Fiscal cliff: extending US debt like giving a drunk more Vodka

Both Stuff and TVNZ reported this morning that the Democrats and Republicans were close to a deal that would avert going over the so-called fiscal-cliff; however, not so fast according to Breitbart—more on that below. But first watch the following video where Patrick Young says “extending US debt is like giving a drunk more Vodka”

Even though Patrick Young doesn’t go into detail, he does hit the essential point of debt; he implies that both the Republicans and the Democrats have been equally drunk at the wheel. And he is correct on that one; however, he does say that if a deal is not reached and they go over the cliff it would be catastrophic for America and the world for which he is probably right to some extent; however, no deal is better than a bad deal, and Obama is fronting a really crappy deal. It is obvious that the problem has got nothing to do with revenue; it is all about spending, and Obama is running an annual, trillion-dollar-budget deficit for which he will not budge on, apart from previously agreed cuts.

With the debt now standing at around an absurd 16 trillion dollars and growing by a trillion dollars a year, you don’t need to be an economist to know that is not sustainable. Unless they can pay the interest on the existing debt and reduce the principal by at least 2 trillion a year, they are wasting their time.

Personally, I think it would be healthy for America to go over the cliff—which would mean the end of the Bush tax cuts—as it would give Liberals a taste of what they voted for. Of course the Republicans would get the short-term blame for it, but the long-term legacy would Obama’s as it would have happened under his watch.

Fox News has just reported that technically they will now go over the cliff as the House has retired for the day.

Read Breitbart’s take on this:

JUMP: Washington Fails to Beat 'Fiscal Cliff' Deadline, Talks to Resume in New Year

Numerous sources report that the House of Representatives will not be able to vote on any Senate deal to avoid the "fiscal cliff" before the midnight deadline tonight, even if the Senate were able to reach agreement, which it has not yet done. The nation will now go over the "fiscal cliff" of tax hikes and spending cuts.

Republicans and Democrats had appeared close to an agreement earlier today, based on allowing the Bush tax cuts to expire for households earning more than $450,000, and allowing other tax rates to rise. Democrats would not, however, agree to significant spending cuts, and balked at Republican proposals to maintain the amount of the sequester, perhaps while adjusting its composition to protect defense spending. Read more