The Congressional Budget Office (CBO) has completed its initial review of President Barack Obama’s budget request and found that the White House significantly understated the cost of and red ink in its budget. While President Obama claimed his budget would produce $7.2 trillion in deficits (a staggering figure) over the …
Coloring President Barack Obama’s budget proposal for fiscal year (FY) 2012 are the undeniable shades of masked fiscal disaster and a want of long-term solutions. According to analysis (pdf) by the Congressional Budget Office (CBO), the President’s budget would result in $1.43 trillion and $1.16 trillion deficits for FYs 2011 …
Next week, the House of Representatives will vote on H.R. 2, a measure to repeal Obamacare in its entirety. The Congressional Budget Office (CBO) today released a report stating that repealing the health care law would increase the deficit by $145 billion between 2012 and 2019. This report is based …
Congressional Budget Office (CBO) Director Douglas Elmendorf recently spoke at the University of Southern California about the economic impact of Obamacare. He predicts that Obamacare will further depress the nation’s employment picture. CBO’s analysis of Obamacare predicts that it will reduce the amount of labor being used in the economy …
Congressional Budget Office (CBO) Director Douglas Elmendorf recently testified before the Senate Budget Committee on policies that might give the economy a helpful lift in the near term. Congress is right to be concerned. But for an inventory surge last winter, the economy remains stuck in low gear at about …
As November approaches, Obamacare’s defenders are quite plainly desperate. They see public opinion solidly against them, and a devastating election fast approaching. Their latest gambit to protect what was jammed through Congress in March is to claim that repeal would be so costly to the federal budget that it would …
Pity the poor Congressional Budget Office (CBO) Director. Congress passes and the President signs the most massive fiscal stimulus program in history, spending more money on Keynesian stimulus than has been spent so far on the Iraq war. But, unlike the Iraq war, the stimulus has been a complete bust. …
When President Barack Obama was selling his economic stimulus plan to the American people, he promised that, if enacted, the legislation would prevent unemployment from rising above 8%. $3 billion in Cash for Clunkers bailouts, $10 billion in government union bailouts, $16 billion in Medicaid bailouts, $13 billion in home …
It’s difficult to forget the drama—including riots, fires, and even deaths—that unfolded during Greece’s recent fiscal crisis. But what would happen if bad budget policy led to a financial crisis in the United States? A recent report from the Congressional Budget Office (CBO) points out the economic casualties of a …
