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Fiscal cliff part 2 coming in late February

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posted on Jan, 1 2013 @ 05:34 PM
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The Senate passed a late-night compromise bill on the fiscal cliff, averting tax hikes for many Americans. But there’s more drama coming in February, since the bill dodged two big issues.

The House is likely to take up the bill in the next two days, before a new set of lawmakers convenes the 113thCongress. The Senate version of the compromise bill was passed by a vote of 89-8 in the early hours of New Year’s Day. Among the eight senators who voted no were three leaders associated with the tea party (Mike Lee, Marco Rubio, and Rand Paul) and Democrats Tom Carper and Tom Harkin.

The bill includes a tax hike on families making more than $450,000 a year, extensions of unemployment benefits, the death of the Alternative Minimum Tax, no hikes in milk prices, and various tax measures.

The showstopper was the fate of about $100 billion in spending cuts called the sequestration. The compromise pushes back the sequestration deadline by two months, which is the same time the nation’s debt ceiling is expected to be hit.


Link

So finally the real issue comes out, and that is this deal was just more of the same. All they are doing is kicking the can down the road. When if ever will things get fixed and problems like these taken care of instead of just shelving them to be a bigger problem later on down the road? So now according to this they are going to have something bigger than a "Fiscal Cliff" coming in February, so what name are they going to use this time "Fiscal Armageddon"?
Just ridiculous if you ask me, but expect it to be high drama and plastered over every single MSM outlet 24/7 until something is done about it.




posted on Jan, 1 2013 @ 05:45 PM
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reply to post by SpaDe_
 


The whole system is based on kicking the can down the road... Hence the 16 trillion debt, do you think that will ever be reduced in your lifetime let alone paid off?

But anyway it is all non-sense in reality, it is all just a bunch of zeros being kicked around and the fat cats just lay back and watch the game...

I do wonder how it will play out, will there be a mega collapse? Surely the debt can't just continue to rise forever? Eventually it must stop right? It will be interesting to find out...

Edit: Never seen this one before, but it has some crazy numbers check it out US debt clock

The actual US debt is 58 trillion! WOW...
edit on 1-1-2013 by mee30 because: (no reason given)



posted on Jan, 1 2013 @ 05:48 PM
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reply to post by mee30
 


I agree that the debt cannot continue to rise infinitely. Knowing this information now I might have answered the poll here on ATS last night differently about what could happen in 2013 a little differently. I think that a possible economic collapse is now more likely knowing what is coming. Not sure on what level, but one thing I am certain is that it will be dramatized to death by the MSM.



posted on Jan, 1 2013 @ 05:56 PM
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reply to post by SpaDe_
 


Well if there is a collapse I don't think people will need the media to tell them it's bad, lol... I would actually like the MSM to promote the collapse possibility some more so that people can get prepared... But instead we get prepper propaganda...

I do wonder how exactly it will play out though, could it be the kick off for WW3? Imagine if the debt gets so large that the US defaults and then america tells everyone to stick it! lol...

I really do think people need to start taking some serious precautions though, at least have the bare essentials, it can't hurt.



posted on Jan, 1 2013 @ 07:08 PM
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When you have an incompetent and short-sighted government whose majority of members are bought and paid for, you get nothing more than kicking the can down the road.

God help us all when we run out of road!




posted on Jan, 1 2013 @ 07:32 PM
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reply to post by SpaDe_
 


This may be a blessing in disguise. If the Bush tax cuts are made permanent in this current round of decisions by the feds, then there's very little to use as leverage by either side apart from the sequester itself come Feb. I'm pretty much OK with that. Please, GUT the federal spending across the board. The only unfortunate thing is the primary anchor around the taxpayers' necks (entitlement/welfare spending) is off the board in the sequester. It would be swell if that was on the table.

So long as those fatherless vipers and leeches aren't jamming more hands into my pockets along the way, I'm perfectly fine standing aside and watching the world burn with gutted federal spending and absolutely no deal to raise the debt ceiling as a side dish.



posted on Jan, 1 2013 @ 07:36 PM
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President Obama will make a deal with GOP stopping the ridiculously named sequestration in return for increasing the debt ceiling.

It's hilarious, that something that was put in place to avoid discussion about spending cuts of any kind has resulted in no spending cuts at all.

This is the ultimate disgrace which is today's Washington, politicians arguing over bills of such little consequence so that they can look like they're doing something important.



posted on Jan, 1 2013 @ 07:37 PM
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reply to post by SpaDe_
 


At some point peter is going to have to be paid. Paul has been raking it in.



I have often asked myself why don't they actually fix this? I have come to believe they know they cant fix it anymore. Maybe they are waiting for something we do not see yet?




It is almost like it is planned. I hate to think they would do that.



posted on Jan, 1 2013 @ 07:40 PM
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Originally posted by mee30
reply to post by SpaDe_
 


The whole system is based on kicking the can down the road... Hence the 16 trillion debt, do you think that will ever be reduced in your lifetime let alone paid off?

But anyway it is all non-sense in reality, it is all just a bunch of zeros being kicked around and the fat cats just lay back and watch the game...

I do wonder how it will play out, will there be a mega collapse? Surely the debt can't just continue to rise forever? Eventually it must stop right? It will be interesting to find out...

Edit: Never seen this one before, but it has some crazy numbers check it out US debt clock

The actual US debt is 58 trillion! WOW...
edit on 1-1-2013 by mee30 because: (no reason given)


Actual US debt including non funded liabilities is actually closer to $400 trillion.



posted on Jan, 1 2013 @ 07:43 PM
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Kicked the can down the road again, eh?

I like how the entire point of the crisis hovered around the issue of sequestration of the trillions pre-earmarked and dumped into social services and the war machine.

