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Keyword: cbo

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  • Graham hopes to sway Manchin against Biden plan with new CBO report

    12/10/2021 11:18:32 AM PST · by ChicagoConservative27 · 10 replies
    The Hill ^ | 12/10/2021 | JORDAIN CARNEY
    Republicans are hoping to sway Sen. Joe Manchin (D-W.Va.) into hitting pause on President Biden's climate and social spending plan — or nixing it altogether — using a new Congressional Budget Office (CBO) report on the cost of the bill if all of its provisions were made permanent. Sen. Lindsey Graham (S.C.), the top Republican on the Senate Budget Committee, mentioned Manchin by name approximately 20 times during a roughly 27-minute press conference Friday on the CBO's findings and new data that showed inflation has hit a nearly 40-year high. "Joe Manchin has been wanting to know without gimmicks what...
  • The Congressional Budget Office (CBO) Takes a Sledgehammer to Joe Biden's 'Build Back Better' Agenda

    12/10/2021 10:11:50 PM PST · by SeekAndFind · 2 replies
    Red State ^ | 12/10/2021 | Bonchie
    For many months now, the White House and Democrats at large have repeated the obvious falsehood that Joe Biden’s “Build Back Better” agenda will cost “zero dollars.” In fact, the Treasury Department, led by Janet Yellen, has actually asserted that the bill lowers the deficit over the long term.Then some weeks back, initial CBO estimates exposed that foolishness for exactly what it was. Contrary to the claims of the administration, the BBB bill would actually raise the deficit by some $160 billion. And to even get to that number, the CBO had to estimate future tax receipts based on provisions...
  • The CBO Just Swept the Leg of Joe Biden's 'Build Back Better' Boondoggle

    11/18/2021 10:09:35 PM PST · by SeekAndFind · 15 replies
    Red State ^ | 11/18/2021 | Bonchie
    While Nancy Pelosi hopes to pass the so-called “Build Back Better” bill tonight in the House, some bad news came down the line from the CBO.Previous commitments were made by some “moderate” Democrats to vote for the bill only if the budget score came back deficit-neutral. But the preliminary numbers are out, and it looks like the CBO has completely debunked the White House’s “it costs zero dollars” talking point.At first, Democrats were cheering on social media after seeing the following post from the CBO.CBO estimates that the funding for tax enforcement activities provided by H.R. 5376, the Build Back...
  • GOP Rep. Jason Smith: Dems Loved the CBO on Trump’s Tax Bill, Now They’re Trying to Discredit It

    11/18/2021 5:59:58 AM PST · by MarvinStinson · 3 replies
    breitbart ^ | 16 Nov 2021 | IAN HANCHETT
    On Tuesday’s broadcast of the Fox Business Network’s “Kudlow,” House Budget Committee Ranking Member Jason Smith (R-MO) stated that Democrats touted the Congressional Budget Office’s score of former President Donald Trump’s tax bill, but are now trying to preemptively discredit the CBO’s scoring of the Build Back Better reconciliation bill and predicted that Democrats won’t like the CBO’s score of the bill. Smith said, [relevant remarks begin around 2:50] “Larry, during the Tax Cut[s] and Jobs Act, the same Democrats said that the CBO was the gold standard in scoring the Tax Cut[s] and Jobs Act. And now, they’re trying...
  • Pelosi pushing futile vote on multi-trillion-dollar spending bill (CBO late Friday, DOA in the Senate)

    11/15/2021 6:10:32 PM PST · by Libloather · 15 replies
    Washington Times ^ | 11/15/21 | Haris Alic
    House Speaker Nancy Pelosi is gearing up for a vote this week on President Biden’s multi-trillion-dollar social welfare legislation, but strong divisions remain among Democrats over the size and scope of the final bill. Mrs. Pelosi told reporters Monday that she was eager to push through the legislation during an event at the White House commemorating Mr. Biden’s signing of the bipartisan infrastructure package. “I’m so happy that hopefully this week we will be passing Build Back Better [legislation] to get tax cuts to America’s working families, to create millions of more jobs, to lower health care costs, and all...
  • CBO: Cost estimate for spending bill will be released 'as soon as practicable'

    11/09/2021 8:40:46 AM PST · by ChicagoConservative27 · 21 replies
    The Hill ^ | 11/09/2021 | NAOMI JAGODA
    Congressional Budget Office (CBO) Director Phillip Swagel said Tuesday that the office will start releasing estimates of portions of House Democrats' social-spending bill this week, and that a cost estimate of the full bill will come out "as soon as practicable." "The analysis of the bill’s many provisions is complicated, and CBO will provide a cost estimate for the entire bill as soon as practicable," Swagel said in a blog post on CBO's website. The comments come as a small group of moderate House Democrats has sought information about the cost of the bill from CBO prior to voting on...
  • June CBO Report Should Be a Wake-Up Call for Congress

