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JubaionBx12+SBS

The Fiscal Cliff: What Will Happen on Capitol Hill?

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The fiscal cliff is upon us and on Jan 1 2013 the US will fall off into a recession if there is no deal made in Washington to cut/generate $4 trillion in 10 years to tackle the deficit. Let's discuss what can, should and/or will be done to get past this ever present obstacle.

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So far both sides are coming together on this issue this time around, not the hole crazy debt ceiling debacle that we had about a year ago,

 

 

They say they will have a deal done before Christmas, I well believe it when I see it.

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whatever they do is not going to be enough. lets look at the congressional budget office`s report pie chart for fiscal year 2011

 

http://www.cbo.gov/publication/42636

 

the federal government spent $3.6 trillion thats an average of $10 billion a day.

 

revenues to the federal government was $2.3 trillion which basically pays for 230 days of running the government.

 

obama is calling for a revenue increase of $1.6 trillion over 10 years, an average of $160 billion a year or 16 days of running the government. he is also saying he wants to cut the deficit by $4 trillion over 10 years, an average of $400 billion a year or 40 days of government spending. so add 56 days of spending to the 230 days already covered and that is 286 days, that leaves 81 days not covered or $810 billion a year added to the national debt which is already at $16.267 trillion.

 

None of this covers the other 800 lb gorilla in the room. that would be the unfunded liabilities that we owe. Social Security is at $16.016 trillion, prescription drug is at $21.191 trillion and MediCare is at $84.272 trillion for a total of $121.494 Trillion or an average liability per taxpayer of $1,059,011.

 

i also love how obama says that people who make less than $250,000 a year will not see their taxes raised one dime. but he doesnt tell you that the taxes he is imposing, especially obamacare will add $1.79 per hour, per full time employee for every company.

 

http://pjmedia.com/tatler/2012/11/14/other-than-raising-taxes-killing-jobs-and-undermining-health-care-obamacare-is-just-awesome/

 

therefore prices for everything are gonna go up that everyone will have to pay so its not a tax per say, but we are gonna pay for it

 

joe

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