Nov 9 2012
01:21 pm

Obama just gave a speech outlining his plan to address the "fiscal cliff." He says it has to be balanced, and that any compromise must have both spending cuts and new revenues or he won't accept it. He also called for an immediate extension of the Bush tax cuts for people making less than $250K, which has already passed in the Senate. He called on the House to take action, saying "I've got a pen, and I'm ready to sign it." He said this would eliminate uncertainty for 98% of taxpayers and 97% of small businesses.

UPDATE: Markets react poorly, pulling back sharply from today's earlier gains.

UPDATE: Transcript of Obama's remarks...

reform4's picture

Stock market is insane.

First it drops due to uncertainty.

As soon as a clear path is laid out (including extending middle class tax cuts, which should HELP the economy), it drops again.

As soon as it's back up, I'm selling everything and buying alpacas.

JCB's picture

" He says it has to be

" He says it has to be balanced, and that any compromise must have both budget cuts and new revenues or he won't accept it."

Reagan said the same thing.The cuts never happened.

gonzone's picture

Now I know the reason for

Now I know the reason for today's earthquake, someone spoke ill of Saint Raygun!

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