CBO Says Obama Jobs Bill Would Decrease Deficits

Party Rooster

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#1
White House Jobs Bill Would Decrease Deficits - CBO

--Jobs bill with "millionaire surtax" would cut deficits by $6 billion in next decade

--Earlier version of jobs bill with different tax increases would cut deficits by $3 billion

--Bill seems unlikely to pass Congress in current form

(Changes first paragraph, adds details on surtax, background and Republican comment)

By Jeffrey Sparshott

Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- A proposed surtax on income above $1 million would help trim $6 billion from deficits over the next decade if enacted as part of the White House's jobs bill, the Congressional Budget Office said Friday.

The nonpartisan office, in a letter to Senate Majority Leader Harry Reid (D., Nev.), estimated that the American Jobs Act, including the surtax, would decrease deficits by about $6 billion from 2012 to 2021.

An earlier version of the White House's proposed jobs bill would decrease deficits by $3 billion over the next decade, the CBO said in a separate report.

"CBO anticipates that enacting [the bill] could have a noticeable impact on economic growth and employment in the next few years," the CBO said in the report.

CBO provided two separate estimates Friday--the first on the American Jobs Act accompanied by several revenue-increasing provisions. President Barack Obama initially proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners and cutting out a tax break for investment-fund managers.

The second estimate includes the surtax.

Neither set of tax increases is popular with Republicans, and the jobs bill isn't likely to get the 60 votes in the Senate it would need to pass in its current form.

The GOP focused on the initial cost of the bill. The CBO said it would increase the deficit by $288 billion in 2012, "and then it will take the next nine years...to pay off the credit card," a Republican aide said.

http://online.wsj.com/article/BT-CO-20111007-711861.html
Damn those partisans at the CBO! :icon_cool
 

Norm Stansfield

私は亀が好きだ。
Mar 17, 2009
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#2
Stimulus Jobs Count: CBO Admits It Ignored the Economy’s Actual Performance
Of course, the stimulus was originally promised to create (not just save) more than 3 million jobs.[2] Instead, the economy has since lost more than 3 million additional net jobs. The abject failure of the stimulus policies recommended by Keynesian economic models should induce some fundamental re-analysis of these models' assumptions. Instead, the CBO is re-releasing the same jobs analysis--with the same economic assumptions--that they had used a year ago.
They are doing the same thing here: assuming spending adjustments, new regulations and raising taxes on the rich will have no negative effect on the economy.
 

ShooterMcGavin

Go back to your shanties.
May 25, 2005
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#3
6 billion in 10 years.

Yup, that oughta solve the problem.
 

Party Rooster

Unleash The Beast
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Stimulus Jobs Count: CBO Admits It Ignored the Economy’s Actual Performance

They are doing the same thing here: assuming spending adjustments, new regulations and raising taxes on the rich will have no negative effect on the economy.
Hmmm. Heritage. Yep, definitely non-partisan over there. I'm sure you could find partisan economists on both sides that could make those cases for or against.

BTW, nice avatar. I see you found that hipster's photostream. :action-sm

6 billion in 10 years.

Yup, that oughta solve the problem.
Yet when people bitch about the chump change we spend in foreign aid, it's always "EVERY LITTLE BIT HELPS!!!"
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
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6 billion in 10 years.

Yup, that oughta solve the problem.
I 'm just assuming they mean trillion.
Nope, billion. It says it twice in the first two lines. So in the next ten years, assuming we don't acquire any new debt :)icon_lol::icon_lol::icon_lol:), this will reduce our national debt by 0.04%.

That's 1/250% every year. Pass this son of a bitch today!
 

Josh_R

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Jan 29, 2005
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#7
I think we all remember that the CBO can only score a bill as written. Remember all the double-counting in Obamacare? The CBO had to score the bill with the inclusion of double-counting, so it made it seem as though it was viable. Example: A new bill comes out saying that they are going to give everyone a free house and they are going to pay for it with the profits from the unicorn piss they are going to start selling for $10million a bottle. The CBO can't say "there's no such thing as unicorns, this bill is bullshit." The just have to run the math as it is written in the bill.
You know what else would decrease the deficits by $6 billion over 10 years? Spending $600 million less every year. That's only a little more than the loan that they gave to ONE green energy company :)icon_cool). Anyone who claims they couldn't cut $600 million a year out of the federal budget should be executed.
 

MrAbovePar

En Taro Anthony
Mar 14, 2005
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#8
CBO: Make an estimate-miss it? "Things were worse than we initially predicted."

Always be right.