” Barack Obama desperately wants to take the country over the fiscal cliff. That’s the only conclusion one could possibly draw from the absolute dementia masquerading as his administration’s opening offer. Here’s the basic rundown of what the president would like to see happen.
- $1.6 trillion in tax increases – not just on the wealthy, but on businesses the administration views unfavorably, such as oil.
- $50 Billion in new stimulus spending
- A deferment – of a single year – on the military sequester
- An extension of unemployment benefits for those out of work
- Federal money to shore up underwater mortgages
To top off the lunacy, President Obama would like nearly unlimited power to raise the debt ceiling whenever he likes, as high as he likes. This is something Timothy Geithner hinted at a few weeks ago. If Obama has his way, the only constraint on this power would come when a difficult-to- achieve Congressional supermajority chooses to override his decision. “
Illustration By Lisa Benson
- Geithner: End debt ceiling for good? (politico.com)
- Republicans reject White House fiscal cliff proposals as incomplete (guardian.co.uk)
- Boehner sees no progress in “fiscal cliff” talks (reuters.com)
- Report: Obama’s “fiscal cliff” offer to Republicans calls for $1.6 trillion in new taxes and end of debt ceiling in exchange for … nothing, basically (hotair.com)
- Geithner to meet with congressional leaders for `fiscal cliff’ talks (foxnews.com)
- Boehner Spurns $4 Trillion ‘Fiscal Cliff’ Proposal (hispanicbusiness.com)
- Tim Geithner’s Solution To The Debt Ceiling Is So Reasonable, Nobody Could Possibly Object (businessinsider.com)