Fiscal Cliff Notes for Dec. 9, 2012
22 days to the fiscal cliff
Good Sunday morning.....the talk shows today should yield more rhetoric about fiscal cliff negotiations, solutions and trial balloons. Sen. Dick Durbin (D-Ill.) is on NBC's "Meet the Press." Last night, Saturday Night Live dove off the fiscal cliff in a hilarious skit about President Barack Obama defending House Speaker John Boehner (R-Ohio) who is bullied by his GOP colleagues.
AVOIDING THE FISCAL CLIFF, SATURDAY NIGHT LIVE VERSION OF THE DEAL
The "Saturday Night Live" cold open features a press conference where Obama is portrayed by Jay Pharoah, and Boehner is lampooned by Bill Hader.
"In order to get the support of the Speaker, I agreed that there will be no tax increases," Obama said. "Now, why would I do that? I mean, I won the election. I had the leverage. Why give in? Well, simply put, I felt sorry for this man."
IMF CHIEF LAGARDE FISCAL CLIFF WARNING ON CNN'S "STATE OF THE UNION" WITH CANDY CROWLEY
On CNN Sunday morning: "Christine Lagarde, the managing director of the IMF, spoke to CNN's Candy Crowley on "State of the Union" about the consequences of the president and Congress failing to reach a comprehensive deal on the automatic spending cuts and tax hikes that would occur without an agreement before the end of the year.
"If the U.S. economy was to suffer the downside risk of not reaching a comprehensive deal, then growth would be zero," she said. "It would be much better to actually have a more comprehensive approach and to deal with all the issues," she said.
(footnote: Lagarde's Chicago connection: She is the former chair of Chicago's Baker & McKenzie law firm)
WHITE HOUSE CONTINUES TO PUSH "DECOUPLE'' STRATEGY
With Dec. 31 looming, the Obama White House continues to push for first a vote on just extending tax breaks due to expire at the end of the year--for the 98 percent of earners who make less than $200,000 for individials, $250,000 for joint filers.
As Vice President Joe Biden said Friday at a photo op with a family with a disabled child--suffering from hypotonia--"folks, this is not hard.
"As that old expression used to go, this ain't rocket science. It would take 15 minutes from the time the decision's made by the speaker of the House to pass and make permanent the middle-class tax cut. The president would probably have me sprint up to the Hill to bring the bill down for him to sign. It can be done like that. It is not complicated. It is not complicated."