CBO: President's Speech Not A Serious Budget Plan

To learn more: http://budget.house.gov/News/DocumentSingle.aspx?DocumentID=248433

On February 15, the President submitted his Fiscal Year 2012 budget. The disappointing proposal was roundly rejected across the political spectrum for its lack of seriousness given the fiscal and economic challenges before us.

On March 18, the CBO offered a preliminary analysis of the President's budget, noting that under the President's budget:
- Federal spending never falls below 23 percent of GDP -- Washington will spend over $46 trillion over the next decade;
- Cumulative deficits are $2.3 trillion higher than OMB estimated;
- The debt increases by $1.8 trillion more than OMB estimate, nearly tripling the debt at the end of the budget window.

On April 13, the President gave a speech in which he offered his opinion on The Path to Prosperity -- a budget that brought an unprecedented level of seriousness to Washington's budget debate. The President and spoke generally of deficit reduction proposals that his administration has sold as a new budget plan. But the President has not submitted a new budget to Congress. The President's initial budget proposal remains his budget plan for the United States.

While many have falsely framed his April 13 speech as a new budget plan, Congress has not received from the Office of Management and Budget any of the proposals mentioned in the speech. All that the Obama Administration has produced is a list of talking points issued by the White House Press Office.

As CBO Director Doug Elmendorf confirmed today at the House Budget Committee, the President's "framework" fails to meet the threshold of credibility that is required of serious federal budget plans. Until the President is willing to put forward a serious plan to avert a debt crisis -- a plan with real, credible numbers -- the nation will continue to suffer from a leadership deficit in Washington that is hindering our economic recovery and impeding job growth today.

Category:

News & Politics

Tags:

• paul-ryan
• budget
• elmendorf
• cbo
• president-obama
• wisconsin
• debt
• deficit
• economy

[braininahat]

"We don't estimate speeches" -- CBO.

Hey, CBO, if empty promises and gradiose speeches are good enough for American Liberals, why aren't they good enough for you? I mean, these blistering idiots pit the hopes of a nation on the hollow and ignorant words of a charlatan, but now it's not good enough for you? Just who does this man think he is -- a real American?

[treid100182]

Paul Ryan is such a fucking clown-boy.

[MWFrontier]

ANd I'm sure that question is above Obama's pay grade

"To answer that question w/ any specificity is above my pay grade" Ha!

[jamesythegreat]

Grow up Republicans and get with the program. YOUR party is the issue! YOUR party needs to get with it already.

[DillonDee1]

@masercot - KOCH BROS - SENATE CONTRIBUTIONS JUST FOR 2010 Coburn, Tom (R-OK) Senate $14,800 Hoeven, John (R-ND) Senate $12,400 Coats, Daniel R (R-IN) Senate $11,000 Burr, Richard (R-NC) Senate $10,750 Sessions, Pete (R-TX) House $10,000 Shelby, Richard C (R-AL) Senate $10,000 Walden, Greg (R-OR) House $10,000 Murkowski, Lisa (I-AK) Senate $9,950 Peterson, Collin C (D-MN) House $9,500 Vitter, David (R-LA) Senate 410,000 --- AND MORE

[DillonDee1]

@masercot - KOCH BROTHERS Senate Contributions -- THIS IS JUST FOR 2010 Rubio, Marco (R-FL) Senate $26,400 DeMint, James W (R-SC) Senate $22,000 Portman, Rob (R-OH) Senate $22,000 Toomey, Pat (R-PA) Senate $21,600 Johnson, Ron (R-WI) Senate $20,600 Fiorina, Carly (R-CA) Senate $20,000 Ayotte, Kelly A (R-NH) Senate $19,600 Buck, Ken (R-CO) Senate $18,200 Rossi, Dino (R-WA) Senate $18,200 Thune, John (R-SD) Senate $17,050 Paul, Rand (R-KY) Senate $17,000 -- TO BE CONT

[ttube438]

@DillonDee1 Cato is Libertarian think tank. Kochs are conservatives. Cato actually disagrees with much of the Bush Presidency. You sound like you have a bad case of Bush Derangement Syndrome coupled with a dose of Koch Bros mental disorder. I recommend you get that treated before you really fall off the deep end.

[DillonDee1]

@nomorespooks --

When Exxon makes billions, pays no US taxes, and yet receves billions of our tax dollars in subsidies, it is a concern of mine.

[DillonDee1]

@wolfgangfaust - The only 2 yrs in the last decade that had relatively high inflation rates were 2006 & 2008.

I dont anticipate rates reaching those levels again anytime soon as the economy remains too sluggish.

But what could bring it up is if oil goes to $140 pb again but I dont think that'll happen as I have oil interests in Texas & our state is dramatically increasing production.

[c00lhand208]

@DillonDee1

...instead of the majority of the taxpayers.

[c00lhand208]

@DillonDee1

Wow, you liberals and your Koch Bros. derangement is really super funny. I guess if I wanted to constantly point fingers at a behind the scenes group which completely buys politicians (democrats & Rinos) for its own political gain I'd get tired of pointing my fingers at all the big union organizations, especially the public sector ones, as they have created a perfect system of funneling member dues directly towards lobbying for politicians who will bend over backwards for them...

[wolfgangfaust]

"lenin was certainly right, there is no more positive, subtle or surer means of destroying the existing basis of society than to debauch the currency.

by a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of the citizens.

the process engages all of the hidden forces of economics on the side of destruction, and does it in a manner that not one man in a million can diagnose."

-john maynard keynes

O-bot admin economic guru