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Thread: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

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    Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff' - The Hill

    The break-the-glass emergency proposal would make a substantial down payment toward deficit reduction during the lame-duck session, create a streamlined process to reach a broader deal next year and implement a default deficit-reduction plan if Congress still cannot break a stalemate in 2013.
    “It simply pushes the pause button on all the elements of the fiscal cliff, extends everything for a year and then gives us six months in which to reform entitlements and reform taxes and reduce the debt,” said Alexander
    Now this sounds like the congress we have come to know and love. Stall for another year, then its election time, so we have to put off doing anything till November 2014, call each other hostage takers in the mean time, rinse repeat. And you democrats and republicans keep reelecting these people. Thanks!

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by jonny5 View Post
    Now this sounds like the congress we have come to know and love. Stall for another year, then its election time, so we have to put off doing anything till November 2014, call each other hostage takers in the mean time, rinse repeat. And you democrats and republicans keep reelecting these people. Thanks!
    It's not necessarily a bad idea. There's got to be a lot of talks and negotiations before anything comes out. But I think we all know, it's just gonna be another fiscal cliff.


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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    I thought Obama has already rejected this idea publicly when the Speaker suggested it. At this point, there is greater pressure on the democratic side than the GOP side to avoid the automatic cuts because the ones the GOP wants to keep (cap gains and marginal rates) can be applied retroactively to satisfy the wealthy but the guys getting the weekly/bi-weekly check will be hit first and they are more the dem base.

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by rocket88 View Post
    It's not necessarily a bad idea. There's got to be a lot of talks and negotiations before anything comes out. But I think we all know, it's just gonna be another fiscal cliff.
    Its a bad idea because its the same old idea. Stalling for yet another year then implementing minor changes under threat is what congress has been doing since the 50s. It has almsot never balanced the budget or reduced the deficit. What worked in the 90s though? Govt shut down (and a technological revolution).

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Congress and the President have had ample time to work out an agreement to avoid the "fiscal cliff." The timeline has long been known. There are no surprises associated with it.

    Painful as it might be--and the U.S. would likely experience a recession--I believe the better course in the absence of a credible fiscal consolidation agreement is to see the sequester/tax hikes take effect than to "punt" the issue into the future yet again. If the Congress and President can't agree on specifics, enactment of the Bowles-Simpson recommendations should be the fallback position. Merely postponing a decision on how to make the first downpayment toward fiscal consolidation should not be a fallback position, even if it is politically-enticing to avoid tough choices.

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by donsutherland1 View Post
    Congress and the President have had ample time to work out an agreement to avoid the "fiscal cliff." The timeline has long been known. There are no surprises associated with it.

    Painful as it might be--and the U.S. would likely experience a recession--I believe the better course in the absence of a credible fiscal consolidation agreement is to see the sequester/tax hikes take effect than to "punt" the issue into the future yet again. If the Congress and President can't agree on specifics, enactment of the Bowles-Simpson recommendations should be the fallback position. Merely postponing a decision on how to make the first downpayment toward fiscal consolidation should not be a fallback position, even if it is politically-enticing to avoid tough choices.
    The only problem is the sequester doesnt actually cut spending. Its better than no sequester, but not by much. I say let everything expire (or make everythign permanent) and then start over with a new budget process as required by law. Do not increase the debt cieling. Force congress to cut.

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by jonny5 View Post
    The only problem is the sequester doesnt actually cut spending. Its better than no sequester, but not by much. I say let everything expire (or make everythign permanent) and then start over with a new budget process as required by law. Do not increase the debt cieling. Force congress to cut.
    A combination of savings from slower spending growth (discretionary and mandatory spending programs) and increased tax revenues would make it possible to stabilize and then reduce the nation's debt relative to GDP and then later in absolute terms. The process will take time and for economic and social reasons a transition is necessary. One cannot instantly eliminate the nation's enormous budget deficits without inflicting a major macroeconomic crunch and/or social hardship on a signficant slice of the population e.g., the elderly who rely on Social Security and Medicare. Hence, not raising the debt ceiling isn't a viable approach.

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by rocket88 View Post
    It's not necessarily a bad idea.
    Kicking the can down the road is always a bad idea, and that's all they have been doing for decades.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by jonny5 View Post
    Now this sounds like the congress we have come to know and love. Stall for another year, then its election time, so we have to put off doing anything till November 2014, call each other hostage takers in the mean time, rinse repeat. And you democrats and republicans keep reelecting these people. Thanks!
    Since there is littlle time left and we are not likely to reach a hasty decision why not postpone it for another 6 months or so while putting some kind of stop gap measure in place. That way a reasonable decision can be made.

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    Re: Sens. Alexander, Bennet give leaders emergency plan to avoid 'fiscal cliff

    Quote Originally Posted by donsutherland1 View Post
    A combination of savings from slower spending growth (discretionary and mandatory spending programs) and increased tax revenues would make it possible to stabilize and then reduce the nation's debt relative to GDP and then later in absolute terms. The process will take time and for economic and social reasons a transition is necessary. One cannot instantly eliminate the nation's enormous budget deficits without inflicting a major macroeconomic crunch and/or social hardship on a signficant slice of the population e.g., the elderly who rely on Social Security and Medicare. Hence, not raising the debt ceiling isn't a viable approach.
    We can easily eliminate the deficit by getting rid of unneeded spending, and minor reforms to social spending. The problem with a slow approach is damage to credit and mounting interest costs. We got into the mess pretty quick, quadrupling the deficit in two years. We can get out of it pretty quick.

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