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Surreal: Obama's Fiscal Cliff Proposal Stuns Washington

Bear Trax Wrote: Nov 30, 2012 9:59 AM
This is example number 645, 389 of what happens when an 'ego maniac' has absolutely no work or financial experience. Ofcourse this proposal is unbelievable. It's supposed to be. It's straight out of the last budget Obama submitted to congress earlier this year. Concerning the unlimited debt there are 2 questions: 1. Borrowed from who? 2. What do the debt rating agencies do to interest rates when every responsible financial entity with bi-laws has to dump their government bonds. These are pension plans, credit unions, churches, charities, and independent banks.

Republicans have been asking for the White House's plan for some time now -- well, they finally got one.  Oh my:

House Republicans said on Thursday that Treasury Secretary Timothy F. Geithner presented the House speaker, John A. Boehner, a detailed proposal to avert the year-end fiscal crisis with $1.6 trillion in tax increases over 10 years, an immediate new round of stimulus spending, home mortgage refinancing and a permanent end to Congressional control over statutory borrowing limits. The proposal, loaded with Democratic priorities and short on detailed spending cuts, was likely to meet strong...