Obama gets blamed for higher taxes on the wealthy and for any subsequent consequences and for the mandatory sequestration spending cuts. The House can then control any proposed spending increases.

Dec 30, 2012 10:29am EST  --  Report as abuse
wildabeast wrote:

I have a dream. Where every politician tells the truth instead of using fear to distort their intentions.
That goes for all politicians.
From all these comments I see, their game works. They have successfully pitted us against each other to promote their hold on power.

Dec 30, 2012 11:13am EST  --  Report as abuse
SGOLDEN wrote:

For all of you who voted for big government last month: get ready to pay for it! When you find out what the monthly payments are on just the stimulus and obamacare, a trip to the dentist for a root canal will seem like a vacation. But don’t worry. You’ll still have HOPE and some chump CHANGE in you pockets.

Dec 30, 2012 11:13am EST  --  Report as abuse

to bull with that: they are always hurting.

Dec 30, 2012 11:22am EST  --  Report as abuse
Rollo2 wrote:

It amazes me that Obama believes that this problem is not his. He is one of the most incompetent leaders I have ever seen, and in my many years in the corp world I have seen many. When Obama took office there were problems, not the least was a divided Nation. Obama has significantly worsened EVERY thing he has inherited. His childish name calling, pitting one group against another, denial of responsibility, and financial mismanagement (corruption) has brought us to our knees. We need good leadership and a united Nation if we are to survive. We cannot afford much more of the continued campaigning, gamesmanship and incompetence we see in Washington!

Dec 30, 2012 11:22am EST  --  Report as abuse
TeaPublican wrote:

You liberals just don’t understand politics do you! It honestly doesn’t matter if the majority of Americans don’t like how our TeaPublican Congressmen vote, as long as they vote how we tell them to! If they are “impure” in TeaPublican thought and action…if those Republicans don’t toe the TeaPublican line and say NO to everything….we WILL run them right out of office come the next primary election! We WILL have FoxNews, All AM talk radio, all conservative leaders and organizations along with the Koch brothers, help funnel millions of dollars into their opponent’s campaign fund! These “impure” Republicans WILL get their butts kicked! We will NOT put up with treason! Republican legislators like their jobs and want to keep them. They don’t want to look back and regret the day they cast a vote that ended their political careers! Let’s talk the truth here folks! If these Republicans compromise in any way they know they WILL face a strong opponent in the next primary election and they WILL get defeated! We TeaPublicans WILL take back America in 2014 and 2016! Then you WILL see America move forward!

Dec 30, 2012 11:27am EST  --  Report as abuse
TeaPublican wrote:

You liberals just don’t understand politics do you! It honestly doesn’t matter if the majority of Americans don’t like how our TeaPublican Congressmen vote, as long as they vote how we tell them to! If they are “impure” in TeaPublican thought and action…if those Republicans don’t toe the TeaPublican line and say NO to everything….we WILL run them right out of office come the next primary election! We WILL have FoxNews, All AM talk radio, all conservative leaders and organizations along with the Koch brothers, help funnel millions of dollars into their opponent’s campaign fund! These “impure” Republicans WILL get their butts kicked! We will NOT put up with treason! Republican legislators like their jobs and want to keep them. They don’t want to look back and regret the day they cast a vote that ended their political careers! Let’s talk the truth here folks! If these Republicans compromise in any way they know they WILL face a strong opponent in the next primary election and they WILL get defeated! We TeaPublicans WILL take back America in 2014 and 2016! Then you WILL see America move forward!

Dec 30, 2012 11:27am EST  --  Report as abuse
usa.wi.vet.4q wrote:

Both sides are failing all if us. Please do your job and stop blaming the other party. If you refuse to work for our future you are all out. Your cushy retirement is one of the first benefits we take back. Seems equal to what you have done to the working class?

Dec 30, 2012 11:39am EST  --  Report as abuse
neilc23 wrote:

Dear Mr. President,

You’re absolutely that the lack of a solution to the so-called ‘Fiscal Cliff’ will hurt the markets. That’s why I am appalled at the lace of leadership from the Executive Branch of government.

