U.S. economy could withstand brief fall off 'fiscal cliff'

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  • JWB Kaysville, UT
    Dec. 13, 2012 11:19 a.m.

    This part has not been done in 3 years. The budget process begins the first month in February, when the President submits his proposal to Congress. This step established by the Budget and Accounting Act of 1921, not new.

    You never hear of this with President Obama. The Act modified that with OMB, the largest and arguably the most powerful group in the Executive Office of the President. OMB is also responsible for overseeing management and budgets of executive branch agencies as well as advising the President on a variety of issues.

    The President's proposed budget, if there was one, includes extensive supporting documentation to make the case for White House spending - and saving - priorities.

    The Congressional Budget Resolution is developed following Congressional Budget and Impoundment Control Act of 1974. This Act also created the House and Senate Budget Committees and the Congressional Budget Office (CBO).

    The Congressional Budget Resolution or proposal is for managing the federal government. It includes estimated revenue, new budget authorities, proposed outlays, net surplus or deficit, and the resulting estimated level of public debt.

    House and Senate Appropriations Committees hold hearings, taking testimony from OMB, executive agency officials and others, which the President hasn't done.

  • JWB Kaysville, UT
    Dec. 13, 2012 9:52 a.m.

    This is more of a political game than a financial game. The President hasn't had a budget for his term and financial hasn't been a big deal for him. He even gets elected without any fiscal or fiduciary responsibility. He got elected because people wanted to continue their entitlements and promises he made for the next 4 year term.

    People in our country live on short term promises or instant gratification for their pleasures of the day. They know they can get milk and cheese tomorrow at the drop off point.

    Having lived in the St. Louis, Illinois side of the river for 9 years, Illinois had the highest benefits for welfare. People moved into Illinois in the 1960s to take advantage of their program there.

    Illinois had the big lottery and other surrounding states didn't have it. Other states then made the PR statement that the winnings would be used for educational purposes. People passed the law to allow lotteries and education didn't really benefit.

    Illinois made casinos legal, not on the reservations, in the poorest and neediest city in Illinois. No real benefit for people.

    Illinois, where Obama was an elected official, political cliff for Republicans.

  • QuickRick Brigham City, UT
    Dec. 12, 2012 11:53 a.m.

    Re: Fred44 congress controls spending.

    Congress doesn't control spending unless they have a veto-proof majority. Congress approves spending, but Obama has to sign the bill, which he has repeatedly said he would not do without including higher taxes on "the rich". He is also now backing away from offers to reduce spending on Social Security and Medicare that he previously said he would accept.

  • Fred44 Salt Lake City, Utah
    Dec. 12, 2012 10:18 a.m.

    His is it that the President is the one taking us off the cliff, congress controls spending.

  • Mountanman Hayden, ID
    Dec. 12, 2012 9:45 a.m.

    If Obama takes us off the "cliff" you can be sure he and the news media will blame the Republicans. Always has, always will!

  • Red Salt Lake City, UT
    Dec. 12, 2012 8:41 a.m.

    It's not the fall that kills you....it's the landing!

    We can all survive the brief fall, but Obama wants to kill freedom. That is the landing!