Molly K. Hooper | The Hill
The top-ranking Republican on the Senate Finance Committee accused President Obama of pulling a “bait and switch” this week with the administration’s proposed deal to avert the so-called “fiscal cliff.”
“What [Obama] proposed this week was a classic bait and switch on the American people—a tax increase double the size of what he campaigned on, billions of dollars in new stimulus spending and an unlimited, unchecked authority to borrow from the Chinese,” Sen. Orrin Hatch (R-Utah) said in Saturday’s weekly GOP address.
“Maybe I missed it but I don’t recall him asking for any of that during the presidential campaign. These ideas are so radical that they have already been rejected on a bipartisan basis by Congress.”
On Thursday, Treasury Secretary Tim Geithner was dispatched to Capitol Hill to share Obama’s plan with House Speaker John Boehner (R-Ohio) and Senate GOP Leader Mitch McConnell (R-Ky.) The deal included $1.6 trillion in tax hikes, $50 billion in economic stimulus spending and $400 billion in spending cuts. Republicans have demanded more severe spending cuts – including entitlement reform – to begin a discussion on raising taxes.
If Congress fails to act within the next 30 days, a bevy of tax increases and severe spending cuts are set to go into effect, potentially unleashing a devastating blow to the precarious U.S. economy.
“If we don’t act by the end of the year, 28 million more families and individuals will be forced to pay the Alternative Minimum Tax, 21 times as many farmers and ranchers will be hit with the death tax, and the average middle-class family would see their taxes go up by at least $2,000,” Hatch said.
On Friday, Boehner held a news conference decrying the state of negotiations calling them a “stalemate.”
Hatch said that the country needs leadership and compromise to get back on track.
“Americans want Washington to work together to get our country back on track, and to ensure we leave it in a better place than we found it for future generations. This is our chance. Let’s make the hard decisions. Let’s make those decisions we know must be made.”
Between this and the financial Ponsi scheme of American currency what do we have to look forward to?