CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire

[francoHFW]

Raise taxes on the rich, cut bloated military and more, pass jobs bills under reelected Obama- Recovery completes within 2 years, with no Pub crony bubble, and bust..

The OP is Pure Pubcrappe...

I know you can't answer this and will avoid it no matter how many times it's asked but... How high do you raise taxes on the rich and how much revenue will that bring in. Then do you use that money to pay down current debt or do you start new programs that cost well beyond the revenues higher taxes brought in?

Obama has offered spending cuts up to 4 trillion, and Pubs ran away. They won't pass ANYTHING he wants till after the election. They, and dupes like you, deserve a ton of coal for xmas...............

 

[Listening]

Raise taxes on the rich, cut bloated military and more, pass jobs bills under reelected Obama- Recovery completes within 2 years, with no Pub crony bubble, and bust..

The OP is Pure Pubcrappe...

I know you can't answer this and will avoid it no matter how many times it's asked but... How high do you raise taxes on the rich and how much revenue will that bring in. Then do you use that money to pay down current debt or do you start new programs that cost well beyond the revenues higher taxes brought in?

Obama has offered spending cuts up to 4 trillion, and Pubs ran away. They won't pass ANYTHING he wants till after the election. They, and dupes like you, deserve a ton of coal for xmas...............

4 trillion...later (translation....they would never happen). We've seen you bastards in action far to many times to trust your sorry asses.

 

[francoHFW]

You pay down the debt AFTER the recovery if you have any Brains Atoll...lol

 

[Political Junky]

This deserved its own thread...

Without the super committee, the spending cuts start automatically in January of 2013.

When the Bush tax cuts expire in December of 2012, Obama won't allow them to be renewed.

Spending cuts + a return to the old tax rates = deficit reduction.

Congress has been taken out of the equation. No treasonous Tea Party/Republicans to mess things up.

Another brilliant move by Obama.

yup. brilliant if you want another recession...

CBO says US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire

A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.

The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place.

Interesting to see that cons trust the CBO, for a change.

 

[francoHFW]

Pubtroll!! The only kind..."The Arrogance of Ignorance" LOL!

 

[Listening]

You pay down the debt AFTER the recovery if you have any Brains Atoll...lol

Translation...the cuts would never happen.

Are you really that stupid or do you just need more coffee ?

 

[Flopper]

Could you provide a link to the actual CBO report rather than Fox News?

The CBO says that immediate spending cuts or tax increases would represent an added drag on the weak economic expansion. The cut in the deficit would be 607 billion enough to drag down the economy in 2013, something that should surprise no one. Only in a strong economy can a nation enact austerity policies without serve economic damage.

CBO | Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013

 

[editec]

Here's the summary of that report from the ORIGIAL SOURCE

CBO | Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013

Per usual FOX cherry-picked the items it wanted to report and by doing so put their own unique specious spin on it.

Basically there are two hard choices neither of which is particularly happy news

What Might Policymakers Do Under These Circumstances?

They could address the short-term economic challenge by eliminating or reducing the fiscal restraint scheduled to occur next year without imposing comparable restraint in future years—but that would have substantial economic costs over the longer run. Alternatively, they could move rapidly to address the longer-run budgetary problem by allowing the full measure of fiscal restraint now embodied in current law to take effect next year—but that would have substantial economic costs in the short run. Or, if policymakers wanted to minimize the short-run costs of narrowing the deficit very quickly while also minimizing the longer-run costs of allowing large deficits to persist, they could enact a combination of policies: changes in taxes and spending that would widen the deficit in 2013 relative to what would occur under current law but that would reduce deficits later in the decade relative to what would occur if current policies were extended for a prolonged period

 

[Conservative]

Here's the summary of that report from the ORIGIAL SOURCE

CBO | Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013

welcome to Post#10, dipshit.

 

[SniperFire]

Only in a strong economy can a nation enact austerity policies without serve economic damage.

Like Coolidge in the 1920 Depression nobody even talks about?

