{"id":41659,"date":"2013-02-19T10:47:00","date_gmt":"2013-02-19T10:47:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/president-has-not-given-up-hopes-over-averting-sequester-but-gop-is-pessimistic\/41657\/"},"modified":"2013-02-19T10:47:00","modified_gmt":"2013-02-19T10:47:00","slug":"president-has-not-given-up-hopes-over-averting-sequester-but-gop-is-pessimistic","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/president-has-not-given-up-hopes-over-averting-sequester-but-gop-is-pessimistic\/41659\/","title":{"rendered":"President Has \u201cNot Given Up\u201d Hopes over Averting Sequester But GOP is Pessimistic"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>The White House Chief of Staff, Dennis McDonough believes that there is still room for further negotiations with the Republicans so that the sequestration or across-the-board spending cuts is prevented.<\/p>\n<p><span id=\"more-41659\"><\/span><\/p>\n<p>While speaking to Bob Schieffer on CBS\u2019s \u201cFace The Nation\u201d on Sunday, McDonough said, \u201cWell we\u2019ve not given up on this, Bob, and the reason we haven\u2019t given up on it is because it\u2019s going to have a real impact on middle class families.\u201d<\/p>\n<p>Last week, Senate Democrats had presented an alternative plan aimed at postponing sequester. The package proposed 50:50 ratio between tax hikes and spending cuts.<\/p>\n<p>However, this package was straight away rejected by the GOP, citing that the matter involving raising taxes on wealthy Americans was already being addressed when the \u201cfiscal cliff\u201d was averted.<\/p>\n<p>Still, Democrats are adamant with their posture which is to generate equal savings both from spending cuts and tax increase.<\/p>\n<p>\u201cWhen you look what at Senate Democratic plan and the president\u2019s plan \u2013 both very balanced plans that get some savings in this deficit fight from spending cuts, and some savings from increased revenues,\u201d added McDonough while speaking to \u201cFace the Nation\u201d.<\/p>\n<p>According to Senate Majority Leader, Harry Reids\u2019 Office, Senate Democrats were targeting to generate $54 billion through implementing \u201cWarren Buffet rule\u201d that calls for at least 30% tax on millionaires and raising additional $2 billion by closing tax-loophole which favors oil companies, currently.<\/p>\n<p>Republicans argue that there are \u201cbetter ways\u201d to solve the issue of budget cuts even though John McCain (R-Ariz) showed support to Obama\u2019s call for raising taxes in order to avoid the sequester.<\/p>\n<p>Sen. John Barrasso, R-Wyo., said to CNN&#8217;s &#8220;State of the Union&#8221; on Sunday that Democrats\u2019 new package on budget cuts was &#8220;off the table,&#8221; and their demand for generating additional revenue isn&#8217;t going to convince the GOP.<\/p>\n<p>\u201cLet me be very clear &#8211; and I&#8217;d say this to the president as I say it to you &#8211; these spending cuts are going to go through. \u00a0&#8221;The American people need to know tax cuts are off the table and the Republican Party is not in any way going to trade spending cuts for a tax increase,\u201d said Barrasso on \u201cState of the Union\u201d.<\/p>\n<p>Earlier on Sunday, McCain said that although he was in favor of closing loopholes in existing tax laws, ongoing subsidies were \u201coutrageous and disgraceful\u201d.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130222091102\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fpresident-has-not-given-up-hopes-over-averting-sequester-but-gop-is-pessimistic%2F41659&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130222091102js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/aig-posts-surprise-q4-adjusted-profit\/41824\">\nAIG Posts Surprise Q4 Adjusted Profit<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/hewlett-packard-q1-results-edge-past-streets-estimates-outlook-also-tops-expectations-hpq\/41822\">\nHewlett-Packard Q1 Results Edge Past Street\u2019s Estimates, Outlook also Tops Expectations (HPQ)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-recover-some-lost-ground-after-weak-u-s-economic-indicators\/41820\">\nGold Prices Recover Some Lost Ground after Weak U.S. Economic Indicators<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-february-21\/41809\">\nMarket Update After Hours February 21<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-finish-lower-for-a-second-consecutive-day\/41808\">\nStocks Finish Lower for a Second Consecutive Day<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-falls-against-dollar-and-yen\/41800\">\nForex Market Update: Euro Falls Against Dollar and Yen<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-bounce-back-silver-prices-also-gain\/41798\">\nGold Prices Bounce Back; Silver Prices also Gain<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130222091102im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House Chief of Staff, Dennis McDonough believes that there is still room for further negotiations with the Republicans [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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