On "fiscal cliff", Obama appeals to former foes

President Obama today will talk about averting the so-called "fiscal cliff" before the Business Roundtable, a group of chief executives that hasn't always seen eye-to-eye with the president.

The president's remarks today represent his latest appeal to business leaders to get behind his approach to avoiding the "fiscal cliff," a series of tax hikes and spending cuts set to go into effect next year. As lawmakers search for ways to avert the "cliff" while still bringing down the deficit and keeping up economic growth, they've sought the input of business leaders. Mr. Obama and congressional Republicans are both hoping the support of the private sector will bolster their respective economic agendas.

Mr. Obama's relationship with the private sector, and the Business Roundtable specifically, has at times been rocky. When the president addressed the group in February 2010, he had to defend parts of his economic proposals, such as rewarding businesses that don't send jobs overseas: "That's not anti-business, it's pro-America, and I don't apologize for it," he said.

The group's then-chairman, Ivan Seidenberg of Verizon, accused Mr. Obama that year of creating an "increasingly hostile environment for investment and job creation," according to the Associated Press.

Mr. Obama gave his next address before the Business Roundtable in March 2012, when he broached the sticky subject of spending cuts: "The fact of the matter is that we have already made significant cuts when it comes to discretionary spending," he said then. "We are pruning this government to make sure the programs that don't work we eliminate, so that we can invest in the programs that are necessary for our growth... But we're also going to have to deal with revenue."

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Mr. Obama's latest, publicly disclosed, "fiscal cliff" proposal calls for $1.6 trillion in new revenues, achieved in part from letting the Bush-era tax cuts expire for the wealthiest Americans, as well as $600 billion in spending cuts. Republicans put forward a counter offer that is made up of $900 billion in spending cuts and $800 billion in new revenues achieved through tax reform -- not tax increases.

Unlike Mr. Obama, the Business Roundtable has said it wants all of the current tax rates extended. Additionally, John Engler, the group's current president and a former Republican governor of Michigan, said Wednesday that spending cuts must accompany new revenues, Businessweek reports.

"It can't be revenue now, spending reductions later," Engler said. "This country has enormous growth potential, but we've got to clear out this fog of uncertainty" for businesses.

In an interview with Bloomberg TV on Wednesday, Mr. Obama acknowledged his contentious history with the private sector but expressed optimism that they could work together on the nation's fiscal issues.

"I recognize that, in the first four years, my relationship with the business community sometimes was skewed, because we're trying to do some tough things like health care reform and most particularly around welfare -- Wall Street reform and -- and Dodd-Frank," he said. "But in conversations I've had with CEOs, what I've encouraged them to tell me is, how can -- how can we work together so that you can succeed?"

The president has made a number of other efforts in recent weeks to engage the business community in the discussion over the "fiscal cliff." He's hosted small business owners at the White House, traveled to manufacturing plants and has met with CEOs.

Republicans, meanwhile, are also continuing to engage with the private sector, meeting with small business owners at the Capitol today.

[apollobartender]

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) — Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree.

As would-be president Mitt Romney tells it: "I will lead us out of this debt and spending inferno."

Almost everyone believes that Obama has presided over a massive increase in federal spending, an "inferno" of spending that threatens our jobs, our businesses and our children's future. Even Democrats seem to think it's true.
Government spending under Obama, including his signature stimulus bill, is rising at a 1.4% annualized pace — slower than at any time in nearly 60 years.

But it didn't happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s.

[hillzhaveays]

TimeToEvolve replies:
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You can't cut your way out of a recession. Unless you are already a fat, rich, greedy jerk who never has enough.
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Replace "cut" with "tax", now - prove that's the answer, with historical context. Clinton and the 50's don't count, as has been proven irrefutably by myself and numerous others.

How is it possible to raise enough revenue from the rich to pay off the deficit and spark the economy?

p.s. try to prove it and you're going to look really stupid.

[hillzhaveays]

RepubliCon_Liar_RobMe replies:
LOL!...LUADDA, quit "faking it"...LOL!... you're not intelligent, you thought there was only 1 way to measure the value of the dollar, and I proved there wasn't.
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You couldn't prove your way out of a ski mask goofy.

