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Mitch McConnell laughs in Geithner’s face; Update: Video added





Turbo Tax Tim made an appearance at the so-called fiscal cliff negotiations today to communicate Obama’s fiscal plan. His plan: raise taxes on those evil millionaires (defined as anyone making more than $200,000), an elimination of the debt ceiling, and an increase in spending via more of Obama’s stimulus schemes. Republican Senate Leader Mitch McConnell was not amused, via the Weekly Standard:

Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff.  He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts.

Geithner’s visit to his office left McConnell discouraged about reaching a “balanced” deal on tax hikes and spending reductions designed to prevent a shock to the economy in January.  “Nothing good is happening” in the negotiations, McConnell says, because of Obama’s insistence on tax rate hikes for the wealthy but unwillingness to embrace serious spending cuts.

Geithner suggested $1.6 trillion in tax increases, McConnell says, but showed “minimal or no interest” in spending cuts. When congressional leaders went to the White House three days after the election, Obama talked of possible curbs on the explosive growth of food stamps and Social Security disability payments. But since Geithner didn’t mention them, those reductions appear to be off the table now, McConnell says. 

Indeed Senate Democrats have now taken entitlements off the table. Think about that. The overwhelming driver of the nation’s unsustainable debt is out-of-control entitlement spending, and Democrats don’t think entitlements should be part of negotiations to avert a fiscal apocalypse. Even if Republicans cave on tax rates, the additional revenue generated, if any, will be a tiny drop in a very large bucket. More likely, it will slow the economy or throw it back into recession, and the government will collect less revenue than before. Even if Obama confiscates all income above $200,000, the nation’s fiscal path won’t appreciably change absent structural entitlement reforms. But Obama has made clear that isn’t going to happen, and entitlement spending — along with the national debt — will continue accelerating. In February Geithner all but told Paul Ryan that Obama has no plan or inclination to address the upcoming fiscal crisis that will bury this nation in catastrophic debt.

We’re in good hands, folks. I’m beginning to wonder if people like Rush Limbaugh, David Harsanyi, and Charles Krauthammer are right. Maybe the Republicans should simply walk away and let Obama and his party own the fiscal disaster they’re creating. Realistically the Republicans can’t stop him, so why should they work with him, get their fingerprints on the "plan", and be forced to share the blame for the fiscal disaster Obama’s speeding us toward? Unfortunately, I doubt Boehner, McConnell, and company have the, er, cojones to do it.

Update: Here’s video of Krauthammer describing Turbo Tax Tim’s offer and what Republicans should do.



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  • nkthgreek

    How about we tax welfare benefits? Now there’s an original idea.

    • http://profiles.google.com/ajtelles Art Telles

      Dittos…

      If the inheritance tax, aka the death tax, can take another 55% at the death of the tax payer who has ALREADY paid taxes on the income, then the welfare recipient who has NEVER paid a tax on the benefits received can be required to pay a tax… to be fair, of course.

      Art

  • carmtom13

    They Republicans should walk away and let BHO and the democrats own it. Boehner should put up for a vote a 10% tax reduction only for the middle class, all other tax rates remain the same. Lets see what BHO and the democrats do. BHO would have to stop saying the republicans are not for the middle class. I’m sure that BHO and the rest of the democrats heads would explode.

    • raiderlou

      They cant walk away and let the dems own it. The run the risk that it will work.

      • John_Frank

        Of course the Republicans can walk away.

        In the short term, allowing the existing tax rates to expire and sequestration to go into effect will lead to a recession.

        The economy will ultimately recover.

        In the interim, the no win debate is over and Republicans can focus on substantive tax and entitlement reform, while letting Obama take responsibility for the recession.

  • heshtesh

    Let it burn now! I’d rather start the rebuild at 16 trillion in the hole rather than 25 trillion, either way it’s all going to collapes anyway so nows as good a time as any.

  • SonOfOriginalTed

    Reagan beat the Soviet Union by driving it into bankruptcy.

    Obama is beating the United States of America by driving it into bankruptcy (actually USA is already bankrupt but for its ability to create "dollars" out of thin air). 

    • socon

      Chilling.

      What happens when Obama gets what he wants?

      • SonOfOriginalTed

        More than massive dollar devaluation and much lower standard of living for Americans.

