President Obama is threatening to drive the economy off the fiscal cliff if he isn’t given a small business tax hike Ernst & Young says will destroy more than 700,000 American jobs, The Washington Post reported yesterday. Several other news reports note that President Obama’s reckless “Thelma and Louise” strategy – which could send the economy into a “deep recession” – is geared entirely toward achieving a massive tax hike that is already making it harder for small businesses to hire. Here’s more:
- “President Obama reportedly is ready to play chicken on the edge of the government’s fiscal cliff. … He plans to veto any bill to head off automatic tax hikes and spending cuts at the end of the year unless congressional Republicans agree to raise tax rates…” (CBS News, 10/18/12)
- “President Obama would veto any legislation to deal with the so called fiscal cliff unless Republicans agree to higher taxes…” (ABC News, 10/18/12)
- “Democratic justification for the fiscal cliff’s existence has been to force the GOP to agree to a tax increase, and the White House isn’t backing down.” (Roll Call, 10/18/12)
- “President Obama is prepared to veto a bill to head off the fiscal cliff…if Republicans continue to refuse to raise tax rates…” (The Fiscal Times, 10/18/12)
- “The White House on Thursday confirmed…that Obama is prepared to turn down any bill that would avoid the ‘cliff’ without raising tax rates… Press Secretary Jay Carney described that threat as nothing new.” (Fox News, 10/18/12)
- “That veto threat is the center of the Obama administration’s second-term strategizing.” (The Washington Post, 10/18/12)
President Obama refuses to address the impact his misguided strategy will have on the millions of middle-class Americans who are being “buried” by his failed economic policies, and “hasn’t laid out a comprehensive plan to avoid” the fiscal cliff he is responsible for, The Hill reports. Senate Democrats are aiding the president’s “Thelma and Louis” strategy by signaling their willingness to plunge the economy off the fiscal cliff, and by refusing to take action on House-passed legislation to stop the tax hikes that threaten our economy and replace the defense cuts that threaten our troops.
The Republican-led House has done its job and acted to avert the fiscal cliff scheduled to take effect in less than three months. As Speaker Boehner has asked, “Where is the leadership” from President Obama? Threatening economic disaster to secure a job-destroying tax hike while millions of Americans are unemployed, underemployed or struggling to find work just doesn’t cut it.