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Last Friday, the Congressional Budget Office put out a report that showed just how badly the administration underestimated the deficit and the cost of ObamaCare. The CBO’s report, strangely unremarked upon by those liberals who defend the CBO’s utterances as sacred text, revealed:
Compared with the Administration’s estimates, CBO’s estimates of the deficit under the President’s budget are lower for 2011 (by $220 billion) but higher for each year thereafter (by a total of $2.3 trillion over the 2012–2021 period).
House Budget Committee Chairman Paul Ryan (R-Wis.):
The CBO shows that the debt over 10 years will be $1.8 trillion higher than President Obama revealed.
Sen. Jeff Sessions (R-Ala.):
Under CBO’s projections, over the next ten years, deficits will be 31 percent higher than the White House claimed, $9.5 trillion vs. $7.2 trillion. Annual debt interest payments rise to $931 billion — exceeding White House projections by nearly $100 billion that year. By the end of the decade, if the president’s policies are adopted, debt held by the public will quadruple from what it was just three years ago.
Wall St. Journal:
To wit, CBO says the entitlement’s health insurance subsidies will cost $1.13 trillion between 2012 and 2021, not $1.04 trillion, the prior estimate. This 8.6% jump is the result of revised assumptions, the so-called technical factors in CBO’s budget model. The bill’s total cost now stands at $1.445 trillion, according to another recent CBO estimate.
Remember that all of these are fictitious numbers that reflect Congressional gaming of CBO conventions to make it seem as if ObamaCare “saves” money. But now, even under these conventions, CBO is conceding that it significantly underestimated the bill’s cost. If the propeller heads decide to add a few more trillion dollars in new spending, they might get somewhat closer to the bill’s true cost.
All of the above shouldn’t surprise anyone.
The CBO report comes at a particularly inopportune time for the White House. Members of Congress on both sides of the aisle accuse the president of failing to lead. And indeed with Obama gallivanting around South America, not leading on Libya and not leading on our fiscal problems, it’s hard to see anything at work other than an ill-conceived plan to get re-elected by doing nothing.
Coming from the Washington Post, this comment is surprising. Ouch.
Last Friday, the Congressional Budget Office put out a report that showed just how badly the administration underestimated the deficit and the cost of ObamaCare. The CBO’s report, strangely unremarked upon by those liberals who defend the CBO’s utterances as sacred text, revealed:
Compared with the Administration’s estimates, CBO’s estimates of the deficit under the President’s budget are lower for 2011 (by $220 billion) but higher for each year thereafter (by a total of $2.3 trillion over the 2012–2021 period).
House Budget Committee Chairman Paul Ryan (R-Wis.):
The CBO shows that the debt over 10 years will be $1.8 trillion higher than President Obama revealed.
Sen. Jeff Sessions (R-Ala.):
Under CBO’s projections, over the next ten years, deficits will be 31 percent higher than the White House claimed, $9.5 trillion vs. $7.2 trillion. Annual debt interest payments rise to $931 billion — exceeding White House projections by nearly $100 billion that year. By the end of the decade, if the president’s policies are adopted, debt held by the public will quadruple from what it was just three years ago.
Wall St. Journal:
To wit, CBO says the entitlement’s health insurance subsidies will cost $1.13 trillion between 2012 and 2021, not $1.04 trillion, the prior estimate. This 8.6% jump is the result of revised assumptions, the so-called technical factors in CBO’s budget model. The bill’s total cost now stands at $1.445 trillion, according to another recent CBO estimate.
Remember that all of these are fictitious numbers that reflect Congressional gaming of CBO conventions to make it seem as if ObamaCare “saves” money. But now, even under these conventions, CBO is conceding that it significantly underestimated the bill’s cost. If the propeller heads decide to add a few more trillion dollars in new spending, they might get somewhat closer to the bill’s true cost.
All of the above shouldn’t surprise anyone.
The CBO report comes at a particularly inopportune time for the White House. Members of Congress on both sides of the aisle accuse the president of failing to lead. And indeed with Obama gallivanting around South America, not leading on Libya and not leading on our fiscal problems, it’s hard to see anything at work other than an ill-conceived plan to get re-elected by doing nothing.
Coming from the Washington Post, this comment is surprising. Ouch.
No surprise there, his 0bamaCare takes $105 billion, which is about 3% of the federal budget, just to kick start it.
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