Almost three years ago, you handpicked a bipartisan Commission on Fiscal Responsibility and Reform. They did their job and submitted to you their final report on December 1, 2010 and titled their report ‘The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform’.

Some excerpts from their report include:

1) “We keep kicking the can down the road, and splashing the soup all over our grandchildren.” Every modest sacrifice we refuse to make today only forces far greater sacrifices of hope and opportunity upon the next generation.”

2) “Every aspect of the discretionary budget must be scrutinized, no agency can be off limits, and no program that spends too much or achieves too little can be spared.”

3) “The federal government can and must adapt to the 21st century by transforming itself into a leaner and more efficient operation.”

4) “We must continue to invest in our future, but must not undermine those investments by leaving generations yet to come with a debt they cannot repay.”

5) “In limited situations, some emergency costs may be necessary. However, such spending must be subject to far greater accountability and transparency that it is today. Too often, Congress uses the emergency designation as a loophole to get around fiscal restraints.”

6) “Adopt immediate reforms to reduce spending and make the Federal Government more efficient”.

7) “Reduce Congressional and White House budgets by 15 percent. Although the nation’s economy continues to struggle, there’s no recession in Washington. Like most areas of government, the budgets for Congress and the Executive Office of the President have grown significantly in recent years. For example, spending on the legislative branch rose close to 50 percent from FY 2000 through FY 2010.

Mr. President. This is not a joke. It’s not about a testosterone deficiency. It’s about our future. As a parent and a grandparent, I see America losing our competitiveness in a global economy, becoming increasing mediocre in education, and totally forgetting the work ethic that made America great. So my question to you is simple, “What actions did you take, if any, to begin addressing America’s fiscal and spending problems during the past two years following the report of the Commission on Fiscal Responsibility and Reform?

Dec 30, 2012 11:41am EST  --  Report as abuse
Rich_F wrote:

politics and zealotry don’t mix. politics has and always will be about compromise, bit by bit. both sides need to give a little and take a little to move us forward. lets also understand the political system will not fix what ails our country, that can only be done at the individual, personal level. as each heart is changed so the collective will be changed. it seems politics has become just another false god promising to fix the ails of the world. sorry but like all the other false gods this one will also fall short.

Dec 30, 2012 12:09pm EST  --  Report as abuse
usa.wi.vet.4q wrote:

It may take the US population showing up inside Washington for these elite idiots to understand how crappy and unacceptable their lack of effort is. They need to go back to grade school to learn some new words. Lets start with accountabilty and compromise. Yes Washington we set the bar really high with two words!!!! Even you idiots could do it!

Dec 30, 2012 12:19pm EST  --  Report as abuse
BioStudies wrote:

Well I’m glad Barry cleared that up for me. I was under the impression that the cliff was a good thing!

Dec 30, 2012 12:25pm EST  --  Report as abuse
yubamary wrote:

Wilabeast and Neilc23, you are both so right. Additionally I’m beginning to feel that if the DEMS keep on blaming everything on the GOP and the teaparty(which is not a party at all) they will ultimately accomplish what they want. ONE PARTY rule. At lot of young people and many other ages do not read the news and do not keep informed, they are busy trying to raise families. So they just listen to the headlines or splatter of the news unfortunately and they believe what they hear without looking any further. usa.wi.vet you have it right also.

Dec 30, 2012 12:34pm EST  --  Report as abuse
bocomojoe wrote:

I see the usual clueless right-wing trolls are trying to hang the “fiscal cliff” thing on Obama. Bernanke coined that phrase — a right-wing conservative supply-side trickle-down economist and Bush appointee, and also one of the people that have caused the economy to be in such bad shape. The whole “fiscal cliff” thing is just a scare tactic and bunch of bull pucky picked up by the media. In a sane world Bernanke’s comment would have vaporized as quickly as it came out of his mouth. If there is or was a fiscal cliff, we went over it during the Bush administration, and we’re climbing our way back out, and will continue to do so. If the Bush tax cuts expire the real losers will be the wealthy, who benefited from the tax cuts in the first place. For the rest of us it will be business as usual. We need to end Reagonomics and return to consumer-based demand-driven tax and economic policy and quit rewarding the people who have spent 30 years profiting from the destruction of America.

