The Leader Board
Jul 16 2012
Dems Admit Willingness To Go Over Fiscal Cliff, 'Plunge The Nation Back Into Recession,' And 'Raise Unemployment'
'Democrats Are Making Increasingly Explicit Threats,' 'Refuse To Budge'
"Democrats say they are prepared to go over the so-called fiscal cliff at the end of the year ..." ("Democrats Risk Fiscal Cliff By Targeting Top Earners' Break," Bloomberg News, 7/10/12)
"… senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise." ("Democrats Threaten To Go Over 'Fiscal Cliff' If GOP Fails To Raise Taxes," The Washington Post, 7/15/12)
"Democrats are making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January..." ("Democrats Threaten To Go Over 'Fiscal Cliff' If GOP Fails To Raise Taxes," The Washington Post, 7/15/12)
- "They refuse to budge on the looming defense cuts and expiring Bush-era tax cuts… The president reiterated there will be no compromising…" ("The Democrats Play Hardball," Politico, 7/16/12)
- "…Sen. Patty Murray (Wash.), the Senate's No. 4 Democrat and the leader of the caucus's campaign arm, plans to make the clearest case yet for going over what some have called the 'fiscal cliff.'" ("Democrats Threaten To Go Over 'Fiscal Cliff' If GOP Fails To Raise Taxes," The Washington Post, 7/15/12)
CBO, IMF & FED Chairman Warn: 'Recession,' 'Significant Threat'
"…economy-shaking consequences if no deal is reached… resulting blow to the economy next year could be enormous." ("The Democrats Play Hardball," Politico, 7/16/12)
BLOOMBERG: "The potential changes are part of the $607 billion so-called fiscal cliff of automatic spending cuts and tax increases that the Congressional Budget Office has warned could push the country into a recession."("Senate Democrats Split From Obama On Taxing Dividends," Bloomberg News, 7/15/12)
- CBO: After fiscal cliff "economy projected to contract at an annual rate of 1.3 percent in the first half of the year… such a contraction in output in the first half of 2013 would probably be judged to be a recession." ("Economic Effects Of Reducing The Fiscal Restraint That Is Scheduled To Occur In 2013," Congressional Budget Office, 5/22/12)
- CBO: "The resulting weakening of the economy will lower taxable incomes and raise unemployment, generating a reduction in tax revenues and an increase in spending on such items as unemployment insurance." ("Economic Effects Of Reducing The Fiscal Restraint That Is Scheduled To Occur In 2013," Congressional Budget Office, 5/22/12)
BEN BERNANKE, Fed Chairman: "…the so-called fiscal cliff–would, if allowed to occur, pose a significant threat to the recovery." ("Bernanke Warns Congress: Don't Let Fiscal Cliff Destroy The Economy," Forbes, 6/7/12)
IMF: "It is critical to remove the uncertainty created by the 'fiscal cliff'…" ("Concluding Statement Of The 2012 Article IV Mission To The United States Of America," IMF, 7/3/12)
- "Going over the fiscal cliff could cause a U.S. recession next year, Olivier Blanchard, the International Monetary Fund's chief economist, told CNBC's 'Squawk on the Street.' … 'It would probably kill growth in the U.S. next year and probably kill growth in advanced economies,' Blanchard said. 'I think that if the U.S. fell off the fiscal cliff, I'm quite sure we'd see negative growth in the U.S. next year.'" ("'Fiscal Cliff' Could Trigger US Recession: IMF Economist," CNBC, 7/16/12)
'Companies Are Starting To Delay Hiring And Spending Out Of Concern'
NEW YORK TIMES: "…business leaders and policy makers are growing concerned that the tax increases and government spending cuts set to take effect at year's end have already begun to cause companies to hold back on hiring and investments." ("Fear Of Year-End Fiscal Stalemate May Be Having Effect Now," The New York Times, 7/11/12)
BLOOMBERG: "Companies are starting to delay hiring and spending out of concern that Congress won't reach a compromise in time to avoid automatic tax increases and budget cuts that would pull billions of dollars of purchasing power out of the economy." ("Fiscal-Cliff Concerns Hurting Economy As Companies Hold Back," Bloomberg, 6/19/12)
- "Kimmie Candy Co. this month put on hold plans to add five or six workers to its 23-person payroll because of slowing sales growth and the political uncertainty in Washington, said Joseph Dutra, president of the Reno, Nevada-based company. 'For a small business like mine, cash flow is the biggest concern,' said Dutra, whose company makes Choco Rocks and Sunburst candies. 'If you don't know where the economy is going and where the government is going on taxes, you don't want to take too many risks.'" ("Fiscal-Cliff Concerns Hurting Economy As Companies Hold Back," Bloomberg, 6/19/12)
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