BTW, the US Census disagrees with you and your lib prof from berkeley about average income in 1952.

http://www2.census.gov/prod2/popscan/p60-015.pdf

But while we're on the subject, how does an average of $29K help your case that 90% rates made the 50's prosperous? No one made enough to be taxed at 90%. Screwing yourself again, I see LMAO!!! Nice one, goof

[TimeToEvolve]

The thing that we can really cut drastically is the military budget. We can choose to stop being imperialistic, bully, terrorist policemen of the world. This is so obvious that it hurts.

Unfortunately the Wall Street billionaires control the COngress and thus the military. And they get rich on was that is what it is always about.

[TimeToEvolve]

I don;t think President Obama should be lowering himself to appeal to the arrogant, brain dead Republicons (I mean Wall Street billionaires).

[soulprovider69]

If Mr. Ossama..err Obama wants to avoid falling off the proverbial "cliff" he shouldn't have added another stimulus package to his proposal.Now, he once again pleads his case to the "bleeding hearts" in hope of getting his way.Hopefully......the stale mate in congress will stand strong and let the chips fall where they may.

[TimeToEvolve]

You can't cut your way out of a recession. Unless you are already a fat, rich, greedy jerk who never has enough.

[apollobartender]

Spending can only be passed by Congress - so Congress created this mess, then put the timebomb on themselves - No ones heart is bleeding here, but common sense appears to be deficient when it comes to the fact that no other time in history have taxes been so low, and of course, check the source - Bush, who thought perhaps 2 wars and a tax cut ought to do the trick - sure did. Now we all can either fall to reality or face it and move on. I would rather see the Congress approve the Dividend and capital gains rates go up to 20%. The radical right cult is having some kind of implosion as we speak anyway, so it should all work out.

[TimeToEvolve]

Well you would not want Obama to meet with the slimy, corrupt clowns on Wall Street that crashed the economy would you? He should meet more with MoveOn.org and Sierra Club and Greenpeace.

[wave150]

http://commonsensepolitics.me/

[luadda22]

RepubliCon_Liar_RobMe replies:
LOL!...LUADDA, quit "faking it"...LOL!... you're not intelligent, you thought there was only 1 way to measure the value of the dollar, and I proved there wasn't.

Besides, when most Americans consider the "value" of the dollar, they don't look at the "exchange rate" value with other currencies, they consider the CPI rate.
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Really?? Where did I state that there was only one way to measure the value of the dollar? I posted that AD_IUDICIUM was correct in referring to "value of the dollar against other currencies" had dropped 12% (which you also proved). Although I don't think you realized what you really did because you have gone out of your way to deflect from that fact since then. It was not I that mis-understood the premise and validity of AD_IUDICIUM's statement (to which you replied towards him/her with your multifarious juvenile insults also).

And Americans "don't look at the "exchange rate" value with other currencies"? You don't travel much do you?

Lets see if you respond again with your usual insults and assumptions or whether you will respond with one of your many plagiarized, outdated, and irrelevant copy and pasted obiter dictum's.

Or you may even apologize. (any bets??)

[troutfishman]

Mortar1SG_29 replies:

We have been asking that question about you for a long time, TOE.

Why cant you understand facts?

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


Common misconception.

People believe that if they could just get the other person to understand the "facts", then they would change their position. That seldom happens, because the vast majority of people have ideas and positions that can't be changed by new information. In fact, studies show that new facts that contradict a deeply held belief actually REINFORCE that belief rather than change it. The brain is indeed a fascinating yet frustrating organ, lol.

This explains why political and religious beliefs are nearly immune to factual information.

[troutfishman]

Science is all nonsense to you, mortar. Sad to say.

[troutfishman]

There is a book called Being Wrong: Adventures in the Margin of Error (Kathryn Schulz). Highly recommended reading, especially for Republicans given their recent denial of polling data in the election.

This is not a dig on you guys - it is a fascinating book and well worth the time to read it.