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Obama warns against another debt-ceiling fight
By The Associated Press
This article was published December 5, 2012 at 11:13 a.m.
PHOTO BY AP/CHARLES DHARAPAK
President Barack Obama is introduced by Jim McNerney, chief executive officer of The Boeing Co., before speaking about the "fiscal cliff" during an address before the Business Roundtable, an association of chief executive officers, on Wednesday, Dec. 5,2012, in Washington.
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WASHINGTON — President Barack Obama warned Republicans on Wednesday against picking another fight over the nation’s debt ceiling, telling business leaders that it’s “not a game that I will play.”
Obama said in remarks to the Business Roundtable that he was aware of reports that Republicans may be willing to agree to higher tax rates on the wealthy as a way to avert the looming “fiscal cliff” and then come back next year with more leverage to extract spending cuts from the White House in exchange for raising the government’s borrowing limit.
“That is a bad strategy for America, it’s a bad strategy for your businesses, and it’s not a game that I will play,” Obama said, recalling the “catastrophe that happened in August of 2011.”
The president cited the prolonged and deeply partisan standoff over raising the U.S. debt limit last year that led the nation to the brink of default for the first time in its history.
If Congress and the White House don’t reach a budget deal, about $1.2 trillion in spending cuts and tax increases will automatically kick in starting Jan. 2, a scenario that’s been dubbed the “fiscal cliff” because it is likely to send the economy back into recession and drive up unemployment.
Meantime, House Speaker John Boehner, R-Ohio, and Republican leaders said Wednesday — prior to Obama’s remarks — that the White House had failed to offer a “balanced approach” that had a chance of clearing either chamber of Congress. “We can’t negotiate with ourselves,” Boehner said.
Read tomorrow's Arkansas Democrat-Gazette for full details.
Comments on: Obama warns against another debt-ceiling fight
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HOTDEMN says... December 5, 2012 at 12:10 p.m.
This obstructionist platform the the Republicans have been using to cripple and scare America has already cost them the Presidency and the Senate. If they keep it up they can count on loosing the House in the mid-terms. And Arkansas has once again let itself be tricked into letting the foxes guard what's left of the hen house that the last foxes didn't get. It's no suprise that Fox "News" led the assault.
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LB_in_Searcy says... December 5, 2012 at 12:27 p.m.
The continued Tax and Spend of the Democratic party may buy them more votes, but it's sending our country into an economic tailspin. The obstructions are on the side of a president who refuses to negotiate a compromise. It's "his way" or nothing... and that's what we will have... nothing....
And why should anyone want to work? The folks that don't work are being rewarded. Those who do work are paying more taxes and fines and fees next year. "Big Daddy Government" will take care of us all... free everything!
Welcome to America - downgrading itself to a third world country!
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SRBROTHERINLAW says... December 5, 2012 at 12:30 p.m.
Not a game he will play???? I wasn't aware that our present state of economics was a game.
What a loser of a president...He should never have been elected to start with. He is such a putz. We have got to quit spending our economy cannot survive at the rate the government isspending and "giving" away money we don't have.
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toddm76 says... December 5, 2012 at 1:31 p.m.
IRAQ IS a waste....weapons of mass destruction.....what a waste of funds and HUMAN LIFES...
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mamawof9 says... December 5, 2012 at 2:06 p.m.
Who decided it was the taxpayers responsibility to pay everyones bills? I am not referring to SS or Medicare. Most of the people receiving these funds have paid into it for years. I am also not refering to highways , education, etc. I am referring to paying the bills of people who have consistantly made poor choices; the choice not to take advantage to a free education, training, retraining, all funded by the taxpayers, the choice not to put their child/childrens needs before their own pleasures, addictions, and habbits, etc. Until there is more individual responsibility and less "it takes a village", I see no way for the economy to get better. Stop making excuses for poor choices, man up, and do what is needed to improve your individual situation. Stop blaming it on the man/woman who was smart enough to succeed and work on your own success. Our ecomony can improve, one individual at a time.
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Jjackk says... December 5, 2012 at 2:09 p.m.
Please, any puppets out there tell me one Republican that has EVER cut the budget or came close to balance one? Makes all you look pretty ignorant when you act like they are fiscally responsible or even gives a crap what concerns you. You people are just the peons they con with their morality issues to vote for wall street greed. Two parties, one system, no change.
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Packman says... December 5, 2012 at 3:09 p.m.
Hey Jjackk (Mr. Meoff) - At the risk of accepting your "puppet" premise, have you ever heard of the Contract With America and Newt Gingrich? Bill Clinton likes to take credit, but it was Newt and friends that made it happen. I do feel GW Bush capitulated to liberal demorats on budget issues and he should have allowed the federal government to shutdown anytime the idiots on the other side of the aisle refused to entertain his budget proposals. GW was too nice and tried too hard to please the liberal tax and spenders, and it cost him and us dearly.
