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WIKILEAKS - [Podesta] they believe the Obama forces flooded the caucuses with ineligible voters. They want to organize lawyers for caucus protection, election protection

WIKILEAKS - [Brent Budowsky] I did not see even one Hillary button or t-shirt from even one student who cared to support the candidate

WIKILEAKS - [atty Erika Rottenberg] none of my friends circle can understand how it was viewed as ok/secure/appropriate to use a private server

Nine bad reasons to vote for Trump

WIKILEAKS: Claire McCaskill: Got some info about the state department IG. You guys should digest and figure out what if anything we can do.

Hillary And The Ducks!

Rigging the Election – Video III: Creamer Confirms Hillary Clinton Involvement

Miley Cyrus: ‘Kiss My Ashtanga Ass if You Aren’t Voting for Hillary’

Migrant foster mum reveals her horror at discovering ’12-year-old refugee’ in her care is actually a 21-year-old Jihadi

1960s pop singer Bobby Vee dies at age 73

My prayer on 9/11

Nearly 8,000 people in China apply for one job

Lawmakers blast Pentagon over 'clawback' of improper military bonuses

Terry McAuliffe Aided Wife of FBI Official Later Tasked With Clinton Email Probe

Gary Johnson the fag lover hondo loves has 6 newspaper endorsements. Donald Trump has 0 (1, now)

You’ve Got It All Wrong About Donald Trump

No comment: Clinton has 'nothing to say' about Wikileaks email revealing $12M quid pro quo with Morocco's king that an aide said was a 'mess' of her own making

Wikileaks: Clinton Foundation Misled Employees About Results of Internal Audit

Campaign manager: Trump would be willing to do another debate (presumptive loser grasping at straws - do over)

Infant was punched, left in car for 24 hours before parents buried him, police say

American Government Brings In Muslim Man As A Refugee, He Comes Into Texas And Then Begins Planning To Blow Up Malls In Houston

'Rigged' Debates? Questions Arise Again Over Lighted Screen At Hillary's Podium

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WIKILEAKS - Re: Draft Statement for HRC for Tues (comment) [initial BBerry/email lies written for HRC]

Trump lands first major newspaper endorsement

WIKILEAKS - Re Tweet from @JoeNBC [Holy Moses, not Doug Band; Eric Braverman (fmr CEO Clinton Foundation)]

Drug stronger than heroin legal in 46 states despite effort to ban

2 Walmart stores in southeast Missouri to close

The New World Hackers

Dem Rep Jackson Lee Denounces Wikipedia on MSNBC





New Breaking News Julian ASSANGE speech at the Ecuadorian Embassy !

An Establishment in Panic

Small hack to help with DNS probs (for Linux users only)

Clinton server email at heart of 'quid pro quo' controversy contained Benghazi intel

WIKILEAKS - RE: NYC/Gloria Allred Link

WIKILEAKS: We ask supporters to stop taking down the US internet. You proved your point.

Today's Brutal DDoS Attack Is the Beginning of a Bleak Future

Songs from my band (Avant Garage)

WIKILEAKS: Donna Brazile - "I think people are more in despair about how things are—yes new jobs but they are low wage jobs."

Has anyone else noticed there have been weird things happening on the Internet today

HERO POLICE OFFICER Dashcam video shows Texas officer helping boy who had seizure

Bad Hombres -- Nasty Women

Leaked Emails Prove That A Shadow Gov Rules: Hillary Aims to “Make Soros Happy”

Unrest and Martial Law? Leaked Military Drill Anticipates “No Rule of Law” After Election Results

Air Force Maj. Harold Hering - An Unsung Hero of the Nuclear Age

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United States News
See other United States News Articles

Title: Bernanke warns lawmakers country headed for 'massive fiscal cliff' [Ya THINK???]
Source: [None]
URL Source: http://thehill.com/blogs/on-the-mon ... -warns-of-massive-fiscal-cliff
Published: Mar 1, 2012
Author: Peter Schroeder -
Post Date: 2012-03-01 13:20:30 by Capitalist Eric
Keywords: None
Views: 307

Congress risks taking the economy over a “massive fiscal cliff,” Federal Reserve Chairman Ben Bernanke warned lawmakers on Wednesday.

In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January.

“Under current law, on Jan. 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. “I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date.

“All those things are hitting on the same day, basically. It’s quite a big event.”

The tax hikes and spending cuts could knock GDP growth in 2013 down from 2.6 percent to 1 percent, according to Andrew Fieldhouse, a federal budget policy analyst with the liberal Economic Policy Institute .

Bernanke’s comments underline the stakes for this year’s post-election lame-duck session of Congress, when the fate of the tax rates and spending cuts are likely to be determined. Congress is also not expected to raise the debt ceiling until after Election Day, but is unlikely to be able to punt that decision beyond the lame-duck session.

The nation’s triple-A credit rating hangs in the balance, with agencies likely to decide on whether to downgrade the United States depending on what happens to the debt ceiling, tax rates and spending cuts. The fiscal triple whammy was set up by the failure of a supercommittee of lawmakers to agree on a deficit-cutting plan last year.

Bernanke, who has long advised policymakers to rein in the deficit, called again Wednesday for a “credible plan” to reassure markets that the nation is repairing its finances.

Failure to do so could trigger another financial crisis and sharply higher interest rate, as is happening in Europe, he said.

Bernanke warned that draining funds from the economy by allowing tax cuts to expire and trimming spending could slow growth.

“You ... have to protect the recovery in the near term,” he warned.

Some Republicans, such as Sen. John McCain (Ariz.), have already vowed to find alternatives to the spending cuts, which would hit the Pentagon. And the fight over the Bush tax rates will be a central theme of the presidential election.

President Obama wants to extend the individual tax rates for families with annual income below $250,000 and individuals below $200,000, while allowing tax rates on higher incomes to rise. Republicans want to extend all the Bush-era rates.

Congressional Democrats are increasingly embracing $1 million in income as the right threshold above which higher income taxes should kick in.

“Obviously, the Speaker is opposed to the massive tax hike that Washington Democrats have engineered for the end of the year,” Michael Steel, a spokesman for House Speaker John Boehner (R-Ohio), said Wednesday.

While economic conditions have improved and the unemployment rate has fallen, Bernanke warned that the labor market is still “far from normal.”

“The unemployment rate remains elevated, long-term unemployment is still near record levels and the number of persons working part-time for economic reasons is very high,” he said.

Underlying data suggest the economic expansion is “uneven and modest by historical standards,” and that Europe’s debt crisis remains a persistent threat to the U.S. recovery, he said.

The Fed has lowered interest rates effectively to zero and vowed to keep them there through the end of 2014 in response to those challenges, but Bernanke suggested there is little more the central bank can do.

“Monetary policy is not a panacea,” he said. “The long-term health of the economy depends mostly on decisions taken by Congress and the administration.”

Bernanke acknowledged the difficult politics of taxes and spending cuts.

“These criticisms are easy for me to make,” he said. “I don’t have to deal with the politics.”

He steered clear of recommending a specific deficit-reduction path for Congress, but said it is “very important” to address rising healthcare costs and that the economy would benefit from a clear plan from Congress to reform the housing market.

Poster Comment:

He should know, since his organization is responsible!!!!

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