Dec 30, 2012 12:53pm EST  --  Report as abuse
SanPa wrote:

Somehow … I would not care if markets tumbled. The more Wall Street traders that are wiped out, the better for America.

Dec 30, 2012 1:12pm EST  --  Report as abuse
TheNewWorld wrote:

The problem Mr. President is that a fiscal cliff deal that avoids spending cuts and raising revenues will do nothing to curb deficit spending. If we do nothing to curb deficit spending our credit rating is going to take another hit, and eventually our interest rate is going to go up because of the government’s irresponsible spending of the last 6 years. Mr. President, you were a Senator when this started and you have been President for four years now. You own this issue just like the other incumbents who have been in office, especially Mr. Reid, Mrs. Pelosi, Boehner, McCain, McConnel, Ryan, etc. It is time for you to man up, take a little responsibility for your ineptitude, and become a leader.

Dec 30, 2012 1:23pm EST  --  Report as abuse
flashrooster wrote:

SGOLDEN: “When you find out what the monthly payments are on just the stimulus and obamacare, a trip to the dentist for a root canal will seem like a vacation.”

LOL…perhaps a little history lesson on Presidents and their spending would give you a more accurate understanding. The spending initiated by Obama is very moderate compared to other Presidents during the last several decades. Not since Eisenhower have we had a President introduce new spending so moderate: http://www.forbes.com/sites/rickungar/2012/05/24/who-is-the-smallest-government-spender-since-eisenhower-would-you-believe-its-barack-obama/

Rather than complain about Obama’s spending for the Iraq and Afghanistan wars, the Dept of Homeland Security, the Bush Medicare Prescription Drug Plan, the Bush tax cuts, No Child Left Behind, and TARP (although it’s too late to end TARP), you should be arguing that these expenditures should be ended. But I’m not hearing this from the right. You can’t have it both ways. Either call for the end to this ongoing spending initiated by Bush and the Republicans, or shut up about the deficit spending, because if not for the Bush expenditures, we’d have a balanced budget. But to blame Obama for spending initiated by Bush without calling for an end to those expenditures is disingenuous, at best. But I’m not, for example, hearing Republicans demand an end to all the Bush tax cuts or an end to the Dept of Homeland Security. You might as well be railing against Obama for the 4,500 service men and women lost during the Iraq war that Bush lied us into. I just never know if I should be shaking my head at the inability for people on the right to understand simple basic concepts or for their dishonesty.

If you want to be honest in your complaints about spending, don’t just whine about spending in general. Be specific. Say whether we should end spending on our vets who were wounded in Iraq or call for an end to the Dept of Homeland Security, or insist that we should throw, say, 25% of elderly Americans off of Medicare. Just show some integrity and be specific, and demand it from your Republican representatives, because I never hear them get specific about how they want spending cut.

Dec 30, 2012 2:57pm EST  --  Report as abuse
flashrooster wrote:

Let’s see, TheNewWorld, Obama gave in to the Republicans in 2010 and you were very critical of that. This time he’s putting his foot down and insisting taxes go up, and you’re deeply critical of that, too. He’s offered a few compromises, and you criticized him then as well. Yet you attack HIS leadership, as if he’s a reluctant dictator, but not the Republican leadership. Pray tell, what would you have Obama do that would have you praising his leadership regarding this fiscal cliff impasse? And please be specific.

Dec 30, 2012 3:05pm EST  --  Report as abuse

K3HY, Why should it be different next time around if in fact Democrats take majority of the House? When Democrats were in control of all branches of government, what did they accomplish? They could have tackled jobs, outsourcing, healthcare costs, etc., etc., but Obamacare was the only thing on their mind. The result: everyone has access to healthcare but nobody can afford it, and here we are.