I vote we go over the mythological fiscal cliff and stay there through the mid-terms and let the voters sort things out. Who know, maybe after a couple of years taxpayers come to like it.
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T6 says... December 5, 2012 at 3:32 p.m.
Oh this President's such a joker! Did I mention he's also a LIAR?
youtu. be/8Pp2HaiGh_U
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RonalFos says... December 5, 2012 at 4:40 p.m.
Republicans want their cake and eat it too. They want big cuts but don't want to take responsibility for them with the public.
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DontDrinkDatKoolAid says... December 5, 2012 at 6:15 p.m.
Obama wants his cake and eat it himself. He doesn't want to cut spending while taking in more taxes, as with not taking any responsibility for the out come from the public.
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T6 says... December 5, 2012 at 8:58 p.m.
Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday offered an amendment to force a vote on President Obama’s deficit-reduction plan, but Senate Majority Leader Harry Reid (D-Nev.) was having none of it.
“Last week [Treasury] Secretary [Timothy] Geithner brought up a proposal that was so unserious,” McConnell said on the floor, “I would like to see if my Democratic friends would like to support it.”
McConnell suggested that the Senate vote on what he called the president’s “ridiculous” plan as an amendment to the Russian trade bill that is being considered.
Reid, however, objected to McConnell’s suggestion, saying the Russian trade bill, H.R. 6156, is about job creation, not political stunts from Republicans.
“The purpose of this bill is to protect American jobs,” Reid said. “Are we going to get serious here and legislate or is this more of the political stunts that the Republican leader is going to pull today?”
The majority leader's objection removes the amendment from consideration.
McConnell said he wasn’t surprised Democrats didn’t want to vote on Obama’s plan, which he said raises taxes on small businesses.
“Not a single Senate Democrat has stepped forward to support it, and if you look at it you can see why,” McConnell said. “It increases taxes.”
Obama’s plan, released last week, calls for $1.6 trillion in tax increases and $400 billion in cuts to entitlement programs, plus a new $50 billion stimulus plan. Democrats want to raise taxes on those making more than $250,000 a year. The plan would also allow the president to raise the debt ceiling without action from Congress, something lawmakers heavily oppose.
The DemocRats want a Dictator for President.
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BillSmith says... December 5, 2012 at 11:06 p.m.
T6,Qui,Packman,LB_in_Searcy,SRBROTHERINLAW,......How did the Contract With America and Newt Gingrich ideology work out for you guys this time around. You are looking at the first phase of the demise of the Republican Party. Your far right social issues are going to put you down for the count.
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Testingonetwothree says... December 6, 2012 at 4:59 a.m.
“not a game that I will play.” is that a threat??? what he is really saying is I wil do it my way ..screw you.....
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Populist says... December 6, 2012 at 6:35 a.m.
The point is that we do not need another downgrade to our credit rating. We need responsible cuts across the board including entitlement spending, and we must increase taxes on those who can afford it. I am afraid that the Republicans and Democrats are going to stick it to the people who make in the $250,000 to $750,000 range and let the megarich off free. The Republicans only care about people making millions a year, and Democrats only care about those who make less than $250,000. Most tax proposals will screw the upper middle class. I'm afraid the "compromise" will be to save the entitlement programs and the low tax rates and loopholes on the megawealthy and totally screw the upper middle class. In fact, people making $260,000 a year who live in expensive areas of the country will be the most hurt; they really live a middle class lifestyle and will still have to pay high taxes. A pox on both the Republican and Democratic houses if this happens. (God give us Angus King or Michael Bloomberg for President although I think that Hillary probably would treat the upper middle class better.)
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T6 says... December 6, 2012 at 8:13 a.m.
BillSmith.... The Contract With America didn't have anything to do with the Republicans losing this election, What did was the TAKERS, the 47%, Obamas UNION army, the Republican Party's rush to be DemocRat Lite. Obama's lover John Boehner comes to mind.
I have always said COMPROMISE to DemocRats means giving in to everything they want. If Republicans don't, they get brow beaten by the DemocRats and the Obama media.
The DemocRats are good at moving the goal post. The Republican's plan, (the President's plan) worked last year but not this year.
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T6 says... December 6, 2012 at 8:19 a.m.
Populist..... YOU LIBS WERE WARNED what would happen!!!!!!
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gabe816 says... December 6, 2012 at 9:32 a.m.
November unemployment numbers are out, went from 7.0% to 7.8 %. Is it
possible the crooks in the white house has anything to do with numbers. Looks
like more of the c**p from team Bo. Dropped to 7.00% three days before
the election.
