I'm pretty sure that we're going off the so-called 'fiscal cliff'. Both sides of this negotiation have become entrenched and its very unlikely anyone will blink.

And honestly, I'm not sure anyone wants to reach an agreement really. As the 'cliff' will actually begin to solve the problem while allowing each side to blame the other.In the end, it will probably be a good thing. Historians will probably view it as more of a violent swerve back to the road of fiscal solvency rather than a cliff.

There's still time to fix the AMT problem, and that my happen later next year. However, I think the Bush tax cuts will expire and cuts will go into effect.

Not gonna happen for one simple reason. At the end of the day, people will remember come mid term elections. Politicians have been figuring out lately that voters seem to remember the things they do and say, lately.

They will keep up all the posturing until the last minute. The funny thing is, is that Obama isn't playing that game, and saying no. They will realize they have to give in soon.

It will probably be last minute as will all things Congress does, but they will either find some way to kick the can down the road or get it done.

Everyone needs to pay more tax, most would be willing to in order to avoid a major debt crisis, but only if spending is cut. For the last 5 years, the private sector has been cutting spending and increasing efficiency in major ways. It's about time the government does the same thing. Let's see those across the board 9% spending cuts - I believe the budget managers can make it work, dire predicitons aside.

That's funny. Everyone now is saying a deal is near. OP is a Negative Nancy.

NotGonnaHappen Wrote:
-------------------------------------------------------
> Not gonna happen for one simple reason. At the
> end of the day, people will remember come mid term
> elections. Politicians have been figuring out
> lately that voters seem to remember the things
> they do and say, lately.

The Republican PARTY will get most of the blame, but individual members will be able to claim that they didn't raise taxes, it was the "fiscal cliff" and "other members of my party" or "Obama's fault".

Don't forget these guys are all master politicians, or the elite among used car salesmen.



>
> They will keep up all the posturing until the last
> minute. The funny thing is, is that Obama isn't
> playing that game, and saying no. They will
> realize they have to give in soon.
>

I suspect they will allow the tax cuts to expire, since it gets them past the issue of raising taxes. Then they will start to talk rationally about spending cuts and restructuring the tax system.



> It will probably be last minute as will all things
> Congress does, but they will either find some way
> to kick the can down the road or get it done.

Kick the can down the road. Who wants to risk losing an election and missing out on all the benefits, perks, profits and powers of being in office just to do what is right for the country?

Going off the cliff may be just political theater. They have roughly till the end of January realistically to delay any changes to the tax code through directives to the IRS with the two parties communicating that certain changes will be enacted.

Question... what exactly will happen when we go off the fiscal cliff? I know that the automatic sequestration will go into effect and a good number of contractors in the area are gonna get laid-off, but what else will happen? Could someone who is somewhat knowledgeable explain what 2013 will look like if no deal is reached.

BTW, I believe that some sort of compromise will be reached before the end of the month, and the proverbial can will be kicked down the road. I just want to get a take on what happens in the worst case scenario.

 

friskydingo Wrote:
-------------------------------------------------------
> Question... what exactly will happen when we go
> off the fiscal cliff?




More importantly, who came up with this annoying buzz term "fiscal cliff"?

I remember the term cropping up three or four months ago... some journalist prob coined the phrase.

 

Good. I want this country to collapse.

If 3rd world communists are going to invade your home, are you just going to let them have it?

Fuck that.

Burn it to the fucking ground so they have nothing to gain from your former labors...

I'm voting Left in order speed up the implosion of this country and moving abroad with my pile of White Gold.

It seems that this will be the best thing that can happen for the country. Almost everyones taxes will increase and the rich will have taxes return to where they were before Bush reduced them. This is the closest thing to balancing the budget we have been you many years. I am hoping they agree to disagree and it just runs it course on the first of the year.

BigK Wrote:
-------------------------------------------------------
> It seems that this will be the best thing that can
> happen for the country. Almost everyones taxes
> will increase and the rich will have taxes return
> to where they were before Bush reduced them. This
> is the closest thing to balancing the budget we
> have been you many years. I am hoping they agree
> to disagree and it just runs it course on the
> first of the year.


Were you born this stupid or did you do a lot of drugs?

BigK Wrote:
-------------------------------------------------------
> It seems that this will be the best thing that can
> happen for the country. Almost everyones taxes
> will increase and the rich will have taxes return
> to where they were before Bush reduced them. This
> is the closest thing to balancing the budget we
> have been you many years. I am hoping they agree
> to disagree and it just runs it course on the
> first of the year.


Silly lib. You're assuming that any of the increase in taxes will actually go toward reducing the deficit. It won't. Spending will simply increase accordingly.

eesh Wrote:

> More importantly, who came up with this annoying
> buzz term "fiscal cliff"?


I'm sure it was the defense industry lobby. They're the ones claiming it will be doomsday for NOVA in particular, if it happens.

0tter Wrote:
-------------------------------------------------------
> That's funny. Everyone now is saying a deal is
> near. OP is a Negative Nancy.

Really? Everyone? Who?

