Thread: CBO rejects Obama's budget claims, estimates $2.3 Trillon more deficit

Lets see.........I make $****** a year, but plan to spend double that. Vote for me, I'm smart!

Wondered who was going to post his juicy bit. Of course, I'll remind those that are drooling over this, of what they've said in the past, "The CBO can only use those figures given them, and these figures may not be correct nor do they have to be all the figures."

Still bad enough, however tempered by an economy that is growing faster and faster under the stimulus packages passed by President Obama and a Democrat led Congress.

Typical math from the hill, in the end we are all going to get bent over on this one. The records we are setting right now in debt... just no way anyone can claim fiscal responsibility. This is all besides the debate on how accurate the CBO is these days (usually in the direction of even more eventual debt than realized.)

For those who want to check the analysis : CBO - Preliminary analysis...

The White Hall trusted CBO during the health care debate, it should trust CBO now. The letter seems addressed at Daniel K. Inouye, who I believe is democrat. For the little I have read, the numbers come from the government (JCT notably) and the variation is due mainly to CBO's internal calculations. In other words, if it's biased, it doesn't come from outside, as was suspected during the health care debate, with numbers given by the White Hall.
I don't see enough reason here to doubt the results, they are as believable as one can expect. Nuances are interesting, they don't really change the conclusion. The budget adds to the deficit. Right now the media focuses on foreign matters or on the current budget cuts, so it won't have much impact. Later, I don't know.

Originally Posted by MattInFla

Shocking - these assumed "savings" can't be substantiated. Sounds familiar, no?

Stand by for the usual suspects to tell us that another $2.3 Trillion in debt is nothing to worry about....

And that 9.5 trillion over the next 10 years is also assuming obamacare won't cost us a lot more that projected also.

If you have a foot on the ground in realityville, you know that's going to cost more too.

What happens when China no longer wants to buy our T Bills? Who is left to purchase them?

I have no doubt the deficets will eventually be addressed, as you cannot wish it away. We will probably wait and be forced into it, when we go completely bottom up though. One thing our leadership cannot be accused of is long term planning. We don't have an economic policy, a fiscal policy or an energy policy. When you don't PLAN, don't act surprised when the roof falls in. Hell, I hear the roof creaking as we speak, but the right folks are listening to their own voices and can't hear it.

I think the first move would be to get some decent tax rates back on the elites. Income and capital gains need to be increased up to something livable, while cutting spending what ever the CBO would say it needs to be cut. The less fortunate folks are gonna be hurt, deeply, but let's not let them be the only folks sharing here. Tax the rich what we used to tax em. They did not die back then, and they won't die today. And their standard of living sure won't be effected, unlike the rest of us. A very small price for those folks to pay, for a Nation that tilted the playing field so that they could get richer than any other era in the history of this nation, as the other Americans so no improvement, followed by a recession that is creating some "newly poor".

Pardon me while I attempt to restrain my surprise.

Originally Posted by Blue Doggy

What happens when China no longer wants to buy our T Bills? Who is left to purchase them?

I have no doubt the deficets will eventually be addressed, as you cannot wish it away. We will probably wait and be forced into it, when we go completely bottom up though. One thing our leadership cannot be accused of is long term planning. We don't have an economic policy, a fiscal policy or an energy policy. When you don't PLAN, don't act surprised when the roof falls in. Hell, I hear the roof creaking as we speak, but the right folks are listening to their own voices and can't hear it.

I think the first move would be to get some decent tax rates back on the elites. Income and capital gains need to be increased up to something livable, while cutting spending what ever the CBO would say it needs to be cut. The less fortunate folks are gonna be hurt, deeply, but let's not let them be the only folks sharing here. Tax the rich what we used to tax em. They did not die back then, and they won't die today. And their standard of living sure won't be effected, unlike the rest of us. A very small price for those folks to pay, for a Nation that tilted the playing field so that they could get richer than any other era in the history of this nation, as the other Americans so no improvement, followed by a recession that is creating some "newly poor".