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Populist says... December 6, 2012 at 10:44 a.m.
T6
The Republicans are as responsible as the Democrats for sticking it to those who make between $250,000 and $750,000 a year. Ryan hinted at getting rid of the mortgage deduction which would kill the middle class. The Romney/Ryan agenda always was about keeping taxes low on the middle class. It looks as if the Democrats only want to protect the poor, and the Republicans only want to protect the megarich. Unless these proposals change, the middle may need to form a new party.
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NONSHEEPLE says... December 6, 2012 at 11:21 a.m.
CUT SPENDING FIRST!!!
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Packman says... December 6, 2012 at 11:40 a.m.
Hey BillSmith - What are you smoking these days? There was no Contract with America this time around pertaining to specific and targeted action items. And I agree those "far right" social issues like self-reliance, invidivual liberty, personal accountabliity, honor, and freedom are being lost to people and politicians who see a government handout as Alpha and Omega of human existence. Are you liberals ashamed yet?
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lazybar says... December 6, 2012 at 11:51 a.m.
pop while i and i think most of us agree its the middle that will suffer but i don`t think its dem vs rep its liberal vs conservitive.libs think by flooding the poor with money it will stop the poverty and the conservitives think by overtaxing the rich you will hurt the economy.
as i inch closer to the 250k mark i notice that 250k is not what it used to be.when i started having kids 22 years ago 250k seemed like a millionaire with 60k being a above comfortable living.now someone making 60k with 2 kids barely makes it.as i personally live comfortable i would not mind paying higher taxes if i felt it was used wisely.i complain about giving money to the poor but i really don`t mind helping my fellow man that is if they really need the help.
as far as raising the debt ceiling,why do we need to borrow more if we can`t pay what we owe now?
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nwar says... December 6, 2012 at 12:17 p.m.
lazybar - refusing to raise the debt ceiling is not being either conservative or responsible. If the ceiling is not raised, then the United States is welching on its debts already incurred. It would be like getting a huge mastercard bill in the mail and deciding to throw it in the trash rather than actually tightening your belt financially. Spending decisions were made prior to this point and that where they need to be contained -- during the appropriations process. But remember, when Republicans say they want to "reform entitlements," they are directly targeting Social Security, and Medicare, programs that many of us have been paying into our entire working lives. If you fall into this category, the GOP thinks you are also one of the "moochers."
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Populist says... December 6, 2012 at 12:29 p.m.
Nwar,
Some people are taking out more in ss and medicare than they paid in.
LazBar,
The middle is getting squeezed by both the top and the bottom. If you think welfare is just for the poor, think again. Many of the megarich are power brokers, lobbyists, defense contractors, and builders who are expert at greasing palms in Washington and state capitals and getting big awards. There is as much corporate welfare for the rich as there are for the poor. The deficit was caused by too many people on the bottom AND on the top wanting handouts. The Democrats are beholden to the people on the bottom and the Republicans are slaves of the extreme wealthy, the polluters, energy industry, and the megarich. I'm afraid the "compromise" that the Democrats and Republicans intend is to place the entire brunt of the deficit on the backs of the upper middle class. We will pay an effective rate of 35% in taxes while the megarich get contracts, debt forgiveness, tax breaks, and effective rates of 14%.
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lazybar says... December 6, 2012 at 1:49 p.m.
nwar,people who never have paid in are drawing ss.my wife treated a 10yr old boy the otherday who gets draws a check for asthma.when ask where mother worked she was proud to inform my wife the check her son gets makes it to where she didn`t have to work so she could stay home and take care of her son.wife ask does he not go to school and mother said yes.boy was in er with a brokenarm from playing football.so if he goes to school and is healthy enough to play football,why does he draw a check big enough that mom can stay home and guess who pays that medical bill?
pop here is where we differ.if the business gets a break for making jobs happen i`m all for whatever break they get.even if its a lowpaying job.if someone is going to get paid is it not better to work for a little check than to just sit around eating drinking and making more babies for us to support?its not the fact of poor education because there are plenty of chances for everyone to get a education but more the fact of why work when i can sit at home making more money.now if the person/business does not create jobs or something that benefits the nation then by all means they should be taxed like everyone else.
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Populist says... December 6, 2012 at 4:04 p.m.
Lazybar,
I'm not against tax breaks for job creation. I just think there is a fair amount of graft in the whole process. Politicians will accept large contributions from specific industries and then give those industries preferential tax and regulatory treatment in exchange.
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lazybar says... December 7, 2012 at 9:04 a.m.
pop whats the differance the repubs being on the payroll of big business than the dems that are on the union payroll?atleast big business creates jobs where unions kill them.
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Jesuswillsave says... December 7, 2012 at 11:08 a.m.
