Who's responsible for approach of the 'fiscal cliff'?
All-Star panel weighs in
- Duration 5:10
- Date Oct 18, 2012
All-Star panel weighs in
Also in this playlist...
This transcript is automatically generated
And they've done unless we also -- -- the wealthiest households the pay higher taxes on their incomes above.
-- the same way when when Bill Clinton was president.
We see -- the president -- is simply a lack of leadership.
No leadership on solving our deficit problems.
No leadership when it comes to the fiscal -- that we're gonna face -- tax rates going up.
On January 1 through the sequester it in on January 2.
So get ready in the fiscal cliff standoff is is coming and the White House is signaling that the president is going to veto any bill that doesn't include.
Raising taxes on the rich here's what Jay Carney said quote the president has long made clear he will veto an extension of tax cuts for the top 2% of American's wealthiest Americans that has been his position as you know for a long time and Romney campaign released a statement.
Rather than work in a bipartisan manner as the fiscal cliff approaches president -- first issued veto threats.
And simply ignore the other party we -- for four more years of this failed leadership we're back with the panel.
You know we have this election coming of course but the fiscal cliff is rapidly approaching.
The -- is rapidly approaching and it's a big deal and it's totally of congress and the White House's own making they engineered this package of automatic spending cuts and tax hikes.
And the resolution of this is completely depend on who wins the election if Romney wins they're gonna pass some kind of a stop -- to get -- -- the lame ducks of the when he gets and he can make up.
Budget of his own and he said he once a year to do tax reform and to do the big -- grand bargain that needs to be done.
The President Obama wins.
On presumably they can get a deal in the lame -- you have a little bit more leverage but but the bottom line is the same.
There's gonna have to be a grand bargain on entitlements and tax reform to solve this problem and the reason we're here is because congress failed twice to get the deal done.
Congress and the White House failed twice.
And the hope that they could get it done in a lame duck for a really can't do it tax reform in the lane -- there's not enough time I mean they have a couple weeks ago do.
In the lame duck and it's not just -- them moving and up to 39 point 6% where was the other top rate on individual income that would -- higher than that.
The tax on capital gains would go up about 24% dividends would go from 15%.
Up to 39 point 6% that would be caps on deductions for.
The top 2% and so one and then there's the 3.5 percent.
Medicare tax on investments.
That would certainly cut to 2% so Bibby a lot of taxes going up and that's the reason of course why that.
Congressional Budget Office has said our -- -- so -- you raise those taxes we're gonna have a recession.
That's not a hard prediction to make and and -- you and as you know Brad -- yeah.
Dubbed the CBO -- -- and I mean they're not the most wild and crazy guys are pretty conservative in making these.
Predictions like that the president has one big hole -- And the whole card -- -- he knows Republicans do not want and conservatives do not want.
600 billion dollars in defense cuts to go into effect.
Starting in 2013.
And he has said it at least it's been reported that the president says I will Vito.
Any attempt to.
The block the sequester.
Unless I get the tax increases on the button on the top 2%.
And remember the one more thing the club company's tax increases -- not the fiscally.
It it won't do that much this is pure.
Pure ideology president Charles is signaling -- -- Democrats that if he wins he will break the back.
The Republican Party essentially he will have a mandate to force them.
To do what he wants.
I don't I'm not sure he'll succeed I don't think the Republicans okay.
I think he will carry out the bluff I think we'll send this over the cliff.
And the reason is it really works to his advantage the money here is not in what the wealthy -- pay the real money is what the middle class -- And would pay if you abolish the bush tax cuts 80% and they would the revenue lost.
We revenue loss from the middle class now Obama has promised he'd never do this but here he'll say that it was the Republicans held hostage he's not responsible.
So he will get a gusher of revenue from the middle class from the upper class from the defense that cuts which will radically reduce the debt you might have six months of recession.
But he's reelected he's not gonna get impeached or recalled so would solve the huge element of this fiscal problem raised taxes as he really wants.
Cut to -- says he wants why not do it and then all the blame is on the part.
-- Republicans I think he'll actually carried out if he wins which is a reason I think if you care about high taxes.
You might want to seriously consider how you vote on the vendors and that's.
Get a bill to veto because the senate is not gonna pass that -- I'm not gonna senator's battle though be automatic -- intact but it won't be because he vetoed an automatic cuts in defense.
OK that's it for the.