I believe that there IS a fiscal plan and that there has been one for a few decades now. I also believe that the plan is based on the economic principle that if you owe the bank a million dollars then it's your problem but if you owe the bank bunches of billions or trillions of dollars then it's their problem.

Shitty news for sure. At least you can take solace that you have a POTUS who makes a habit of paying for al legislation he passes and who's net effect was even a reduction in the otherwise projected income shortfalls. You can't expect him to get rid of all of it as he was left a big hole but you are definitely striking the right balance of deficit reduction and country growth so as not to stall recovery. If you cut too much as the GOP wants to then kiss the recovery and the decade goodbye.

Really Danny? Obama has spent almost as much in under 3 years as Bush did in 8 ans has ballooned the deficit and the debt with no no results other than to save unions. He has paid for nothing.

Originally Posted by stretch351c

Really Danny? Obama has spent almost as much in under 3 years as Bush did in 8 ans has ballooned the deficit and the debt with no no results other than to save unions. He has paid for nothing.

If you dispute that Obama's reduced the deficit then let's examine his policy legislation since taking office. Let me know when you find a piece of legislation other than the disaster relief stimulus that added to the deficit. I suspect we'll be here for a while.

So stretch, what did he do that added to the deficit? If you're simply attributing past unpaid programs to the rise int he deficit don't you think that's a little stupid? I mean you wouldn't blame him for the Iran hostage crisis, why would you blame him for shit that happened before he was here? I just can't take people seriously who aren't acting in a serious manner.

Originally Posted by Danny

If you dispute that Obama's reduced the deficit then let's examine his policy legislation since taking office. Let me know when you find a piece of legislation other than the disaster relief stimulus that added to the deficit. I suspect we'll be here for a while.

So stretch, what did he do that added to the deficit? If you're simply attributing past unpaid programs to the rise int he deficit don't you think that's a little stupid? I mean you wouldn't blame him for the Iran hostage crisis, why would you blame him for shit that happened before he was here? I just can't take people seriously who aren't acting in a serious manner.

Unfortunately Obama has dodged the legislative branch to slow economic activity, lowering federal revenue, adding to the deficit. The EPA can now regulate carbon dioxide emissions via the Clean Air Act which the Obama administration has used to accelerate costly regulations on businesses across the board. The moratorium on Gulf oil drilling despite the US District Court ruling that federal reports did not justify the ban has been harmful to the economy as well. As I write the EPA is implementing a new set rules tightening emissions restrictions on power plants that burn coal and oil, which the EPA estimates will cost American households $11 billion per year by 2016. Rather than passing Cap and Trade through legislation, this administration has simply decided to implement similar restrictions through the EPA. This is just one example. Need I even get into how preparing for the Health Care Reform Act is stagnating business?

I get tired of the constant historical revision taking place. Obama supporters like to take the worst economic quarter of the Bush administration and project those numbers as continuing indefinitely – then compare that with Obama’s performance to prove the stimulus package succeeded. G.W. Bush may have inherited a balanced budget, but he also inherited a the collapse of the Internet bubble, a mild recession, and a spiraling stock market exposing Enron style corporate scandals . . . white collar criminals who were then prosecuted under the Bush administration after being ignored by the Clinton justice dept. This, topped with the virtual destruction of Manhattan 9 months into the Bush tenure, eventually resulted in a peak $412 billion deficit in FY 2004. But does anybody remember the last deficit number before the spending gavel was handed over to Nancy Pelosi and the democrats? $162 billion.

Now, I am a person who believes signing any budget including a scheduled deficit is irresponsible, so I am certainly not bragging up W. But before going off on the, “At least Obama is better than Bush.” Argument I believe an honest recap of the Bush record is in order. Once that argument is thrown out the window, I see no logical defense for the Obama fiscal record.

The so called stimulus bill did nothing, the now invalidated healthcare law was 2.2 trillion, he has expanded government by an order of magnitude while working Americas take it in the shorts. I agree Bush spent to much but nothing compared to the wholesale spending of Obama.