OK no fight if the Congress will just tell him no that would take care of it and there is no fight. He need to plan on it not being raised, spending must come down.
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RonalFos says... December 7, 2012 at 11:10 a.m.
Big business is killing more jobs than anything else by shipping our jobs overseas where they can get the work done by poorly paid and abused people. American workers were poorly paid and abused by big corporations until unions stepped in!
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Populist says... December 7, 2012 at 12:22 p.m.
LazyBar,
Sometimes unions do foolish things and make unreasonable demands, but, for the most part, unions have been a positive influence on working conditions in this country. However, unions cannot change the fact that low skilled jobs are drying up, and that young people better start studying computers or medical technology or something else of value if they want to be employed or self-sufficient. High paying. low skilled jobs are limited to communities with large numbers of highly educated and well compensated individuals. Most Americans need to increase their level of education to fill the high skilled jobs that the new technology demands, or else those jobs will continue to be filled by Chinese and Indian immigrants who are savvy enough to obtain the skills for those jobs.
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BillSmith says... December 8, 2012 at 12:04 a.m.
Packman.....Go to this link to see Healthcare in action in the US.
cbsnews. com/8301-18560_162-57556670/hospitals-the-cost-of-admission/
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Packman says... December 8, 2012 at 3:43 p.m.
Hey BillSmigh - I was reading the story with an open mind until this: "Until she was fired, Nancy Alford...." The least objective source of any business operation is a terminated employee. I'm sure a hospital spokesperson would easily and simply refute the allegations, which doesn't necessarily make them true or false. Regardless, I assume your point is government can run America's health care system better than the private sector. Don't know about you, but I don't want my heart surgery to go to the hospital and doc submitting the lowest bid.
Ever heard of the movie Atlas Shrugged? Next week my accountant is setting up a shell corporation to lessen my federal tax burden. With BH Obama in charge, I have vowed to pay as little to the feds as possible, even if it means skirting the law. I'm Atlas, and I just shrugged. Last night I signed the papers to make a purchase offer on some land adjoining my duck club. I also decided to hold more in Retained Earnings in my company than ever before. This means my employees' Christmas bonuses will be a little light this year. I'm Atlas, and I just shrugged. The next few years Atlas' across America will be shrugging in similar fashion with BH Obama in charge.
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Populist says... December 8, 2012 at 7:36 p.m.
Packman,
For heaven's sake! Really, you are going to brag about cheating the government in print! LOL! How much wine have you had with your pilot friend?
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BillSmith says... December 8, 2012 at 8:25 p.m.
Packman, your mistatement was that you had an open mind.
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RonalFos says... December 8, 2012 at 9:37 p.m.
Packman, you just confessed to being a traitor to your country and you should be treated like one!
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DontDrinkDatKoolAid says... December 8, 2012 at 10:45 p.m.
Hey Packman – Nothing like protecting one's assets from an irrepressible government. Was that a pun about the duck club?
~
It is a riot that folks think that the Government can run our health care system. Just look how the IRS ran the Mustang Ranch. That's right, they ran it into the ground.
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NoCrossNoCrown says... December 9, 2012 at 1:10 a.m.
I read some of the things that are posted here and wonder how some of these poor shumcks get out of bed let alone use a computer....
It's not just the spending, it's the entitlement loopholes that only the mega rich can use to lower their tax rates while the average Joe does not make enough income to be able to take avantage of those loopholes. If you make $50k a year and have to pay 25% in tax, how if it fair that while I make $1.5mil and only pay 15%. If the tax code was fair, maybe both of us would only pay 20%. The tax code has become nothing but a money laundering scheme for the wealthy. The wealthy lobby congress to give them entitlement loop holes which is only fancy talk for saying it is a legal way to steal". Just because they can get congress to insert loopholes into laws does not make those loopholes moral. If you cheat on your spouse, you are not breaking any laws, but go home and explain to your spouse that your actions were legal... I would bet your spouse and their lawyer will show you legal
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cliffcarson says... December 9, 2012 at 2:56 p.m.
Estimates for Oil and Gas subsidies go as high as $52 Billion per year. There are about 26,000,000 families who are below the poverty level in America. It takes about 54,000 poor families to equal each $1 Billion in subsidies at the poverty level. Subsidies are a give away ( welfare) to the record profit making oil and gas companies. I recall just one oil company getting $14 Billion in subsidies a couple of years ago. They claimed a record profit for that year.
But I do agree that something needs to be done. I notice that there are 126 different poverty programs. How many Government employees are involved and how many private companies? How much does the administration of these programs cost, how much does the private companies make, after deducting that money from the cost of poverty, how much is left for the poor family? When we start to look for ways to save money that is where we should start.
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