Obama's Fiscal Cliff Interview... The Fiscal Cliff Is Coming

White House South Lawn, Blue Sky, Washington, DC, USAAmerica needs to get ready for the politicians to go over the fiscal cliff. That is how things sound as of now at least. It is becoming more and more evident, if not obvious, that both sides are too far apart to reach a deal by the end of this year. After John Boehner sent a deal via a letter on Monday, President Obama gave an interview to Bloomberg Television today regarding the coming fiscal cliff.

The long and short is that there is not really anything new for investors to hang their hat on. Ergo, nothing positive. The president's interview addressed the latest proposal from Republicans. He said it was out of balance and that the Republicans must acknowledge that more taxes have to come on the wealthy. President Obama called accepting a deal on the bottom 98% as a down-payment toward a more comprehensive tax deal in 2013 on the wealthy.

President Obama said that there was no way to expect comprehensive tax reform as a possibility in the short period of time before the year-end's deadline. President Obama did keep the door open for a bipartisan deal but there is nothing new on how or when.

Both sides are too far apart on the coming fiscal cliff. The end result is that tipping over is almost certain to drag a very fragile economy back into recession.

JON C. OGG


Filed under: 24/7 Wall St. Wire, Economy, Politics

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sctoelle

May I suggest the Government downsize itself first like a company would when revenues are not there to sustain itself at current levels. Government is too big and has too many over lapping agency's doing the same function. Raising taxes, no matter how it is done does not help the economy unless it is used to reduce our debt. The Administration is not wiling to do that.Taking money out of the private sector and giving it to Washington is like giving drugs to an addict. It will be wasted!

December 04 2012 at 3:55 PM Report abuse rate up rate down Reply
1 reply to sctoelle's comment
yearsocrapleft

THE MUSLIM CLOWN N GEITHNER , SENILE NAZI PIGLOSI N REID WANT TO TAX THE "HELL"OUT OF "ALL" AMERICANS N YOU PEOPLE JUST SIT THERE N LET THEM DO THAT ????? RIOT IN THE STREETS OR IT WILL BE 4 MORE YEARS O CRAP LIKE THE LAST 4 YEARS OF RECORD UNEMPLOYMENT ~~RECORD FORECLOSURES~~RECORD JOB LOSSES. !

December 05 2012 at 8:39 AM Report abuse rate up rate down Reply
Starr

why has nobody suggested that we stop all foreign aid to those countries that HATE US? I don't understand why we still keep funneling money to them....how much could be saved if it was cut off?

December 04 2012 at 2:12 PM Report abuse rate up rate down Reply
1 reply to Starr's comment
BERNIE BRANDON

I agree! How can we give away any money when we are in economic trouble. We could fix social security and the health system if Congress gave the money spent on foreign aid to these programs. I say stop it except for food aid and send food and not dollars...at least until we get back on our feet.

December 06 2012 at 7:10 AM Report abuse rate up rate down Reply