Dec 30, 2012 3:15pm EST  --  Report as abuse
JoeObserver wrote:

Now that Plan A has failed and Plan B was rejected, what is the next Option? Is there a Plan C? Perhaps Boehener can come up with some new plans. One thing for sure, there is no deal.

Dec 30, 2012 7:02pm EST  --  Report as abuse
TheNewWorld wrote:

@flashrooster

“Obama gave in to the Republicans in 2010 and you were very critical of that. This time he’s putting his foot down and insisting taxes go up, and you’re deeply critical of that, too. He’s offered a few compromises, and you criticized him then as well. Yet you attack HIS leadership, as if he’s a reluctant dictator, but not the Republican leadership. Pray tell, what would you have Obama do that would have you praising his leadership regarding this fiscal cliff impasse? And please be specific.”

I am not being critical of his one policy of wanting the taxes to go up on the 2%. I want them to go up on everyone. He is insistent on just raising $80 billion a year on taxes on the rich, while we run a $1.1 trillion dollar deficit. Then in the same breath he wants an additional $50 billion in spending for stimulus. Reducing the deficit by $30 billion is a slap in the face and does absolutely nothing.

What will I praise him for? If he came in and told Harry Reid and Boehner, I want a budget that has a limit of $500 billion in deficit spending this year. The next year I want a budget with only $250 billion in deficit spending. The next year I want a budget with only $100 billion in deficit spending. And my final year in office I want to leave my successor a balanced budget. Then I will be happy, and I will say that Obama is one of the greatest Presidents of modern times, just like I say about Bill Clinton, Ronald Reagan, and JFK.

Dec 30, 2012 7:12pm EST  --  Report as abuse
TheNewWorld wrote:

@flashrooster

I just want to follow that up with this. The next President will be dealing with challenges on our debt, but at least they will only have a debt of around $18 trillion rather than $22 trillion, and wont have to fight yet another debt limit increase battle. Certainly both sides would have to make huge concessions to get to those numbers. The Republicans are going to have to cut their defense funding by at least a third, and preferable in half. They will have to let all the tax cuts expire. And then the Democrats are going to have to deal with cutting spending preferably on everything other than Social Security and Medicare. We have borrowed trillions out of Social Security and that should have never happened.

Correct me if I am wrong though, Obama has absolutely no intention of balancing the budget, or dealing with our debt. He wants to get control of the debt limit so he can avoid any fiscal responsibility issues. If I am wrong, please provide specifics that he has proposed to get our balance budgeted.

Dec 30, 2012 7:32pm EST  --  Report as abuse
Jim_Dandy wrote:

Continuing deficits will hurt the market, printing money for QE3 will hurt the market. While it going to hurt the Fed needs to come to a true balanced annual budget and not using tricks to fool themselves, it sure doesn’t fool the voters.

Dec 30, 2012 8:13pm EST  --  Report as abuse
Wassup wrote:

The charlatan who took absolutely no action in the months predating the date of the “fiscal cliff” makes verbal snippets and continues the verbal blame game for his short sighted empowering supporters. The current stalemate falls firmly upon Obama’s shoulders for little to no leadership in the months predating the cliff as history will certainly show along with his other short comings too numerous to mention. The Congress of no consequence and the idiots in leadership positions within will share in the debacle. The American people have had quite enough of this charade of government.

Dec 30, 2012 10:57pm EST  --  Report as abuse
BlueOkie wrote:

We’ve had a year to fix this! There is no leadership in Washingto. Their motive is simple. Get reelected. To paraphrase “Damn the economy, full speed ahead”

Dec 31, 2012 9:35am EST  --  Report as abuse
BlueOkie wrote:

You can fool some of the people all of the time, you can fool all of the people some of the time, but you cannot fool all of the people all of the time. Wake up America the two party system is no longer working. The have-nots want the gov’t to redistribute wealth from the haves. All they need do is vote their purse instead of their brain.

Dec 31, 2012 9:42am EST  --  Report as abuse
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