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First the good news (if you can call it that) Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term
Now the bad.. the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 -- double last year's level -- and threaten the nation's financial stability.
STOP JUST A MINUTE, you mean the White House budget direct has acknowedged that Obamas debt will not be sustainable and its not on the cover of every single newspaper in the nation? Their OWN admission says this and no one cares?
[T]he CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."
***
Orszag defended the president's agenda in a conference call with reporters, noting that the forecast of bigger deficits and mounting debt is largely because of the CBO's view that the recession will be more severe and the recovery more tepid than the White House expects.
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Orszag said such changes are a common part of the budget process. "No one had any expectation they would take our budget, Xerox it and vote on it," he said. "I am confident that what will come out of the committees will lead to a fiscally sustainable path."
[T]he CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."
***
Orszag defended the president's agenda in a conference call with reporters, noting that the forecast of bigger deficits and mounting debt is largely because of the CBO's view that the recession will be more severe and the recovery more tepid than the White House expects.
The CBO is the Congressional Budget Office, so whats your point? That their official opinion of the economy and budget doesnt matter?
The CBO is the Congressional Budget Office, so whats your point? That their official opinion of the economy and budget doesnt matter?
My point is that your claim is wrong.
"you mean the White House budget direct has acknowedged that Obamas debt will not be sustainable and its not on the cover of every single newspaper in the nation? Their OWN admission says this and no one cares?"
He was responding to the CBO's report, not making an announcement that he agreed with it. Just the opposite in fact - he disagrees with it, as my quotes of your linked article prove.
"you mean the White House budget direct has acknowedged that Obamas debt will not be sustainable and its not on the cover of every single newspaper in the nation? Their OWN admission says this and no one cares?"
He was responding to the CBO's report, not making an announcement that he agreed with it. Just the opposite in fact - he disagrees with it, as my quotes of your linked article prove.
He is responding to the OFFICIAL Congressional budget offices report.. Which IF CORRECT, can not be substained. So your solution is we simply wait it out and find out if Obama, or the CBO is correct?
Quote:
Originally Posted by delusianne
? No one knows. The WH is betting one way, CBO another. "We'll see" is neutral seems to me.
What if the CBO is correct, and by the White House budget directors own comment, we cant substain the budget? The thought that Obamas budget might be wrong, and the CBO's might be right meaning we cant substain the budget doesnt worry you?
He is responding to the OFFICIAL Congressional budget offices report.. Which IF CORRECT, can not be substained. So your solution is we simply wait it out and find out if Obama, or the CBO is correct? What if the CBO is correct, and by the White House budget directors own comment, we cant substain the budget?
The thought that Obamas budget might be wrong, and the CBO's might be right meaning we cant substain the budget doesnt worry you?
? We dont have a choice, we have to wait it out.
I dont understand your emphasis of "OFFICIAL."
More good news - the budget is flexible, not set in stone. As Orszag said, "No one had any expectation they would take our budget, Xerox it and vote on it....I am confident that what will come out of the committees will lead to a fiscally sustainable path."
More good news - the budget is flexible, not set in stone. As Orszag said, "No one had any expectation they would take our budget, Xerox it and vote on it....I am confident that what will come out of the committees will lead to a fiscally sustainable path."
So we're not doomed...yet.
Thats right, we dont have a choice... Other than trying to make excuses for it..
Lets put it another way. Projected Deficit Bigger Than Expected : NPR
Shows Obamas budget having a $1.75T deficit, the CBO having $1.845T deficit.. You mean if we run Obamas deficit we're ok, but if we run just 5% higher than Obamas budget, we're screwed by someones own admission that does the budgets for the White House?
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