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Deficit Commission Chair Blasts Both Parties Over “Cliff”

By on December 6, 2012

(AP)  THE CO-CHAIRMAN OF PRESIDENT BARACK OBAMA’S DEFICIT COMMISSION IS ASSAILING THE POLITICS OF POLITICAL BRINKSMANSHIP SURROUNDING THE “FISCAL CLIFF,” SAYING CONGRESS “PUT THE CHAIN ON THEIR OWN ANKLE.”

FORMER SEN. ALAN SIMPSON SAYS “YOU HAVE TO HAVE A BLEND” OF REVENUE INCREASES AND SPENDING CUTS TO ACHIEVE A DEAL TO AVOID THE CLIFF.  SIMPSON TELLS NBC’S “TODAY” SHOW IT’S RIDICULOUS FOR DEMOCRATS AND REPUBLICANS TO SPECULATE ON WHICH PARTY WOULD SUFFER MORE IF NO COMPROMISE AGREEMENT WERE ACHIEVED.  HE SAYS, QUOTE, “THAT’S LIKE BETTING YOUR COUNTRY.  THERE’S STUPIDITY IN THAT.  THIS IS BIG-TIME STUFF.”

SPEAKING OF CONGRESS, SIMPSON SAYS, IN HIS WORDS, “IF YOU GAVE 90 PERCENT OF THEM A PROFIT-LOSS STATEMENT IN ONE HAND AND A BALANCE SHEET IN THE OTHER, THEY WOULDN’T KNOW HOW TO READ IT.”

  PRESIDENT BARACK OBAMA IS SHOWCASING A NORTHERN VIRGINIA FAMILY TO HIGHLIGHT HIS CALL FOR EXTENDING CURRENT TAX RATES TO ALL BUT THE TOP 2 PERCENT OF EARNERS.  OBAMA WANTS TO KEEP UP PRESSURE ON REPUBLICANS AS A YEAR-END DEADLINE FOR AVOIDING A SO-CALLED FISCAL CLIFF OF TAX INCREASES AND SPENDING CUTS DRAWS NEAR.  HE WILL TRAVEL TO A VIRGINIA SUBURB OF WASHINGTON ON THURSDAY.

OBAMA SPOKE WITH REPUBLICAN HOUSE SPEAKER JOHN BOEHNER ON WEDNESDAY, SIGNALING THE POSSIBLE START OF FRESH TALKS TO AVOID THE FISCAL CLIFF.  DESPITE THE ENTREATY, OBAMA IS NOT CUTTING BACK ON A PUBLIC CAMPAIGN TO PRESSURE REPUBLICANS INTO ACCEPTING RATE HIKES FOR WEALTHIER AMERICANS. REPUBLICANS SAY THEY ARE WILLING TO RAISE REVENUES BUT WANT TO DO IT BY CLOSING LOOPHOLES AND LIMITING DEDUCTIONS ON THE RICH.

YESTERDAY, TREASURY SECRETARY TIM GEITHNER TOLD CNBC THAT THE ADMINISTRATION WILL LET THE ACROSS-THE-BOARD SPENDING CUTS AND TAX INCREASES TAKE EFFECT AS SCHEDULED IF REPUBLICANS REFUSE TO GIVE IN TO OBAMA’S DEMAND TO RAISE TAX RATES AT UPPER INCOME LEVELS.  SEN. ORRIN HATCH CALLS GEITHNER’S COMMENT “STUNNING AND IRRESPONSIBLE.”