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.

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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..

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

PeteEU said:

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..

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Dude this was the co-opted budget.
Yes a perversely hilarious failure but it was a bipartisan failure.

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.

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

Harry Guerrilla said:

Dude this was the co-opted budget.
Yes a perversely hilarious failure but it was a bipartisan failure.

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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.

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

PeteEU said:

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.

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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.

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

cpwill said:

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

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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?

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/doc12109/ContinuingResolutions.pdf
http://www.cbo.gov/ftpdocs/121xx/doc12140/hr1473.pdf

The text of the bill:
http://rules.house.gov/Media/file/PDF_112_1/Floor_Text/FINAL2011_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.

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

Wiseone said:

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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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.

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.

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.

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

Erod said:

If Obamacare can be repealed, it'll more than make up the difference.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

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Repealing the Bush tax cuts would make an even larger dent in the deficit..

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

It looks like Boehner no longer needs a tanning bed to make his face red.

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

PeteEU said:

Repealing the Bush tax cuts would make an even larger dent in the deficit..

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And increase unemployment another 5-10 percent.

No thanks. And no it wouldn't.

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

pbrauer said:

It looks like Boehner no longer needs a tanning bed to make his face red.

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But Harry Reid still needs a footstool so his head will be over the podium. Hopefully this deal didn't make Nancy Pelosi said, because if she frowns, her face might fall off.

Now, back to the issue.

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

PeteEU said:

Repealing the Bush tax cuts would make an even larger dent in the deficit..

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Tax cuts on high earners costs (assuming no benefit to overall tax revenue, which I don't believe) the government 70 billion per year. That's barely a drop in the 1.x trillion dollar deficit bucket.

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

Zyphlin said:

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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The biggest problem the GOP has can be seen in this fiasco IMHO. And yes, it is a fiasco. Boehner is a Blue Blood Beltway Republican presiding over the House because of the Conservative Tea Party Movement. So he's forced to publicly sound tough and behind closed doors work a deal that makes him look good while still keep big gov going. I've never liked him as Speaker, knew this was gonna happen and am not surprised.

Expect to see challenges to folks like him come 2012 from the Right.

The Tea Party hasn't lost steam, it's percolating waiting to see if the GOP got the message or needs to be forced over. More BS like this and I fear a real move to start a "Conservative third party" that will just weaken the right and usher the Dem's back into power.

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

PeteEU said:

Repealing the Bush tax cuts would make an even larger dent in the deficit..

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No it wouldn't.

Only in la-la land would stifling economic recovery help the deficit.

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

MrVicchio said:

The biggest problem the GOP has can be seen in this fiasco IMHO. And yes, it is a fiasco. Boehner is a Blue Blood Beltway Republican presiding over the House because of the Conservative Tea Party Movement. So he's forced to publicly sound tough and behind closed doors work a deal that makes him look good while still keep big gov going. I've never liked him as Speaker, knew this was gonna happen and am not surprised.

Expect to see challenges to folks like him come 2012 from the Right.

The Tea Party hasn't lost steam, it's percolating waiting to see if the GOP got the message or needs to be forced over. More BS like this and I fear a real move to start a "Conservative third party" that will just weaken the right and usher the Dem's back into power.

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I don't care. If this is the best the Republican Party can do, they deserve to be pushed off a cliff even if it means decades of Democratic rule. At the least the Dems are honest about their big government goals. The Republicans keep pandering to fiscal conservatives while they keep spending, spending, spending. If I don't see a major revolt by the so called Tea Party candidates that were elected this year, I'll never back the Republican Party again.

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

About 60 Republicans voted down on the budget, including many of the Tea Partiers. The person who voted Yay that has me most bothered is Paul Ryan and I very much want to hear his reasoning on that. I almost will give him a temporary reprieve until we see what he does on the 2012 budget simply because I think he may be believing its more important to start the debate on a substantial and sizable budget cut measure than to continue on over what is a relatively miniscule number. But if nothing else its the first thing he's done since gaining prominence that has made me pause.

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

The fact that it is a smaller cut than desired was OK with me. The Dems control the Senate and White House, so the scope of cuts is going to be limited. But the fact that so many of these cuts aren't cuts at all, disgusts me. It's a complete sham to distract us from the business as usual that's going on in Washington. The 60 Republicans that voted against this sham have my respect and support. The rest of them are either liars who are hoping to fool us with this sham, or cowards who caved at the last minute and accepted the status quo and dressed it up as "historic budget cuts".

Is there any place we can get a list of who voted yes and no? I'm really curious to see what the local Tea Party member voted.

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

Psychoclown said:

The fact that it is a smaller cut than desired was OK with me. The Dems control the Senate and White House, so the scope of cuts is going to be limited. But the fact that so many of these cuts aren't cuts at all, disgusts me. It's a complete sham to distract us from the business as usual that's going on in Washington. The 60 Republicans that voted against this sham have my respect and support. The rest of them are either liars who are hoping to fool us with this sham, or cowards who caved at the last minute and accepted the status quo and dressed it up as "historic budget cuts".

Is there any place we can get a list of who voted yes and no? I'm really curious to see what the local Tea Party member voted.

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Try this site Representative Offices - United States House of Representatives, 112th Congress, 1st Session

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

Erod said:

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

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At the rate they are going they'll fight for repeal, and walk away with full single payer....


j-mac

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

j-mac said:

At the rate they are going they'll fight for repeal, and walk away with full single payer....


j-mac

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You grossly overestimate both the progressiveness and the competence of the Democratic party.

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

Deuce said:

You grossly overestimate both the progressiveness and the competence of the Democratic party.

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Over estimate? Nah, I just don't trust our leadership not to cave, and I sure don't trust the Liar -n- chief not to take advantage by subderfuge.

j-mac

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