 

[Truthseeker420]

Could you provide a link to the actual CBO report rather than Fox News?

It doesn't say that. Fox News has faith that their viewers are too ignorant to find or understand what the CBO says on it's website

Policymakers face difficult trade-offs in deciding how quickly to implement policies to reduce budget deficits. On the one hand, cutting spending or increasing taxes slowly would lead to a greater accumulation of government debt; on the other hand, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion. Under current law, the federal budget deficit will fall dramatically between 2012 and 2013 owing to scheduled increases in taxes and, to a lesser extent, scheduled reductions in spending—a development that some observers have referred to as a “fiscal cliff.”

 

[Conservative]

Could you provide a link to the actual CBO report rather than Fox News?

It doesn't say that. Fox News has faith that their viewers are too ignorant to find or understand what the CBO says on it's website

Policymakers face difficult trade-offs in deciding how quickly to implement policies to reduce budget deficits. On the one hand, cutting spending or increasing taxes slowly would lead to a greater accumulation of government debt; on the other hand, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion. Under current law, the federal budget deficit will fall dramatically between 2012 and 2013 owing to scheduled increases in taxes and, to a lesser extent, scheduled reductions in spending—a development that some observers have referred to as a “fiscal cliff.”

link to the CBO report and summary have been posted multiple times in this thread, by Conservatives.

 

[Truthseeker420]

Could you provide a link to the actual CBO report rather than Fox News?

It doesn't say that. Fox News has faith that their viewers are too ignorant to find or understand what the CBO says on it's website

Policymakers face difficult trade-offs in deciding how quickly to implement policies to reduce budget deficits. On the one hand, cutting spending or increasing taxes slowly would lead to a greater accumulation of government debt; on the other hand, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion. Under current law, the federal budget deficit will fall dramatically between 2012 and 2013 owing to scheduled increases in taxes and, to a lesser extent, scheduled reductions in spending—a development that some observers have referred to as a “fiscal cliff.”

link to the CBO report and summary have been posted multiple times in this thread, by Conservatives.

My quote is from the CBO.

CBO | CBO Analyzes Effects of Fiscal Restraint Scheduled Under Current Law

 

[Dont Taz Me Bro]

I thought we already fell off the cliff when Obama/Reid/Pelosi/Frank and Dodd collapsed the housing market in 2008.

And who else?

 

[Greenbeard]

CBO analyzed what would happen if lawmakers changed fiscal policy in late 2012 to remove or offset all of the policies that are scheduled to reduce the federal budget deficit by 5.1 percent of GDP between calendar years 2012 and 2013. In that case, CBO estimates, the growth of real GDP in calendar year 2013 would lie in a broad range around 4.4 percent, well above the 0.5 percent projected for 2013 under current law.

The CBO says, cut the deficit and the economy falls off the "fiscal cliff." Don't try to reduce the deficit and the economy grows by 4.4%.

Learn to read!

It's not surprising that cutting the deficit at this point in time is a terrible idea (no shit!) and would be economically disastrous, what's surprising is how conservatives in this thread are embracing that simple fact.

Perhaps the tide is turning back toward sanity.

 

[Dont Taz Me Bro]

Only in a strong economy can a nation enact austerity policies without serve economic damage.

Like Coolidge in the 1920 Depression nobody even talks about?

Harding.

 

[SniperFire]

Only in a strong economy can a nation enact austerity policies without serve economic damage.

Like Coolidge in the 1920 Depression nobody even talks about?

Harding.

Oops. Correct.

 

[Truthseeker420]

I thought we already fell off the cliff when Obama/Reid/Pelosi/Frank and Dodd collapsed the housing market in 2008.

And who else?

Housing bubble started to deflate in 2006.

 

[Truthmatters]

so if boner refuses to work with the dems we fall off a cliff.

well yeah

 

[Conservative]

so if boner refuses to work with the dems we fall off a cliff.

well yeah

lair