What you don't understand is it will be out of the hands of congress after that unless they give in and approve something new, and we all know they won't agree to approve anything. Both parties have there own agenda and won't compromise. That is why it is a good thing that this happen, it will force the issue. The big losers will be the Republicans because the tax increase expecially for the rich will be forced on them.

BigK Wrote:
----------------------------------------------------
The big losers will be the
> Republicans because the tax increase expecially
> for the rich will be forced on them.


Actually, one of the main reasons I think no deal will be reached is that both sides gain something they can't get any other way. The Republicans get a tax increase while blaming the Democrats, and the Democrats get cuts in defense while blaming the Republicans for any economic fallout of those cuts.

0tter Wrote:
-------------------------------------------------------
> That's funny. Everyone now is saying a deal is
> near. OP is a Negative Nancy.

Meh....

http://www.usatoday.com/story/news/politics/2012/12/07/boehner-fiscal-cliff-talks-obama/1754253/

Boehner: No progress in fiscal cliff talks

I have already jumped off the " fiscal cliff" I'm broke as hell, can't afford to feed my cat, my jeans are so tight, they are a size 28 but i wear 34, i'm on a low budget.

You may have a long wait. The sequestration doesn't bite until the appropriations runs out in Q1. The Treasury can maneuver funds to hold off a technical default due to the debt ceiling until Spring.

We are going off the fiscal cliff.....And whitey is on the moon...

BigK Wrote:
-------------------------------------------------------
> What you don't understand is it will be out of the
> hands of congress after that unless they give in
> and approve something new, and we all know they
> won't agree to approve anything. Both parties
> have there own agenda and won't compromise. That
> is why it is a good thing that this happen, it
> will force the issue. The big losers will be the
> Republicans because the tax increase expecially
> for the rich will be forced on them.


Last I checked, the House is in Republican hands. Obama can try to tax the rich all he wants, but all bills involving revenue have to start in the House. I think the Republicans are going to be forced to cave in, but Obama has to be reasonable. The second stimulus wouldn't work, especially when we haven't apportioned the first. Obama's tax plan wouldn't raise enough revenue, and the lack of spending cuts is irresponsible at best.

Neither party knows what the hell it's doing; the GOP has a slightly better clue.

trogdor! Wrote:
-------------------------------------------------------
> I'm pretty sure that we're going off the so-called
> 'fiscal cliff'. Both sides of this negotiation
> have become entrenched and its very unlikely
> anyone will blink.
>
> And honestly, I'm not sure anyone wants to reach
> an agreement really. As the 'cliff' will actually
> begin to solve the problem while allowing each
> side to blame the other.In the end, it will
> probably be a good thing. Historians will
> probably view it as more of a violent swerve back
> to the road of fiscal solvency rather than a
> cliff.
>
> There's still time to fix the AMT problem, and
> that my happen later next year. However, I think
> the Bush tax cuts will expire and cuts will go
> into effect.

As cold as it sounds, it's probably better if we go off of the fiscal cliff. We may end up in a recession, but it deals with our problem of entitlements being out of control.

Young Curmudgeon Wrote:
-------------------------------------------------------
>
> As cold as it sounds, it's probably better if we
> go off of the fiscal cliff. We may end up in a
> recession, but it deals with our problem of
> entitlements being out of control.


Not the best approach, but if it's the only way that we can cut spending, then I'll take it. It's not happening otherwise.

Hatchet Wrote:
-------------------------------------------------------
> Not the best approach, but if it's the only way
> that we can cut spending, then I'll take it. It's
> not happening otherwise.

It may very well be the only way to cut spending. It cuts 600 billion from our budget. Obama refused when the Republicans attempted to cut 600 billion by raising the retirement age and cutting Social Security benefits.

Hatchet Wrote:
-------------------------------------------------------
> Young Curmudgeon Wrote:
> --------------------------------------------------
> -----
> >
> > As cold as it sounds, it's probably better if
> we
> > go off of the fiscal cliff. We may end up in a
> > recession, but it deals with our problem of
> > entitlements being out of control.
>
>
> Not the best approach, but if it's the only way
> that we can cut spending, then I'll take it. It's
> not happening otherwise.


Who cares, we are all fucked on 12-21-12..let's fuck some whores!!!

0tter Wrote:
-------------------------------------------------------
> That's funny. Everyone now is saying a deal is
> near. OP is a Negative Nancy.


I guess 'near' is a relative term.

do the following

1. budget sequestration
2. let the 2% payroll tax cut expire
3. let the tax rates for capital gains and dividends go back to the old rates
4. revoke the special tax credits or increases in tax credits
5. allow the Bush tax rates for ordinary income stand
6. revoke tax deferral for offshore profits and start charging 6% interest per annum
7. revoke special treatment for carried interest

Obama is driving the bus. He can pull over anytime he wants. Obama wants to go over the cliff. He can't wait to go over the cliff! Get your check books out America. Time to start paying for what you voted forSheeple!???

Things are looking better:

http://online.wsj.com/article/SB10001424127887324669104578205421234901266.html