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taxmageddon because it would increase taxes $500 million in the first year alone. they want the president to start now to prevent it. where what is the president s plan to stop the largest tax increase in history occurring january 1. reporter: automatic spending cuts in place under sequester agreed to last year. they say across the board cuts to domestic spending are too harsh and could be replaced with other cuts. democrats say there is another way. tax increases. move on revenue we could have had a deal a long time ago. the president said when we got together, the white house last wednesday. toes, house democratic leader nancy pelosi sent a letter to speaker boehner calling on republican to schedule immediately and extend tax cut for middle income americans. she seemed to move the line for increase of the wealthy, to drop assistance on tax increases for those over $250,000 in income saying that the democrats are tax cut for those earning million dollars a year sho
office is predicting the economy will slink if several large tax cuts are allowed to expire at the end of the year. the cbo said that along with new spending cuts would hamer the economy. bottom line here they are predicted we will have another recession in the first half of 2013. the cbo predicts economic growth would slink by 1.3% a would only grow half a percent for the entire year. far less than even the slow growth since president obama took office. money is sucked out of the private sector by increased taxes. the government is taking that money out of the private sector which then cannot raise the capital to invest it in job creation. all the bush tax cut as well as other tax cut to stimulate the economy expire automatically at the end of the year, which some call taxmageddon because it would increase taxes $500 million in the first year alone. they want the president to start now to prevent it. where what is the president s plan to stop the largest tax incr