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Thread: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 billio

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    CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 billio

    CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 billion touted - The Washington Post

    A new budget estimate released Wednesday shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in promised savings by the end of this budget year.
    not that this is unexpected but HAHAHAHHA. Conservative politics at its best.. say one thing, and do the total opposite. Guess we should be thankful that there was some cuts..
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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    Quote Originally Posted by PeteEU View Post
    CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 billion touted - The Washington Post



    not that this is unexpected but HAHAHAHHA. Conservative politics at its best.. say one thing, and do the total opposite. Guess we should be thankful that there was some cuts..
    Dude this was the co-opted budget.
    Yes a perversely hilarious failure but it was a bipartisan failure.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    but yes,the tea party conservatives are rather furious, having been duped.

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    Quote Originally Posted by Harry Guerrilla View Post
    Dude this was the co-opted budget.
    Yes a perversely hilarious failure but it was a bipartisan failure.
    It was the threats of the conservatives to shut-down the government that drove the negotiations. But does not matter if it was bi-partisan.. it failed badly for the conservatives. They wanted big cuts and got none, despite holding all the cards to get big cuts.
    PeteEU

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    Quote Originally Posted by PeteEU View Post
    It was the threats of the conservatives to shut-down the government that drove the negotiations. But does not matter if it was bi-partisan.. it failed badly for the conservatives. They wanted big cuts and got none, despite holding all the cards to get big cuts.
    Pete, no matter who is running the show, whether it be conservatives or liberals, any real, long term spending cuts just aren't fashionable nor are they palatable for even the Tea Party members.

    I'm firmly convinced that, if any cut happens, it's gonna be a "kick the can down the road approach" and that we will, eventually approach a sovereign debt crisis.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    Quote Originally Posted by cpwill View Post
    but yes,the tea party conservatives are rather furious, having been duped.
    I don't want to say I told you so, so I'll just say a whole lot of other people told you so. I know I always criticize smugness but this does feel pretty good. Now seriously did you really expect the Republicans, not that the Dems do any different, to make real, hard, and serious cuts?

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    The related CBO estimates can be found at:
    http://www.cbo.gov/ftpdocs/121xx/doc...esolutions.pdf
    http://www.cbo.gov/ftpdocs/121xx/doc12140/hr1473.pdf

    The text of the bill:
    http://rules.house.gov/Media/file/PD...AL2011_xml.pdf

    Two quick things:

    1. The cuts were largely focused on budget authority. A smaller impact occurred with regard to outlays. If outlays were not close to or matching budget authority, the impact on outlays would be less.
    2. The budget deal does not bar requests and approval of additional "emergency" spending e.g., supplemental legislation could well be adopted to increase funding related to Iraq, Afghanistan, and/or Libya.

    Apparently, what happened is that the headline figure related to budget authority. In many departments and agencies, there's a cushion between budget authority (what can be spent) and outlays (what is spent). As a result, the impact on outlays can be less, as is the case this time around according to the CBO.

    IMO, most of the public may have assumed that the $38.5 billion figure related to actual spending. If the public had expected actual cuts in outlays (as I suspect it did), the gap between the $38.5 billion figure and actual spending reductions could create credibility issues. If so, that situation may harden the position of deficit hawks (most Tea Party-affiliated Members of Congress will likely oppose the debt ceiling increase regardless of the terms associated with it, but deficit hawks would accept it in exchange for a credible fiscal consolidation path) and perhaps undermine prospects for a timely deal that would pave the way for an increase in the debt ceiling. A significant delay in doing so could lead to a substantial fiscal crisis.
    Last edited by donsutherland1; 04-14-11 at 11:14 AM.

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    Quote Originally Posted by Wiseone View Post
    I don't want to say I told you so, so I'll just say a whole lot of other people told you so. I know I always criticize smugness but this does feel pretty good. Now seriously did you really expect the Republicans, not that the Dems do any different, to make real, hard, and serious cuts?
    If you'll go back through posts and news stories since early after the election, there has been a sincere worry on the part of Tea Partiers on whether or not Boehner, who is not one closely tied to the Tea Party in ideology, would actually listen to what his voters was telling him or just be more of the same. If he would just be talking the talk or if he'd walk it. That worry was there from the start. This is just showing evidence that it may be the case. What the freshmen representitives vote on this budget is going to be far more telling as to what Republican voters can take from this.

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    The government lies about taxes and spending. I'm am shocked, shocked, mind you.

    And, hang on, Sage thought this was conservative politics. Hilarious. Sad, but hilarious.

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    Re: CBO: Budget deal cuts this fiscal year’s deficit by just $352 million, not $38 bi

    If Obamacare can be repealed, it'll more than make up the difference. By about 100 times.

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