Peering ahead toward the ‘fiscal cliff’

President Obama today announced he has invited congressional leaders from both sides of the aisle to come to the White House next week to discuss how to handle the tax increases and spending cuts now scheduled to take effect automatically in January.

House Speaker John Boehner, R-Ohio, responded:

John Boehner“The year 2013 should be the year we begin to solve our country’s debt problem through entitlement reform and a new tax code with fewer loopholes and lower rates. The president has an historic opportunity to lead both parties in forging an agreement that averts the fiscal cliff in a manner that ensures 2013 will be that year.

“The increased tax rates that would be allowed under the Senate-passed bill are part of the fiscal cliff that economists are warning us to avoid. Those increased tax rates will destroy jobs in America by hurting small businesses across the country. Republicans are eager to get to work on an agreement that averts the entire fiscal cliff. The House has passed legislation to accomplish this vital goal. We look forward to joining the president next week and working to forge an agreement that will do the same.”

House Minority Leader Nancy Pelosi, D-San Francisco, responded:

Nancy Pelosi “President Obama is exactly right: the American people voted on Tuesday for certainty for our economy and middle class families. Speaker Boehner and House Republicans can provide that certainty, and establish a sound basis for negotiations on comprehensive deficit reduction package, by taking up the Senate-passed bill to extend the middle income tax cuts. President Obama has his signing pen ready, and I am certain that, given the opportunity, Democrats in the House will vote to send the middle income tax cut to the President next week.

“President Obama reiterated today that we must work toward compromise to address our nation’s deficit, and we stand firmly on the side of a balanced approach. President Obama took this issue of tax fairness to the American people with great clarity, and the American people agreed with him. The wealthiest Americans must pay their fair share.

“The tax proposal that the President restated today is the right way to move forward, enabling us to start the conversation about a responsible, long-term deficit reduction plan. The President was clear in the campaign. The American people have spoken. Let’s sit down and get the job done. Every day we delay, adds to the uncertainty of the middle class. Let’s pass the Senate bill now and show the American people that people of goodwill can get the job done. We must.”

Josh Richman

Josh Richman covers state and national politics for the Bay Area News Group. A New York City native, he earned a bachelor’s degree in journalism from the University of Missouri and reported for the Express-Times of Easton, Pa. for five years before coming to the Oakland Tribune and ANG Newspapers in 1997. He is a frequent guest on KQED Channel 9’s “This Week in Northern California;” a proud father; an Eagle Scout; a somewhat skilled player of low-stakes poker; a rather good cook; a firm believer in the use of semicolons; and an unabashed political junkie who will never, EVER seek elected office.

  • RR, Senile Columnist

    Isn’t it grand that Nancy is still in the minority?

  • John W

    A somewhat larger minority that before the election. Bye, bye Dan Lungren!

  • Elwood

    My, the stock market do love the chosen one!

    Dow down another 59 today.

    Please stand by for bloviation about how it’s not really the chosen one’s fault (Europe, fiscal cliff, cliff bar, climate change, flying pigs, etc.)

  • John W

    Elwood, here comes the bloviation.

    DOW on Inauguration Day 2001: 10,588 (Start of Bush 43 term)
    DOW on Inauguration Day 2009: 7,949 (End of Bush 43 term)
    DOW on Oct 18, 2012: 13,584 (high during Obama term)
    DOW on Nov 13, 2012: 12,756

    DOW since Obama Inauguration: plus 60%
    DOW since October high: minus 6%

    I understand. When market goes up under Obama, it’s in spite of him. When market goes down by 6% (not even technical correction territory), it’s end of the world and all Obama’s fault. When it goes back up, it will be due to Reaganomics.

    And yes, Europe and Fiscal Cliff are factors.

  • Elwood

    I believe that the market rose from 1/20/09 to 10/78/12 in spite of illustrious leader, not because of him

    Upon re-election of illustrious leader the market has given up.

  • AlcoaHead

    @5 —

    Not only that, illustrious brother and keeper of the faith Elwood, but Obama is going to engineer a complete takeover of all aspects of food, water, and shelter once the economy collapses under his deliberate plan to turn us into a socialist outpost of Russia, as we both know it will — read it here!

    Here is a direct quote, right off the Internets!

    “As the American sheeple slept, selfishly refusing to take a stand against tyranny, the Obama administration has been plotting what can only be called a total government takeover of America….This executive order states that the President alone has the authority to take over all resources in the nation (labor, food, industry, etc.) as long as it is done “to promote the national defense” — a phrase so vague that it could mean practically anything.”

  • Elwood

    @ #6 tooth sucker’s masquerade party (isn’t he just too precious?)

    Help is available for your problem. Heavy medication and lengthy talk therapy in an institutional setting would seem to be indicated.