    07/23/2021 4:29:16 AM PDT · by Kaslin · 18 replies ^ | July 23, 2021 | Daniel Savickas
    It hardly seems noteworthy anymore that Congress is proposing trillions of dollars in spending. After a parade of trillion-dollar spending bills over roughly the last year, congressional leaders are rolling out a budget that will pave the way for another $3.5 trillion in spending. The budget accounts for everything from infrastructure, to social welfare, Medicare expansion, and immigration. A package this broad would be irresponsible under any circumstance, but given the recent report by the Congressional Budget Office (CBO), it is especially problematic. On July 9, the CBO released its monthly budget review for June. The numbers did not paint...
  • The Federal Government Spent $19,762 Per Capita in FY2020

    07/15/2021 6:03:34 AM PDT · by Kaslin · 5 replies ^ | July 15, 2021 | Terry Jeffrey
    Two years after World War I ended -- in fiscal 1920 -- the federal government spent approximately $6,358,000,000, according to Historical Table 1.1 published by the White House Office of Management and Budget. At the same time, it collected approximately $6,649,000,000 in taxes -- and ran a surplus of $291,000,000. When that federal spending of $6,358,000,000 is adjusted for inflation from June 1920 dollars (the last month of that fiscal year) to June 2021 dollars (the latest month that can be calculated using the Bureau of Labor Statistics inflation calculator), it becomes $82,652,780,000. The 1920 Census discovered that the United...
  • Federal deficit exceeds $1 trillion in just five months: CBO

    03/08/2021 1:36:06 PM PST · by ChicagoConservative27 · 19 replies
    thehill ^ | 03/08/2021 | Niv Elis
    The federal deficit exceeded $1 trillion in the first five months of fiscal 2021, according to projections from the Congressional Budget Office released Monday. The deficit through February spiked to $1.048 trillion, a $423 billion increase over the same period last year. Spending this year is up 25 percent and revenues climbed 5 percent compared with the previous year.
  • CBO: If Democrats Push Socialized Medicine, Get Ready For Rationing

    02/06/2021 7:54:09 AM PST · by Onthebrink · 15 replies
    Federalist ^ | 2/6/2021 | Christopher Jacobs
    Amidst all the pre-holiday jockeying over an economic “stimulus” package, the Congressional Budget Office (CBO) released a little-noticed report with big implications. More than 18 months after CBO issued a publication on single-payer health care with very little specificity, last month the budget analysts published a 200-plus page report giving more detail about the potential impact of a move to a government-run health system. Joe Biden claims his administration will not implement a single-payer plan, even though his vice president and Health and Human Services secretary-designate both support the concept. Regardless, CBO’s work provides important context about Democratic health-care proposals,...
  • CBO: If Democrats Push Socialized Medicine, Get Ready For Rationing

    02/05/2021 8:30:16 AM PST · by Kaslin · 24 replies
    The Federalist ^ | February 5, 2021 | Christpher Jacobs
    CBO’s work provides important context about Democratic health-care proposals, including the end goal for most on the left: a full government takeover of health care.Amidst all the pre-holiday jockeying over an economic “stimulus” package, the Congressional Budget Office (CBO) released a little-noticed report with big implications. More than 18 months after CBO issued a publication on single-payer health care with very little specificity, last month the budget analysts published a 200-plus page report giving more detail about the potential impact of a move to a government-run health system.Joe Biden claims his administration will not implement a single-payer plan, even though...
  • The staggering cost of Elizabeth Warren’s plans

    10/25/2019 7:29:44 AM PDT · by TangledUpInBlue · 8 replies
    Yahoo News ^ | 10/25/19 | Rick Newman
    Elizabeth Warren has a plan for everything. Some of those plans are expensive. With Warren emerging as a front-runner in the Democratic presidential contest, Yahoo Finance tallied the cost of her plans. Altogether, the Massachusetts senator’s agenda would require $4.2 trillion per year in new federal spending, and a like amount in new taxes, if she paid for everything without issuing new debt. The federal government currently spends about $4.4 trillion per year, so Warren’s plans would nearly double federal spending. The Treasury takes in about $3.4 trillion in tax revenue each year, so if Warren levied new taxes to...
  • The eye-popping cost of Medicare for All (the Fauxcahontas $34 trillion wet dream)

    10/16/2019 6:36:44 PM PDT · by Libloather · 15 replies
    The Atlantic via MSN ^ | 10/16/19 | Ronald Brownstein
    Sen. Elizabeth Warren’s refusal to answer repeated questions at Tuesday night’s debate about how she would fund Medicare for All underscores the challenge she faces finding a politically acceptable means to meet the idea’s huge price tag — a challenge that only intensified today with the release of an eye-popping new study. The Urban Institute, a center-left think tank highly respected among Democrats, is projecting that a plan similar to what Warren and Sen. Bernie Sanders are pushing would require $34 trillion in additional federal spending over its first decade in operation. That’s more than the federal government’s total cost...
  • CBO Projects Trillion-Dollar Deficits for the Next Decade—And No One Seems to Care

