CEOs warn Obama, Congress to avoid ‘fiscal cliff’

[alp227]

Source: washington post

The largest U.S. financial firms warned Thursday of dire consequences if Washington fails to head off year-end tax hikes and spending cuts, saying they could jolt the economy into recession and prompt a new and dangerous downgrade of the U.S. credit rating.

These projections come as U.S. business leaders have been escalating their lobbying on behalf of a bipartisan deal to avoid the “fiscal cliff,” pressing their case in a series of meetings with key members of Congress.

On Thursday, 15 of the nation’s largest financial companies warned President Obama and Congress in a letter that interest rates could spike significantly if policymakers do not agree to stop the series of automatic tax hikes and spending cuts and replace them with a long-term plan to tame the federal debt.

In an interview, JPMorgan Chase chief executive Jamie Dimon said he would use all the power he has as head of the country’s largest bank to press lawmakers for a solution. Dimon is a major backer of a Washington-based campaign known as “Fix the Debt,” which is planning to spend $30 million to pressure lawmakers.

Read more: http://www.washingtonpost.com/business/economy/ceos-warn-obama-congress-to-avoid-fiscal-cliff/2012/10/18/6aeb7186-1914-11e2-aa6f-3b636fecb829_singlePage.html

[Arugula Latte]

1. Buncha grifters.

Lying scum.

[Spitfire of ATJ]

2. They say they care if the government goes broke but they refuse to pay taxes to stop it.

[Bozvotros]

3. Not Obama. Tell it to the Koch whores in Congress. AKA the GOP.

And then STFU.

[emulatorloo]

6. +1

[ProfessionalLeftist]

8. +1000 n/t

[Populist_Prole]

4. In other news, robbers warn cops to not meddle in their affairs or they'll get really mad

Phuck 'em.

[global1]

5. Why Are CEO's Telling This To Obama - I Thought Rmoney Has Talked Them All Into Having Their.....

employees vote for him. (sarcasm)

[abelenkpe]

7. Dear CEOs

Piss off.

[Kolesar]

9. It will be gradual, not a "Jolt"--these guys just want our benefits to be cut

Cut SS, Medicare and Medicaid.
They probably have a bias toward cutting the Pentagon, which is a widespread opinion in America.

[bemildred]

10. There is no fiscal cliff, that's all Congressional bullshit.

They dig a hole and then threaten to push us into it.

[KansDem]

11. Ain't that the truth!

Boy George lies us into two wars then cuts taxes on the wealthy. This in the wake of "trickle down."

Then Congress comes to us and says we need to pay for Boy George's malfeasance by relinquishing our Social Security and Medicare, not to mention other social programs.

[Mister K]

12. The banks are being terrosists yes...but

If you look at the rates we will be paying next year, there is a significant increase across the board.

Current
Tax Bracket Single Married Filing Jointly
10% Bracket $0 – $8,700 $0 – $17,400
15% Bracket $8,701 – $35,350 $17,401 – $70,700
25% Bracket $35,351 – $85,650 $70,701 – $142,700
28% Bracket $85,651 – $178,650 $142,701 – $217,450
33% Bracket $178,651 – $388,350 $217,451 – $388,350
35% Bracket $388,350+ $388,350+

2013 Projected
Tax Bracket Single Married Filing Jointly
15% Bracket $0 – $8,700 $0 – $17,400
15% Bracket $8,701 – $35,350 $17,401 – $70,700
28% Bracket $35,351 – $85,650 $70,701 – $142,700
31% Bracket $85,651 – $178,650 $142,701 – $217,450
36% Bracket $178,651 – $388,350 $217,451 – $388,350
39.6% Bracket $388,350+ $388,350+

The good news and this puts Obama in a great position to negotiate because no one wants this rates to come into play.

[truedelphi]

13. Are these "credit rating" agencies that the CEOs are mentioning

The same inept crowd that advised consumers and stock buyers, and mortgage purchasers and all of Wall Street that there was absolutely no reason to worry about the explosive growth in home purchases and housing prices - is it those same people?

Remember how they doled out quadruple and triple A ratings on the very firms that went belly up just two to six weeks later... remember?

And now what - we give Wall Street everything that Wall Street wants or else - else what exactly?

If there had been any fairness in modern society all these people would be behind bars for incompetence at the very least, or else for grand criminal conspiracy that vilolates the RICO laws.

If only we had someone with some real mettle to call them out on this. Alan Grayson - calling Allan Grayson...

No wonder DeFazio says that the thing to do is to wait until Congress is in session, Jan 21st, 2013, with the newly elected back in place.