AirTalk for October 18, 2012

Obama threatens to go to the mat over ‘fiscal cliff’ plan that avoids tax hike for the rich

US-VOTE-2012-DEMOCRATIC CAMPAIGN

BRENDAN SMIALOWSKI/AFP/Getty Images

US President Barack Obama speaks during a rally at Veterans Memorial Park October 18, 2012 in Manchester, New Hampshire. Obama is traveling to New Hampshire and New York to attend campaign events before appearing on the 'Daily Show' and attending the 2012 Al Smith Dinner.

As he campaigns for reelection, President Barack Obama is playing hardball with the GOP. The president is prepared to veto legislation aimed at stopping year-end tax hikes and spending cuts, which are collectively known as the ‘fiscal cliff,’ unless Republicans agree to raise tax rates for the wealthy, according to administration officials.

Some Republicans are skeptical that Obama will actually follow through with the veto in light of the fact that he has backed off demands for higher taxes twice in the past. If Obama does not cooperate to pass the legislation, taxes rates for nearly 90 percent of households would rise, military and domestic budgets would be deeply cut, and this might spark a brief recession.

Is Obama bluffing or is he potentially putting the economy at risk? How can Democrats and Republicans reach a bipartisan compromise on tax legislation without financially hurting taxpayers?

Guests:

Adam Schiff, Congressman (D-29), district includes Alhambra, Altadena, Burbank, Glendale, Griffith Park, Monterey Park, Pasadena, San Gabriel, South Pasadena, Temple City

Tom Del Beccaro, Chairman, California Republican Party


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