"The total impact of all the income tax rate changes is estimated to raise revenue of roughly $4.5 trillion over 10 years. The total effect of all of this would be to reduce the deficit by approximately $7.7 trillion over the next ten years... according to the Congressional Budget Office (CBO). That means CBO projects an "average" annual deficit of roughly $230 billion if we are over the "cliff" vs. a deficit of about $1 trillion a year if everything is extended."See More

“Tax increases will not solve America’s deficit problem. A deal to avoid the Fiscal Cliff must include significant and rapid entitlement reform. We have to put together something that will substantially reduce this deficit. We can’t do that... without impacting the major entitlements. In order to get a deal, we have to reduce the deficit by reforming Medicare, Medicaid, and Social Security. You have to deal with all of them and do it now.”See More

"This package actually both increases taxes and increases the deficit because there is so much additional spending. As a false gesture towards something reasonable, the president says they will make some unspecified changes to Medicare that... would save some money......starting no more than 10 and more likely 20 years from now. So, the tax increases are specific and go into effect in less than 30 days, but the spending reductions are unspecific and don't start for at least 10 years!! Seriously?"See More