The Leader Board
Nov 26 2012
'Emboldened Liberals' Are Prepared To Jump The Cliff & Trigger 'A Significant Recession' Because They Think It Would Give Them 'More Leverage'
SEN. MITCH McCONNELL (R-KY): "It's time for the President to present a plan that rises above these reckless and radical voices on the hard Left, that goes beyond the talking points of the campaign trail, and that has a realistic chance of passing the Congress. The time for campaigning is over. It's time for the President to lead." (Sen. Mitch McConnell, Prepared Remarks, 11/26/12)
'Emboldened Liberals' Eye 'More Leverage'
"A growing bloc of emboldened liberals say they're not afraid to watch defense spending get gouged and taxes go up on every American if a budget deal doesn't satisfy their priorities." ("Fiscal Cliff: Will They Jump?" Politico, 11/25/12)
"…If tax rates snap back to the higher levels from the 1990s and painful budget cuts start to hit the Pentagon, these Democrats — led by Washington Sen. Patty Murray — believe they would wield more leverage over the GOP..." ("Fiscal Cliff: Will They Jump?" Politico, 11/25/12)
- "Murray, colleagues agree, doesn't issue idle threats. 'Everyone takes Senator Murray seriously because she does not bluster,' Reid said. 'She simply says what she means and stands by it.'" ("Patty Murray Likely To Be A Key Voice In Senate On Budget Deal," Washington Post, 11/23/12)
Some Senior Dems Comfortable With That Outcome
"… senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession..." ("Democrats Threaten To Go Over 'Fiscal Cliff' If GOP Fails To Raise Taxes," The Washington Post, 7/15/12)
"…Democratic Senator Patty Murray said her party is willing to risk racing over the fiscal cliff and into financial chaos in 2013." ("US Lawmakers Head Home, Severe Challenges Loom," AFP, 8/4/12)
"Sen. Patty Murray, D-Wash., who outlined the Democratic strategy … that her party would rather plunge off the fiscal cliff than extend tax cuts for the wealthiest Americans. White House aides pointedly backed Murray's threat..." ("Democrats Waxing Tough On Fiscal Cliff," National Journal, 7/25/12)
- SEN. PATTY MURRAY (D-WA): "…our country is going to have to face the consequences…" (Sen. Murray, Remarks At The Brookings Institute, 7/16/12)
CBO Projects 'Significant Recession,' 'Jobless Rate Rising'
NATIONAL JOURNAL: "CBO: Jumping Off Fiscal Cliff Would Cause Recession" ("CBO: Cliff Would Cause Recession," National Journal, 8/22/12)
NEW YORK TIMES: "…if Congress takes no action to stave off tax increases due and automatic budget cuts scheduled to take effect on Jan. 1, the economy could fall into a recession, with total output shrinking and the jobless rate rising to about 9 percent in the second half of 2013… Fears about tax increases and spending cuts — the 'fiscal tightening' — are depressing economic growth…" ("Report Sees Risk Of Recession If Budget Stalemate Persists," The New York Times, 8/22/12)
WASHINGTON POST: "The nation would be plunged into a significant recession during the first half of next year if Congress fails to avert nearly $500 billion in tax hikes and spending cuts set to hit in January…" ("Significant Recession Imminent If Congress Doesn't Act On Fiscal Cliff: CBO Report," The Washington Post, 8/22/12)
REUTERS: "…even worse economic damage than previously thought if Washington fails to come up with a solution, Congress' budget referee said on Wednesday." ("U.S. CBO Sees Deeper 'Fiscal Cliff' Recession Next Year," Reuters, 8/22/12)
AP: "… fresh, dire projections by the nonpartisan Congressional Budget Office." ("Analysts: Recession Likely Without Budget Accord," AP, 8/22/12)
CBO: "…a recession, with real GDP declining by 0.5 percent between the fourth quarter of 2012 and the fourth quarter of 2013 and the unemployment rate rising to about 9 percent in the second half of calendar year 2013." ("An Update To The Budget And Economic Outlook: Fiscal Years 2012 To 2022, Congressional Budget Office, 8/22/12)
STUDY: '710,000 fewer jobs' "This report finds that these higher marginal tax rates result in a smaller economy, fewer jobs, less investment, and lower wages. … Employment in the long-run would fall by 0.5% or, roughly 710,000 fewer jobs, in today's economy." ("Long-Run Macroeconomic Impact Of Increasing Tax Rates On High-Income Taxpayers In 2013," Ernst & Young LLP, 7/12)
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