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Watch Obama Explain The Fiscal Cliff Deal: VIDEO


Democrats and Republicans performed a seemingly impossible feat by striking a deal to prevent the United States from plunging off the fiscal cliff of their creation this week. Well, for now.

From CBS News:

Ultimately, yesterday's "fiscal cliff" deal didn't address the issue at all. In the remarks he gave after the House passed the deal, Mr. Obama once again warned against a debt ceiling fight: "I will not have another debate with this Congress about whether they should pay the bills that they've already racked up through the laws that they passed," he said. "We can't not pay bills that we've already incurred."

Around the same time Washington will hit its debt limit, the "continuing resolution" by which Congress is funding the federal government will expire. Since Congress has been too dysfunctional to pass a real budget, it passed short-term "continuing resolutions" to keep the government running. The current resolution is set to expire on March 27, leaving open the threat of a government shutdown.

AFTER THE JUMP, watch President Obama discuss how this stop-gap plan will help the unemployed, impact middle class taxes and what it means for wealthier Americans not being asked to pay a fairer share.

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  1. Ha, ha: They said they wouldn't and I made them do it!

    No more Mr. Nice Black Guy, now he's getting in touch with his inner Caucasian. Kicked 'em right in the old tea pot.

    Posted by: they're big ones | Jan 2, 2013 2:37:03 PM

  2. And there is your "Best Actor" Oscar worthy performance for 2012. Get in line all you fellow thespians out in Hollywood. Obama's got this one in the bag. Quite a performance. Tragedy is more his style in the end.

    Smoke and Mirrors suit him so well.

    41% Tax Increase : 1% Budget Cut
    Bravo! That is some CEO success Mr. President.

    Next time you use the word balanced we will know exactly what you mean by that. All for me... none for you.

    Kind of like that knife and gun routine you did back in your vaudeville days.

    Posted by: Rob | Jan 2, 2013 2:41:33 PM

  3. This entire "fiscal cliff" is theater of the absurd. The GOP only represents the rich and corporations, and the democrats represent corporations and merely pay lip service to the quickly disappearing middle class.

    Watch in the near future as Obama barters away the last of the New Deal entitlements.

    Posted by: Jonathan | Jan 2, 2013 2:59:53 PM

  4. Government shutdown, you say? Do it. Because it worked so well for Newt in the 90s.

    Posted by: Kendall | Jan 2, 2013 3:02:58 PM

  5. @Jonathan They're NOT entitlements, their EARNED BENEFITS! I've been paying into Social Security and Medicare since my very first paycheck. I'm not "entitled" to them, I've earned them and paid for them for years. And I've even had them partially stolen from me already, thanks the the Repugs changing the retirement age and the rules that determine how they are calculated.

    Entitlements are something given to royalty. Like the billions given to fictitious entities by corporate welfare, the billions in golden parachutes for the criminal CEO's who bankrupt companies and get paid bonuses for doing so, and the Rolls-Royce level health care that our elected officials give themselves while telling us to be grateful for our 50% premium hikes (I won't call it Cadillac, because that doesn't do it justice).

    Posted by: Husky14620 | Jan 2, 2013 6:56:58 PM

  6. The "Fiscal Cliff" legislation was so important to Pres. Obama that Marine-One was already warming-up it's engines during the President's 1120pm presser once it passed. He went straight from the Press Briefing Room to the helipad, he couldn't even be bothered to wait overnight to sign it...instead it will languish on his desk while he plays with his daughters on a nice, warm beach in Hawaii.

    **I'm so glad he cares... **sarcasm-off**

    Meanwhile...Obama, Boehner and Reid told New Jersey, Long Island and Staten Island's storm-ravaged tens-of-thousands to "drop dead" 'til February for Sandy relief funds. Katrina relief was funded in less than 30's been 65-days and counting.

    Posted by: Ted B. (Charging Rhino) | Jan 2, 2013 7:49:14 PM

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