According to Barack Obama, we need $1.6 trillion in tax hikes on the rich in order to reduce our deficits and debt. The trouble with that $1.6 trillion number is that it is over a 10-year period. When broken down, he's only talking about $160 billion in new revenues. At the very same time, he also said that we need at least $255 billion in new spending to stimulate the economy and the housing market. On top of that, the first month of the current fiscal year, October, saw federal spending up by 16% or a total of $42 billion. If that trend continues, we could see increases up by another 1/2 billion dollars.
Simply, all this talk by the President is Jabberwocky-speak. He speaks complete nonsense on the fiscal state of our federal government. Those new taxes will do nothing to stem the tide of massive new spending. At same time, he is totally unwilling to put any real spending cuts on the table.
--- Reuters News: Budget deficit rises to $120 billion in October: http://ca.news.yahoo.com/budget-deficit-rises-120-billion-october-190237736--business.html
--- Yahoo News: President Obama's opening offer in 'fiscal cliff' talks includes $255 billion in stimulus spending: http://news.yahoo.com/why-obama-pushing-stimulus-fiscal-cliff-deal-video-033547060.html