Facts about the fiscal cliff

Total receipts to the Federal Government for 2013 are estimated at $2.9 Trillion – the highest in history. (1)

Estimated 2013 deficit: $1 Trillion based on current tax rates (2)

Estimated 2013 deficit if we do “go over the fiscal cliff” based on required spending cuts and tax increases:  $641 billion (3)

Obama’s offer:  $1.6 Trillion in new taxes, $50 billion in new spending, $400 billion in Medicare cuts over 10 years  (4)

Obama also wants the permanent removal of the debt ceiling. (5)

Theories abound – here are a few:

  • Obama wants the fiscal cliff to gut the military
  • Obama wants the fiscal cliff to raise taxes on the rich
  • Obama wants the fiscal cliff so tax cuts can be negotiated with HIS name on them, instead of continually calling them the BUSH tax cuts
  • Republicans will be blamed for whatever happens
  • Christmas will force a hasty decision that will accomplish nothing but kicking the can
  • Receipts to the Federal government will decrease if taxes are raised – research France and England
  • Obama will not negotiate, he doesn’t think he has to

Need more proof President Obama doesn’t really care?  http://twitchy.com/2012/11/29/surfs-up-obamas-taking-4-million-hawaiian-vacation-as-america-plunges-over-fiscal-cliff/

Feel free to add your own!

Sources:

(1)  http://www.usgovernmentrevenue.com/fed_revenue_2013US

(2) http://www.cnbc.com/id/49810904/US_Heads_for_Fifth_Straight_Trillion_Dollar_Deficit

(3) http://thehill.com/blogs/on-the-money/budget/267613-us-deficit-was-120-billion-in-october

(4) http://www.washingtonpost.com/blogs/thinktanked/wp/2012/11/30/fiscal-cliff-obamas-offer-republicans-respond-to-a-lack-of-concessions/

(5) http://www.zerohedge.com/news/2012-11-25/four-debt-ceiling-possibilities-2013

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