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  • Congress Should Require White House Disclosure of Updated Economic and Budget Forecasts

    The White House announced this morning that it would be delaying release of updated financial and economic forecasts until the middle of August. In other words, its usual mid-July update of key forecasts for policy makers will not be published in time for expected House and Senate votes on health care reform. This delay matters enormously to the deliberations of Congress on this central issue. If it knew that the near-term budget picture is worsening and that it cannot count on a recovering economy to produce much needed revenues for reforming health care, it might hesitate in passing legislation that would add tremendously to the national debt.

    In the private sector, a management team that kept a company’s worsening financial condition from stockholders and then attempted to borrow funds to expand its business would probably find itself in very serious legal trouble. Hiding material facts about the likely near-term financial condition of a business commonly violates a number of federal regulations, particularly after passage of Sarbanes-Oxley reforms to required financial reporting rules.

    If Congress believed it so important to make certain stockholders are protected from intentional distortions and delays of crucial financial legislation, why would it tolerate similar delays when it is deciding on legislation with enormous financial implications for the federal government? Why shouldn’t the White House be held to the exact same standard of financial reporting that Congress requires the private sector to follow?

    Congressional leadership in both chambers should immediately pass resolutions calling on the White House to provide up-to-date financial and economic projections before votes are taken on legislation that adds to the annual deficit and to overall national debt. No member should vote on adding to our financial obligations on the mistaken impression that the near-term financial and economic outlook is brighter than the White House actually believes it is.

    Posted in Ongoing Priorities [slideshow_deploy]

    13 Responses to Congress Should Require White House Disclosure of Updated Economic and Budget Forecasts

    1. Joanne Walczak Gulf says:

      I have tried to get to our elected senator and congressman, via email local office to voice my concern.It appears to be futile. So we should not be suprised at the present occupant ofthe White House,they will do as they please.

      Sincerely JO walczak

    2. Jon Zayicek, Chesape says:

      Wow. This is unbelievable. I guess this is the change that we can all believe in. How in the world is this guy getting away with any of this? How come the mainstream media is not covering this. The American public deserves to be informed of such deceit in this administration.

    3. bob jones says:

      I HOPE ALL THE IDIOTS THAT VOTED FOR THIS BIRD BRAIN ARE HAPPY NOW

    4. debby, maryland says:

      another example of Obama's idea of "transparency".

    5. Pingback: The White House is trying to avoid the ugly truth… | Political Byline

    6. Pingback: » Financial News Update - 07/20/09 NoisyRoom.net: Where liberty dwells, there is my country…

    7. Tom Aldridge, Wayzat says:

      I hope Congress is aware of the dire impact to small businesses in this county if this bill passes. Small business in this country provides approx 60% of the gnp. We can not afford this program and it will send this country down the wrong path. There's nothing good in this health reform bill. God help all small business and their employees if this goes through. Small business is the only thing now keeping this county afloat!!

    8. Richard says:

      HOPE and CHANGE, I HOPE all of you idiots that voted for him are happy with the CHANGE. I don't think all of those unemployed are.

    9. Lynn B. DeSpain says:

      There needs to be full and open disclosure of everything that the White House and Congress does, with the only exceptions being National Defence, and that needs to have very narrow guide lines.

      Hozro

    10. John Rosky Andover, says:

      This country is going down the toilet so fast you would think we were using a plunger. I can only hope that the 2010 election takes these idiots out of office and puts real people in there place. I have spent hours trying to reach the congress number and no answer. This is the change Obama promised and we got it.

    11. Pingback: Congress Should Require White House Disclosure of Updated Economic and Budget Forecasts « Conservative Thoughts and Profundity

    12. Roger S., Ma. says:

      Lovely picture of the WH. Too bad about who lives and works there. Too bad we'll have to wait another three-and-a-half years to evict them. I for one am not buying their story. In any properly run business there'd be work 7/24 until the figures were done, or else. I agree that they're in hiding. My personal view is that they may also be in denial. Summed together this means they're aware that as soon as the figures are out, it's over with selling fairy tales about the Easter Bunny to Jane and John Q. Meanwhile, they're hoping for a miracle or looking for the right spin if it keeps them waiting. They want just a bit more time to run their agenda. Mark my words: This year, Santa will also be late!

    13. Marshall Hill MI. says:

      We have too many that have been there too long,and

      have no desire to listen to Taxpayers! They alone

      know what is best for their SUBJECTS!

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