Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

CreekDog

(46,192 posts)
20. two separate issues actually
Thu Nov 8, 2012, 05:48 PM
Nov 2012

the Bush tax cuts will expire on their own if nothing is done because there's a sunset provision in them at 10 years.

the fiscal cliff is mandated spending cuts congress voted on last year i think (with the debt limit increase). those would kick in.

so they are two separate issues.

but Obama's plan is to do less cuts to programs, more to defense, all tax cuts continue except wealthy
Republican plan is less defense cuts, or none at all, more to programs, Bush tax cuts continue forever

so we need a debt extension again, the tax cuts risk slowing the economy and both parties are needed to pass the a solution to both, but R and D plans are 100% opposite in almost every respect.

if nothing is done, all the tax cuts expire, massive spending cuts to defense and domestic programs --less gov't stimulus to an already struggling economy that will risk recession.

so that is the mess we face. it is solvable, but someone is going to have to budge and that makes me nervous.

Recommendations

0 members have recommended this reply (displayed in chronological order):

It is even more important to restore the GitRDun Nov 2012 #1
For sure... WCGreen Nov 2012 #4
Death tax MY ASS! Save the ESTATE TAX!!! tokenlib Nov 2012 #14
It's a tempting idea....... CaliforniaPeggy Nov 2012 #2
two separate issues actually CreekDog Nov 2012 #20
let it expire Fresh_Start Nov 2012 #3
Great Quip... WCGreen Nov 2012 #5
He's absolutely right. kentuck Nov 2012 #6
Has to happen.... WCGreen Nov 2012 #7
Yep. kentuck Nov 2012 #8
Lawrence did a show on this Dalai_1 Nov 2012 #9
HA HA we posted at the same time...gotta give Lawrence his due... tokenlib Nov 2012 #11
I think they all would breath a sigh of relief if Norquist was made irrelevant. WCGreen Nov 2012 #12
I would like to see the Democrats go on the offensive. kentuck Nov 2012 #13
Perfect! Dalai_1 Nov 2012 #15
Lawrence O Donnell has been pushing it too--I love the smile when he does.. tokenlib Nov 2012 #10
I think this issue will help determine Obama's historical significance. kentuck Nov 2012 #16
This is the time to do it... WCGreen Nov 2012 #17
You know it's coming. kentuck Nov 2012 #18
Just got a tweet regarding this topic Dalai_1 Nov 2012 #19
The "fiscal cliff" is not the Bush tax cuts Spike89 Nov 2012 #21
Well that is the point... WCGreen Nov 2012 #22
Ed just tweeted Dalai_1 Nov 2012 #23
They should absolutely do this, strike while the iron is, well, limp.... WCGreen Nov 2012 #24
I replied to his tweet with a link to this thread Dalai_1 Nov 2012 #25
Ezra Klein:CBO Letting upper-income tax cuts expire would barely hurt economy Dalai_1 Nov 2012 #26
Latest Discussions»General Discussion»Steve Kornacki has a grea...»Reply #20