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Obama Wants $1.6T In Taxes And More Stimulus

From an unfazed Reuters:

Obama’s opening "fiscal cliff" bid seeks debt limit hike, stimulus

by Steve Holland, Mark Felsenthal | November 29, 2012

WASHINGTON (Reuters) – The Obama administration’s opening bid on Thursday in negotiations to avert a year-end fiscal crunch included a demand for new stimulus spending and authority to unilaterally raise the U.S. borrowing ceiling, a Republican congressional aide said.

"A demand for new stimulus spending"? It’s déjà vu all over again. This is Obama’s solution to every problem. More spending.

The proposal, made by Treasury Secretary Timothy Geithner to congressional Republican leaders on Capitol Hill, was seen as offering little the Republicans could agree to and was greeted with laughter, the aide said.

"We can’t move any closer to them because they’re not even on our planet," the aide said. "It was not a serious proposal." …

In the maiden bargaining session, Geithner, the president’s lead negotiator, proposed raising tax revenues by $1.6 trillion, congressional aides confirmed…

A $800 billion dollar tax increase was Obama’s original offer back in 2010. It is what he has campaigned on for the last two years. And now he is insisting on a tax hike that is two times higher.

The administration also sought at least $50 billion in new economic stimulus spending.

Obama’s negotiators also sought the ability to raise the nation’s borrowing limit unilaterally. Currently, Congress must approve an increase in the debt ceiling, and it was an impasse over that issue that brought the country perilously close to default in 2011.

The administration’s proposal would put off across-the-board spending cuts for a year.

In exchange the administration agreed to make $400 billion in spending cuts to entitlement programs, an aide confirmed.

In summation, Obama is demanding twice as much in new taxes ($1.6T) as he campaigned on ($800B). On top of that, he wants $50 billion dollars in new stimulus spending. And, on top of that, Obama wants the power to raise the debt limit unilaterally, without any limit whatsoever. And they want to put off off spending cuts for a year. All in exchange for $400 billion in cuts to entitlement programs which will never happen.

No wonder Mitch McConnell and the Republicans laughed out loud. They should have walked out of the room, then and there. And they should stay out. Let the Democrats stew in their own juices.

From The Weekly Standard:

McConnell ‘Burst Into Laughter’ as Geithner Outlined Obama’s Plan

By FRED BARNES | November 29, 2012

Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts…

Can you blame him?

Geithner suggested $1.6 trillion in tax increases, McConnell says, but showed “minimal or no interest” in spending cuts. When congressional leaders went to the White House three days after the election, Obama talked of possible curbs on the explosive growth of food stamps and Social Security disability payments. But since Geithner didn’t mention them, those reductions appear to be off the table now, McConnell says.

Spending cuts were never on the table. And they never will be on the table.

This article was posted by Steve on Friday, November 30th, 2012. Comments are currently closed.

3 Responses to “Obama Wants $1.6T In Taxes And More Stimulus”

  1. GetBackJack says:

    I can’t be broke! I still have checks!

  2. Reality Bytes says:

    Greek Revival is the style that DC was built. Appropriate don’t you think?

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