cbo report on '13 obama budget

[Danzig]

Originally Posted by wiphan

Even if the above statement is correct that is not the point. The point is the government continues to lie to the people. If it is the left, democrats and obama doing it you say it is great and heading in the right direction though. If it is the GOP (or for example Gov. Walker) you are the first to try and call him out on it or prove that he lied. Try not being a hypocrite for 1 day.

we are in bad shape:

The Congressional Budget Office on Tuesday predicted the deficit will rise to $1.08 trillion in 2012.

The office also projected the jobless rate would rise to 8.9 percent by the end of 2012, and to 9.2 percent in 2013.

These are much dimmer forecasts than in CBO’s last report in August, when the office projected a $973 billion deficit. The report reflects weaker corporate tax revenue and the extension for two months of the payroll tax holiday.

A rising deficit and unemployment rate would hamper President Obama’s reelection effort, which in recent weeks has seemed to be on stronger footing.

If the CBO estimate is correct, it would mean that the United States recorded a deficit of more than $1 trillion for every year of Obama’s first term.

CBO Director Doug Elmendorf told reporters that Congress will have to make important choices this year regarding the supercommittee trigger and tax policy that will have huge effects on the deficit.

While unable to recommend choices, Elmendorf said that addressing the deficit sooner rather than later is easier.

The deficit was $1.4 trillion in 2009, $1.3 trillion in 2010 and $1.3 trillion in 2011. The largest deficit recorded before that was $458 billion in 2008.

CBO had forecast an 8.5 percent unemployment rate for the end of 2012 in its August report. It now expects the jobless rate to be higher and to still be at 7 percent in 2015.

The higher unemployment numbers are due to lower economic growth than previously estimated. Gross domestic product for 2011 is now estimated to have grown 1.6 percent in 2011, down from the 2.3 percent forecast in August. CBO a year ago had predicted 3.1 percent growth for 2011.

The outlook for 2012 has also worsened. GDP is forecast to grow only 2 percent this year, compared to a previous estimate of 2.7 percent.

Budget cuts from the August debt deal and projected tax increases set to kick in when the Bush tax rates expire at the end of the year, will “restrain economic growth this year and significantly restrain growth in 2013,” according to CBO. But it says the fiscal prudence will help growth in the out years.

http://www.outsidethebeltway.com/cbo...gh-employment/

at the end:

With employment already near 9% and likely to stay there for two years or more, another recession would be disastrous, with unforeseeable political consequences. Thanks to our long term debt issues, there isn’t a whole lot that Washington can do in the way of direct stimulus — both massive new spending and a massive new tax cut (without spending cuts) seem out of the question right now. The Federal Reserve has kept interest rates near zero for years now, and apparently plans to continue doing so through 2014. It’s hard to see what else there is left to do other than let things work themselves out. Of course, that’s never the answer politicians want to hear.

[Riot]

Originally Posted by Danzig

we are in bad shape:

We are in far better shape than we were 4 years ago, and we are heading in the right direction.

While the Republicans in the House and Senate have done little to nothing to help.

Every single current Republican presidential candidate threatens to undo that progress, and return us to the same disastrous financial policies that were the Bush presidency.

Oh, yeah: and how much deficit did Obama inherit his first day of office? And how much of that ongoing deficit is due to the ongoing costs of Bush's unpaid financial disasters? Most of it. Bush's legacy of financial disaster for this country doesn't go away the day he did. Obama not only is responsible for his own debt, but cleaning up Bush's mess.

[dellinger63]

The ONLY way you can cut the deficit or even attempt to cut the deficit is to eliminate accessibility to the endless credit stream actually river we've been riding.

Pure and simple say NO! to any ceiling increase!


Oh and repeal Obamacare and save $1.76 trillion today

[Riot]

Originally Posted by dellinger63

The ONLY way you can cut the deficit or even attempt to cut the deficit is to eliminate accessibility to the endless credit stream actually river we've been riding.

Pure and simple say NO! to any ceiling increase!

Our government works by having a credit line for cash flow, so we can pay our bills when they come due.

How does eliminating our credit line make those bills disappear?

Oh and repeal Obamacare and save $1.76 trillion today

That $1.76 trillion over years is already paid for. The CBO rates Obamacares as a net-zero program. It is paid for within the program. That has been common public knowledge - or should be - since two years ago, when this bill was voted into law.

You know, that's a good thing: when the government ensures a program is funded before they put it into law? Obamacares is funded. And not even the GOP says that's not true.

You know, the opposite of what George Bush second did, putting us trillions into debt with unfunded wars and Medicare health care plans.