[apillar]

Rush Limbaugh was just talking about this, according to him this “debt commission” will make it virtually impossible to renew the Bush tax cuts or ever have any other tax cuts no matter who is president. Because the way it is worded, any action that the CBO deems increases the deficit would have to go before this debt commission to be balanced with spending cuts or other tax increases.

[verklaring]

The point Rush is making is is part of Denninger’s point also. The bill is an inherent but hidden tax increase. It is what the Dem’s have wanted. It is a scam.

[AEMILIUS PAULUS]

Agreed. Common experience establishes that “commissions,” or “committees” will always “reluctantly” raise taxes due to the great need for more “revenue.”. Until politicians are removed naked there will never be any stop to TAX & SPEND.

[Will88]

any action that the CBO deems increases the deficit would have to go before this debt commission to be balanced with spending cuts or other tax increases.

The CBO also scored Obamacare, including all the assumptions that everyone knows are very unlikely to come about: such as 4% GDP growth and continued low interest rates on government bonds, and that scheme of using a ten year forecast with six years of new expense and ten years of new revenue from Obamacare.

Apparently, all the CBO does is run the numbers based on the assumptions provided by the party in power. So what the CBO turns out is dependent on what assumptions it is provided by the party in power.

So the budget impact of ending or continuing the Bush tax cuts would depend on the assumptions made about their effect on budget revenues.

I'd thought in the past that the CBO exercised some quality control on the sort of assumptions used in their scoring of bills, but that sure didn't seem to be the case as they scored Obamacare.

[Personal Responsibility]

Because the way it is worded, any action that the CBO deems increases the deficit would have to go before this debt commission to be balanced with spending cuts or other tax increases.

---

Tax cuts + spending cuts? Unheard of.

[redgolum]

We are screwed anyway.
Taxes will have to go higher. The bond holders will start demanding it, if they haven’t already.

The US is borrowing to pay its debts. Not sustainable. Taxes will go up, and spending will go down. We are in for a long winter.