        • socon

           I agree, but I don’t think that’s his endgame.

  • raiderlou

    They will never walk away for one reason and one reason only. They are terrified that Obama will get his way and that it will work. If it works and the economy takes off the dems will get all the credit and the future for tax rates on the weathy will be set in stone. So they will fight tooth and nail to keep Obama from getting what he wants. 

    • friskyness

       It will never work…….things will get worse…..

    • John_Frank

      LOL … Obama and the Democrats, as evidenced by the President’s most recent proposal, and the public stance taken by various Senators, want to address the economic and fiscal problems facing the country by increasing Federal taxes and spending. This may improve the economy in the short term, while leaving the economy weaker in the longer term.

      As to the economic and fiscal impact of allowing the existing tax rates to expire and permitting sequestration to take affect, this individual provides no evidence to support his position, but instead makes unsubstantiated assertions.

      From a political perspective, the better approach:

      Pat Buchanan: Who’s Afraid of the Fiscal Cliff?
      http://buchanan.org/blog/whos-afraid-of-the-fiscal-cliff-5400

      The let Obama and the Democrats take ownership of the situation.

      • socon

        Obama’s trying to destroy the Republican party.  If the Republicans cave on this issue, they’re toast.

    • Controse

      If the homeboy gets his way and it works it will be the first time in history that it has worked.

    • socon

      If taxing and spending more worked, Europe’s economies would be booming.

      Please explain to me why most of the European economies are tanking right now and they are in another recession?

  • HuntingMoose


    indeed walk away. Geitner’s ‘offer’ is nothing less than an insult

    continuation, caving will only make the problem bigger for just a few months more living in ignorance.

    rip up the credit card and go back to 2006 budget and entitlements pie. It did not grow because nobody is baking more pie.

  • John_Frank
  • John_Frank

    Conservatives urge GOP to walk away from Obama’s fiscal cliff offer
    http://twitchy.com/2012/11/29/conservatives-urge-gop-to-walk-away-from-obamas-fiscal-cliff-offer/

  • http://www.facebook.com/ed.brown.71066700 Ed Brown

    let em eat! If they want to prove once and for all that tax and spend democrat economics don’t work, I can think of no better time than now. But republicans need to make dam sure they leave a marker so they can remind the public that they allowed their president exactly what he wanted and it’s HIS policies, come 2016 .. that caused yet another downturn in an already dismal economy. P.S. The treasury added $25 billion in new debt over the thanksgiving holiday. Check it out on the treasury site.

  • mark1955

    Do i have to say that i don’t believe McConnell.Four years and nothing but him and his leftie repub colleagues doing nothing but caving and all of a sudden we are supposed to believe McConnell grew a spine? I don’t think so. Call me skeptical.

  • wodiej

    Your last paragraph says it all. People should read The Harbinger by Jonathan Cahn if they haven’t already.  It’s also on DVD called "Isaiah 9:10″.  It talks about the financial devastation in this country that began on 9/11/2001.  Bush and company started it and obama has prolonged it. It has had worldwide consequences.  It appears that hitting rock bottom is the only way that some will learn.  I continue to pray as God has held me close and kept me afloat spiritually and financially in the last 34 months despite no job.  I encourage others to do the same.

  • http://pulse.yahoo.com/_N7HCPR7JLQP6R33GXP5DO5XKDM 1776er

    The Cloward/Piven Strategy which calls for the collapse of society as the prerequisite for imposing Marxist dictatorship is at the root of Obama’s "economic plan".  

    It is not an economic plan at all.  It is a political plan for imposing tyrannical one party rule.  

    Obama worried about going off the fiscal cliff?  Obama’s worried about who he is going to get to play pick up with him for the next 3 weeks between golf games in Hawaii.  

    Obama isn’t pushing granny off the cliff a la Paul Ryan.  He is pushing the whole American family off the cliff.  With glee.  

    Don’t believe the anecdotal media hype about a slowly recovering economy.  The economy is not slowly recovering.  The economy has re-entered recession which will become more evident in the first quarter next year.  Christmas cheer and the credit card fueled retail spending binge to make the pain go away over the holidays will mislead many over the next few weeks.  Watch for the returns in January.  Returns will be at an all time record is my guess this year.  