    08/22/2019 6:53:23 AM PDT · by SeekAndFind · 9 replies
    PJ Media ^ | 08/22/2019 | Rick Moran
    A trillion here. A trillion there. A trillion-dollar deficit as far as the eye can see.But don't worry. You're not talking about real money. This is Trump money, where reality can be manipulated to reflect anything.So Trump can simply claim the latest CBO report showing deficits beginning in 2020 to hit more than a trillion dollars through 2029, to be fake news. Or a Democratic lie.It's certainly more appetizing to ignore reality than to accept it.CNBC: The U.S. budget deficit is expected to hit $960 billion in 2019, and average a whopping $1.2 trillion per year between 2020 and...
  • CBO: Our Long-Term Projections Show ‘Unprecedented’ Levels Of Debt

    06/26/2019 7:27:28 AM PDT · by SeekAndFind · 28 replies
    Hotair ^ | 06/26/2019 | John Sexton
    Debt was a much bigger topic of conversation during the Obama administration. Republicans mostly arguing it was reaching a critical level and progressives mostly suggested we shouldn’t worry too much about it (We can always mint that $1 trillion coin). Today the CBO released new long-term projections of federal debt which suggest it will nearly double as a percentage of GDP by 2049: In our extended baseline projections, budget deficits drive federal debt held by the public to unprecedented levels. Debt rises from 78 percent of gross domestic product (GDP) in 2019, which is already high by historical standards,...
  • The Vindication of John Roberts

    11/19/2014 5:12:10 AM PST · by Servant of the Cross · 65 replies
    American Thinker ^ | 11/19/2014 | Gene Schwimmer
    At the time of this writing, six “Gruber videos” have been released and “gone viral,” as they say in YouTube land. These are the videos of course, in which “Obamacare architect” Jonathan Gruber lets the cat out of the bag on the process of enacting the Patient Protection and Affordable Care Act, aka Obamacare, aka The Greatest Consumer Fraud Perpetrated on the American People, Ever. Of the many Gruber quotes burning up the internet, I was especially struck by this one, to which Charles Krauthammer refers in a recent article: Gruber said, the bill’s authors manipulated the nonpartisan Congressional Budget...
  • A Trillion-Dollar Blunder

    10/02/2018 8:57:46 AM PDT · by Kaslin · 46 replies ^ | October 2, 2018 | Stephen Moore
    I have spent some three decades railing against faulty budgetary scoring of tax bills, but the latest charade from the Congressional Budget Office and Joint Tax Committee takes the cake. The story of fiscal phony math is so indefensible when it comes to the Trump tax cut that you may not believe it could be true. Alas, it is. The story starts with the CBO forecast in 2017 that over the next decade the national debt will double to 150 percent of GDP in about 20 years. Those are debt numbers that don't have a happy ending – just ask...
  • If Trump thinks he can get more than 3% economic growth, he's dreaming (LA Times 5/19/2017)

    07/27/2018 5:43:25 PM PDT · by Beave Meister · 44 replies
    Los Angeles Times ^ | 5/19/2017 | MICHAEL HILTZIK
    With the political world deeply focused on the question of whether the Trump administration comprises a gang of Russian pawns, less attention has been devoted to more mundane questions, such as what ever happened to Trump's economic policy? As it happens, economists are keeping their eye on that ball, and their conclusion is that it's in a bad way. More specifically, they recognize that Trump's policy is aimed heavily at achieving annual economic growth of more than 3%. During the presidential campaign, Trump promised growth of 3.5% a year, and sometimes even 4%. There's no disagreement that a sustained growth...
  • CBO: Government runs biggest monthly surplus ever in April

    05/08/2018 7:54:02 AM PDT · by SeekAndFind · 25 replies
    American Thinker ^ | 05/08/2018 | Rick Moran
    The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays only $218 billion, the $190 billion surprlus represents the largest in history. What's more, the CBO said that the surplus was $40 billion more than expected. Washington Times: Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes. “Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” the...
  • CBO Projects $2.4 Trillion in Debt – And They’re Underselling It

    05/05/2018 9:18:13 AM PDT · by Kaslin · 27 replies ^ | May 5, 2018 | Andrew Wilford
    The long-awaited 2018 edition of the Congressional Budget Office’s (CBO) Budget and Economic Outlook was released this month. It does not paint a rosy picture of the nation’s fiscal future, projecting $12.4 trillion in additional debt over the next decade. If past estimates are any indicator, however, that doesn’t reflect reality. Without a substantial change to the culture of overspending in Washington, the country’s fiscal situation is likely even worse. Ten years ago, CBO estimated that Congress would run a $151 billion surplus this past fiscal year. Instead, the country ran a $665 billion deficit. That’s in part because CBO conducts its...