Showing posts with label Congressional Budget Office. Show all posts
Showing posts with label Congressional Budget Office. Show all posts

Wednesday, June 17, 2015

We get the gov't we vote for!

June 17, 2015 Congressional Budget Office , Joseph Lawler 0 Comments
Budget Office: U.S. Debt Picture Has 'Worsened Dramatically'

By Joseph Lawler, Jun. 16, 2015, Washington Examiner

Congress' budget office again warned that the U.S. faces a massive debt problem Tuesday, using stark language to describe the government's long-term mismatch between spending and revenues even as it slightly upgraded its projections for debt over the next 25 years.

"The long-term outlook for the federal budget has worsened dramatically over the past several years, in the wake of the 2007-2009 recession and slow recovery," the Congressional Budget Office reported in its long-term budget outlook for 2015 released Tuesday.

The Budget Office, a nonpartisan in-house think tank for Congress, projected that the federal debt is set to rise from 74 percent of economic output today to 103 percent by 2040, driven by spending on government healthcare and retirement programs and interest payments on the debt.


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Wednesday, January 28, 2015

On automatic pilot

January 28, 2015 Congressional Budget Office , Debt 0 Comments
Federal Debt Will Explode Over Next 10 Years, CBO Says

Kevin G. Hall, Jan. 26, 2015, McClatchy DC

By 2025, the annual budget deficit is forecast to hit 4 percent of the overall economy, much higher than the 2.7 percent historical average.

The federal government is expected to spend $277 billion on interest on the debt in the current fiscal year. That’s projected to soar to $827 billion by 2025. As a percentage of the economy, it would more than double from 1.3 percent in 2015 to 3 percent in 2025.

Read more: www.mcclatchydc.com

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Saturday, January 17, 2015

SCOTUS Showdown Over Obamacare--Obama will lose

January 17, 2015 CBO Director Douglas Elmendorf , Congressional Budget Office 0 Comments
Analysis: CBO Contradicted The Latest Case Against Obamacare 68 Different Times

Sarah Kliff, Jan. 16, 2015, Vox

The Congressional Budget Office wrote 68 reports about the Affordable Care Act during the session that Congress debated the law. Not one of them, a new analysis from Harvard University's Theda Skocpol, ever explored the possibility of limiting insurance subsidies to the state marketplaces after the law's full implementation.

Read more: www.vox.com

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Thursday, August 28, 2014

But, but Obama says we're back

August 28, 2014 Congressional Budget Office , GDP 0 Comments
CBO Revises 2014 DOWN

By Guy Benson, Aug. 28, 2014, Townhall.com

When the economy shrinks substantially over the course of an economic quarter, tepid recoveries tend to look, well, tepid. The nonpartisan Congressional Budget Office has slashed its predictions for US economic growth in 2014:

The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year.The new assessment was considerably more pessimistic than the Obama administration's, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter...Even with the [Q2] rebound, economists have lowered their outlook for the entire year, given the weak start. Economists at JPMorgan Chase are forecasting that the economy will grow by 1.9 percent this year, when measured from the fourth quarter, down from 3.1 percent in 2013.

US Gross Domestic Product grew at a sluggish 1.9 percent rate in FY 2013. The new 2014 forecasts reflect the ongoing reality of America's historically weak economic recovery under President Obama. Policies matter. The CBO also updated its projections on annual deficits and the national debt. The latter measure has ballooned by $7 trillion and counting since Obama took office, far eclipsing the debt accrual of all other presidents. The bookkeepers determined that this year's deficit will exceed half-a-trillion, an improvement over Obama's abysmal baseline, but that trouble lies ahead. Reason's Peter Suderman summarizes the latest findings:

Read the full story:  www.townhall.com

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Saturday, June 7, 2014

CBO Quietly Drops Forecast That Obamacare Will Cut The Deficit --Move along, nothing to see

June 07, 2014 Congressional Budget Office , Obamacare 0 Comments
By Eric Painin, Jun. 5, 2014, The Fiscal Times

One of the Obama administration's major selling points in passing the Affordable Care Act in 2010 was a Congressional Budget Office forecast that the controversial legislation would reduce the deficit by more than $120 billion over the coming decade.

The CBO has consistently projected that President Obama's overhaul will reduce the deficit, and the agency estimated that the Republicans’ 2011 effort to repeal the legislation would increase deficits by $210 billion from 2010 to 2021.

In April, the agency quietly signaled that it can no longer make that projection; that the law had been changed and delayed so much that there is no longer a credible way to estimate the long-term effects on the deficit of all elements of the program taken together.

In a little noticed footnote to a report updating estimates of the effects of the insurance coverage provisions of the law, the agency headed by Douglas Elmendorf acknowledged that neither CBO nor the Joint Committee on Taxation could determine precisely how scores of provisions other than the insurance coverage would impact long term government spending.

“CBO and JCT can no longer determine exactly how the provisions of the ACA that are not related to the expansion of health insurance coverage have affected their projections of direct spending and revenues,” the CBO wrote. “The provisions that expanded coverage established entirely new programs or components of programs that can be isolated and reassessed. Isolating the incremental effects of those provisions on previously existing programs and revenues four years after enactment of the ACP is not possible.”

The footnote was first reported this week by Roll Call and is just now gaining the attention of health care policy experts who question the basis of CBO’s retreat from its earlier forecasting.

The CBO’s acknowledgment that there is no longer a credible method for gauging the long term budgetary effects of the huge and complex program for extending health coverage to millions of Americans could become fodder for renewed Republican attacks during the mid-term congressional election campaign.

“From purely an analyst’s perspective, I don’t think I would consider this terribly exciting,” Bill Hoagland, a senior vice president at the Bipartisan Policy Center and a former Senate Republican budget expert, said in an interview Wednesday. “But politically, I think it’s dynamite.”

Hoagland said critics are almost certain to say, “Wait a minute, you told us it would reduce the deficit back in 2010, why can’t you tell us that today?”

After an incredibly rocky launch of the Affordable Care Act last fall, the program has signed up slightly more than 8 million people through the state and federal exchanges, while millions more enrolled through an expansion of the Medicaid program.

Republicans continue to hammer away at the program, on Capitol Hill and on the campaign trail, although the issue has lost some of its intensity after the administration matched or surpassed its sign-up targets for the first year of operation. And while the law remains largely unpopular among the public—45 percent have negative views of Obamacare—the majority would prefer that lawmakers fix it and then focus on other issues.

Read the full story:  www.thefiscaltimes.com

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