    There can be no plausible explanation of this Obama "economic plan" other than it is deliberately designed to complete the job of economic destruction of America in order to pave the way to suspending the Constitution and imposing emergency dictatorial powers over society.  

    Marxism not only produces economic misery it depends on it.  Only desperate and despairing people put up with it.  More misery, shared widely, everybody getting "their fair shot at it" is what the Chicago Mob needs to stay in power permanently.

    As America descends into despair the Marxists will role out "temporary emergency measures" to feed the people.  The outdated Constitution will be ignored and undermined and suspended (with Republican supine acquiescence) to deal compassionately with "forces beyond our control".  Obama and the Marxists will frame these measures in moral terms.  "If Congress won’t act to relieve the pain and suffering of my oppressed people, I will!"

    We are already seeing NY and NJ go to WPA style public jobs programs as a response to the "temporary emergency" of Hurricane Sandy.  Thousands of make work jobs that will never go away.  It’s the right thing to do for despairing people.  They are in despair because of "the right thing to do" political- not- economic policies of the Marxist Left now in control in America.

    Obama and the Marxists are fixated on the tax increases for the evil rich as the driver of this plan of economic destruction.  It is not a question of economics.  They know the economics.  They know raising taxes on the rich solves nothing in the real world.  It raises at max—at max—$80 billion annually in a $1.0 +++ Trillion annual DEFICIT environment.  Bupkus.  They won’t get  even the $80 billion.  The wealthy will leave the building.  And take their evil capital with them.   

    What is the purpose of this fixation on economic futility?  It is the ultimate expression of Cloward/Pivan political jihad on American wealth, prosperity and strength.  Voting is the best revenge.  Now, as Valerie Jarrett promised it is time to exact that revenge on the American people and punish their enemies–the 49.38% of America that dares to think counter-revolutionary thoughts of freedom, independence and self-reliance.  

    Obama is now out on the campaign trail urging Americans to complete the job of financial, cultural and political suicide.  When they wake up and find out they are not dead at all just in a lot of self-inflicted  never ending pain–out of work, broke, hungry, in debt and hopeless– they can blame the failure to address the real economic problems of the country on the Republicans.  They are evil you know.  

    Call your Congressmen.  Get revenge on the rich people oppressing you.  Kill em.  Hang em. Rape them. Rob them. Tax them.  Tax them to death.  Tax them after death. Tax their widows.  Tax their children.  Your pain will cease  Then you will be free.  And I will feed you.  And I will bring you together and heal you.  

    That’s Obama’s "economic plan".  He’s not worried.  It’s going to work.  

    McConnell laughed in Geithner’s face?  It must have been a bitter laugh. 

    • socon

      Obama’s friend, Bill Ayers, a member of the violent domestic terror group the Weather Underground, told Larry Grathwohl an undercover FBI agent that it was foreseeable 10%-15% of the American population at the time or 25+ million Americans would be exterminated as "unreformable, die-hard capitalists."

      This has got nothing to do with Western European Socialism.

  • OldmanRick

    Isn’t Geithner a tax cheat? It would appear so if memory serves. Interesting that his highness sends an underling  to congress with his demands rather than a personal meeting with Boehner and Reid to hash out how to reduce the deficit and national debt without affecting our underperforming economy. 

    Controlling the deficit is really quite easy. Cut federal employees’ pay by 5% except that of the military. Cut the budgets of all federal agencies by 10%. Finally defund USAID since it is notorious for enticing industry to relocate overseas. And, if the US is really serious regarding the reduction of the national debt, exit the the useless nations and cut all foreign aid except that for Israel.. 

  • dmac8889

    Well for anyone paying attention this is the news we were aware of.  Sarah and the Conservative Movement who are considered the dummies in the political arena agree with Ryan (and now obviously Geithner – who was just taken to a math task, by an HONEST person).   

    Isn’t obvious what Geither is really stating is that no one over at the White house is listening to him.

  • HuntingMoose

    =================================================================

    ENTITLEMENTS = UNFUNDED PROMISES MADE BY POLITICIANS  TO GET REELECTED.

    Why
    do we keep up with this nonsense and call it something benign as
    ‘entitlements’ and not what it really is and rooted in corruption?

    ===================================================================

  • BrianusBerkleianus

    moved

  • BrianusBerkleianus

    moved

  • BrianusBerkleianus

    moved

  • BrianusBerkleianus

    moved

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