Still there isn't it?

They didn't "do" anything other than politics.

And they will use the consequential threat of "downgrade" to squeeze the producers of wealth (you and I) for more.... debt.

There is only one valid solution to this crisis. A Constitutional currency - issued and owned by the nation.... not a bank's owners.

edit on 1-1-2013 by Maxmars because: (no reason given)



posted on Jan, 1 2013 @ 07:46 PM
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Originally posted by babybunnies

Originally posted by mee30
reply to post by SpaDe_
 


The whole system is based on kicking the can down the road... Hence the 16 trillion debt, do you think that will ever be reduced in your lifetime let alone paid off?

But anyway it is all non-sense in reality, it is all just a bunch of zeros being kicked around and the fat cats just lay back and watch the game...

I do wonder how it will play out, will there be a mega collapse? Surely the debt can't just continue to rise forever? Eventually it must stop right? It will be interesting to find out...

Edit: Never seen this one before, but it has some crazy numbers check it out US debt clock

The actual US debt is 58 trillion! WOW...
edit on 1-1-2013 by mee30 because: (no reason given)


Actual US debt including non funded liabilities is actually closer to $400 trillion.







You are right. When the people finally understand just how bad things are the strings holding this together are going to snap. TPTB that have caused this will be held to account for there actions.



The federal reserve and the IMF will be taken apart piece by piece as the people search for answers. I think they wanted to suck some of the wealth out but they screwed up and now it has gone to far to save.



Or they think they can be the savior in a crash.
I have news for them to many people are waking up to have that happen anymore.



posted on Jan, 1 2013 @ 08:12 PM
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Originally posted by SubTruth
reply to post by SpaDe_
 


At some point peter is going to have to be paid. Paul has been raking it in.


I have often asked myself why don't they actually fix this? I have come to believe they know they cant fix it anymore. Maybe they are waiting for something we do not see yet?


It is almost like it is planned. I hate to think they would do that.


My sentiments exactly. No budget for the last four years, insane levels of spending, this "fiscal cliff" drama nonsense, all a bunch of smoke & mirrors misdirection. Look at how they are behaving and tell me they don't act as if they don't have to resolve anything or pay anything back. They act like they don't have to worry about the consequences of what they are doing.

Now stand back and look at it on a smaller scale. Your doctor discovers you have some terminal illness for which there is no treatment and tells you that you have no more than six months to live. You snap and decide to go out living large. You max out every credit card and line of credit available on new cars, cruises and whatever else you want. You know you can borrow from one to pay the other or whatever it takes to keep your sinking ship afloat for six months. When the whole house of cards comes crashing down seven months from now and the big bill comes due you won't be here to worry about it anyway.



posted on Jan, 1 2013 @ 08:17 PM
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reply to post by six67seven
 


I think that we are quickly running out of "road". It seems that the length of time between kicks keeps getting shorter and shorter. I think this is because there isn't much road left and one good kick and we fall off into the gutter.
edit on 1/1/2013 by SpaDe_ because: (no reason given)



posted on Jan, 1 2013 @ 08:19 PM
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reply to post by burdman30ott6
 


I have this feeling that the Bush tax cuts will not be made permanent. I think they will be given an extension for a period of time, but that would be about it.



posted on Jan, 1 2013 @ 08:19 PM
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Originally posted by SubTruth
reply to post by SpaDe_
 


At some point peter is going to have to be paid. Paul has been raking it in.



I have often asked myself why don't they actually fix this? I have come to believe they know they cant fix it anymore. Maybe they are waiting for something we do not see yet?




It is almost like it is planned. I hate to think they would do that.


My question is what happens when Peter demands to be paid? Who do you rob to pay the person you have been robbing all along to pay Paul? And what happens when you run out of people to rob?

edit on 1/1/2013 by SpaDe_ because: (no reason given)



posted on Jan, 1 2013 @ 08:32 PM
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Originally posted by Maxmars
And they will use the consequential threat of "downgrade" to squeeze the producers of wealth (you and I) for more.... debt.

There is only one valid solution to this crisis. A Constitutional currency - issued and owned by the nation.... not a bank's owners.

edit on 1-1-2013 by Maxmars because: (no reason given)


Well you can't have a good bout of drama filled debate without something to be dramatic about, and I think another down grade can be played off as pretty dramatic if you ask me. I can see the headlines now.. "S&P Warns of US downgrade if agreement is not reached by (insert deadline here)". Then you will have the typical law makers plastered all over meet the press, fox and friends, and good morning america talking about how they would really like to come together and take care of these problems for the good of the american people.

All the while nothing will happen the deadline will draw near, and low and behold another deal will be reached at the last minute. When the details of the deal that gets agreed upon are released we will all learn that they just did more of the same again, and that is form some temporary solution so that they can kick the can down the road yet again.



posted on Jan, 1 2013 @ 08:35 PM
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So Americans are really Lemmings? I thought that was a fairy tale. I suppose our Economy is a fairy tale also so this makes it real for us.



posted on Jan, 2 2013 @ 04:32 AM
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Hmm... Late February

Yep, they're kicking it down the road and hoping beyond hope that 2012DA14 does the business and voila: No more talk of the pesky economy.



posted on Jan, 2 2013 @ 04:48 AM
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Funny how they can't even cut $100 billion from a $3.8 TRILLION budget.

Now just imagine what will happen when the US is forced to cut $1.7 trillion + (0 deficit + interest on debt going up a lot) overnight when Bondzilla appears?


The MSM are gonna say GIVE ALL YOUR MONEY TO THE GOVERNMENT or APOCALYPSE IS GONNA HAPPEN!! And many of the slaves will say YES MASTER!



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