Romney Campaign Pushes Back on Obama’s Veto Threat

Romney Campaign Pushes Back on Obama’s Veto Threat

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After President Obama pledged to veto any deficit reduction bill that does not include  increasing tax rates on high income earners, the Romney campaign called out the president for jeopardizing chances of a deal before the end of the year, ABC News’ Devin Dwyer reports. “His approach would let our economy sink into recession for the sake of pursuing job-killing tax increases,” Romney spokesman Ryan Williams said. “Rather than work in a bipartisan manner as the ‘fiscal cliff’ approaches, President Obama prefers to issue veto threats and simply ignore the other party,” said Williams. “We can’t afford four more years of this failed leadership.”

Without a compromise between the two parties, tax rates will rise for all Americans and deep budget cuts will affect domestic programs and defense. - Read more at ABC News
 
THE POWER OF POLITICS
House Speaker John Boehner, R-Ohio, has confirmed what just about everyone suspects – that concerns about the fall political campaign trump all other business.  Boehner told Politico’s Jake Sherman that he and President Obama haven’t discussed the threat of the year-end fiscal cliff in nearly four months. “It’s all about the election,” Boehner said. - Read more at Politico

JPMORGAN SAYS THE HOLIDAY IS OVER…
Banking giant JPMorgan Chase released a report on Thursday factoring in the likely elimination of the payroll tax credit, which the bank predicts will account for half a percent drop in GDP growth next year. The report also indicated that the bank is anticipating the Bush tax credits to be extended to all income levels, though President Obama pledged to veto a bill that includes a tax break for  the wealthy, as The Washington Post reported on Thursday morning.  – Read more at The Washington Post  

…BUT THERE’S MORE TALK OF A SOFT LANDING  With the battered housing market rallying and consumer spending surging to its highest level since before the recession, some economists are saying the economy is in a better position than some think to withstand the fiscal drag of major tax increases and spending cuts beginning next January. RBS economist Michelle Girard writes, “While going over the so-called fiscal cliff (in its entirety) would almost certainly lead to a sharp contraction in economic activity in early 2013, the improving economic base we now observe leads us to conclude that such a downturn would likely be short-lived,” Reuters’ Pedro da Costa reports.-Read more at Reuters

For more news on the approaching fiscal cliff, follow us on Twitter@Fiscalcliffnote

Brianna Ehley is the former Washington Correspondent for The Fiscal Times. She is currently a reporter on Politico's health care team in Washington, D.C.