Joined Nov 11, 2007
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T-Minus 10 Hours: Obama’s Speech on the Fiscal Cliff

Start of speech: DOW up 63, NASDAQ up 35, Gold up $23, WTI up $0.93

“Good afternoon, i realize the last thing you want to hear on news years eve is another speech from me.

Preventing a middle class tax hike has been my priority.

We are close, but hopeful we will get tit done.

The middle class, business’s and the economy can not afford a tax hike.

Members of congress have not gotten an agreement done. But we are here with middle class families to tell them to get it done.

Over the past couple of months, my preference would have been to have  grand bargain that takes care of the deficit so we could focus on the economy. We will have to do it in stages and solve this problem one step t a time.

We need to do more above the progress already made.

A proposed deal would extend unemployment insurance.

We need to focus on growing our economy, infrastructure,

We also have automatic spending cuts that go in effect tomorrow. They have an impact on defense and other programs.

Any deal would have to address automatic tax hikes on the middle class.

Any deal with automatic cuts must be balanced.

I want congress to balance these spending cuts and the revenues have to be a part of the equation.

We will also have to reduce our deficit in a balanced manor.

The tax code has to be reformed in order to help with liabilities.

If republicans think i will finish the job of deficit reduction only through spending cuts, well this would hurt seniors and students…this is why we need the wealthy to help out with taxes.

The most immediate priority is to stop taxes from going up tomorrow.

We are close, but we are not there yet.

At this point i will be spending new years in D.C.

The people who are with me here today & the people who are watching today, need congress to be focused on American folks looking for a fair shot. They expect their leaders to work hard for them.

Happy new year.”

After speech: DOW up 32, NASDAQ up 29, Gold up $20, WTI up $0.46

Proposal thus far puts tax  threshold at 39% for $400k incomes on individuals  and $450k for couples


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