The Treasury Secretary says the WH is prepared to go over the fiscal cliff if Republicans do not cooperate.
The incomparable Walter Russell Mead, writing in the American Interest, offered a glimpse into the coming dystopia: "Things are getting worse in San Bernardino. The city filed for bankruptcy earlier this year, but its financial situation has continued to deteriorate. And now with what promises to be a heated court battle over payments to the state pension fund in the offing, further cuts are likely.
President Obama’s offer to Republicans to save the country from its fiscal cliff plunge is one big joke. Senate Minority Leader Mitch McConnell said he “laughed” when Treasury Secretary Tim Geithner, Obama’s cliff negotiator, unveiled it to him. Laughable is right when you consider the president’s outlandish request calls for tax hikes on higher earners, the one thing Republicans repeatedly have warned Obama, since day one of his presidency, were non-starters to any budget or deficit reduction talks.
Treasury Secretary Tim Geithner's opening bid to Speaker John Boehner, a demand for $1.6 trillion in new taxes, was not meant as a serious offer.
While McConnell laughed at Geithner's tax proposal, 'the average taxpayer burst into tears.'
It’s been two years since President Obama signed the Wall Street-reform bill that has come to be known as Dodd-Frank. So has it succeeded in creating “safer and more modern rules of the road for the financial industry,” as Treasury Secretary Timothy Geithner claims?
We've had some unusual Cabinet secretaries in past administrations -- Earl Butz, John Mitchell and James Watt come to mind -- but never anything quite like the present bunch.
What makes this new regulation so disturbing is that it is a gross abuse of the regulatory process. For more than 90 years, Congress has maintained a policy of seeking to attract capital to the American financial system.
On the heels of last week’s payroll tax deal, Washington pundits began asking whether the Party of No was dead. As is often the case, the professional pundits have it all wrong. The Party of No is alive and well.
In a hearing on the president’s budget, Camp stated that nearly $2 trillion in tax increases will take more money away from employers, investors, and savers, and would push the top rates close to 45 percent.
It is difficult to know for certain what talk is happening in closed circles behind the scenes, but if Germany is not discussing how to break away from the Eurozone (perhaps with Austria, the Netherlands, Finland, and a consortium of Northern Europe), they are making a huge mistake.