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SNIP:
By Elizabeth Harrington
November 30, 2012
(CNSNews.com) House Minority Whip Steny Hoyer (D-Md.) said he does not know when President Barack Obamas plan for the fiscal cliff will balance the federal budget.
The Presidents proposition was thaton the revenue sideto balance the spending cuts we needed to raise additional revenues, Hoyer said during a Capitol Hill pen and pad briefing with reporters on Friday. We are now collecting revenues at about 15 percent and spending at about 22 percent of GDP [Gross Domestic Product].
You cant do that for very long, he said. Even the richest country on the face of the earth cant do that forever without having serious adverse consequences.
Almost everybody you speak to says youve got to bring those into balance, Hoyer said.
However, when CNSNews.com asked the second-ranking Democrat in the House when the president will achieve that balance, Hoyer said he did not know.
CNSNews.com asked: You said that we have to bring spending and revenue into balance. So, when does President Obamas plan, specificallywhat yeardoes he balance the federal budget?
I dont know the answer to that question, Hoyer said. If its the $4 trillion and its the percentage of GDP that he arrives at.
Do you have any idea what percentage of GDP they would be balanced at? CNSNews.com then asked.
Uh, James [Leuschen, senior policy adviser] is not in the room, is he? he said. Im sorry, I dont know. I can get that for you.
The federal government collected $2.4 trillion in revenue in FY 2012which ended Sept. 30or 15.8 percent of GDP. Spending accounted for 22.8 percent of GDP at $3.5 trillion, according to the Congressional Budget Office. This is the fourth year in a row where the deficit topped $1 trillion.
Thursday on Capitol Hill, Treasury Secretary Timothy Geithner, negotiating on behalf of the president to avert the so-called fiscal cliff, proposed $1.6 trillion in tax hikes and at least $50 billion in additional stimulus spending.
all of it here with comments
When Does Obama's Plan Balance the Budget? Hoyer: 'I Don't Know' | CNS News
links in article at site
SNIP:
By Elizabeth Harrington
November 30, 2012
(CNSNews.com) House Minority Whip Steny Hoyer (D-Md.) said he does not know when President Barack Obamas plan for the fiscal cliff will balance the federal budget.
The Presidents proposition was thaton the revenue sideto balance the spending cuts we needed to raise additional revenues, Hoyer said during a Capitol Hill pen and pad briefing with reporters on Friday. We are now collecting revenues at about 15 percent and spending at about 22 percent of GDP [Gross Domestic Product].
You cant do that for very long, he said. Even the richest country on the face of the earth cant do that forever without having serious adverse consequences.
Almost everybody you speak to says youve got to bring those into balance, Hoyer said.
However, when CNSNews.com asked the second-ranking Democrat in the House when the president will achieve that balance, Hoyer said he did not know.
CNSNews.com asked: You said that we have to bring spending and revenue into balance. So, when does President Obamas plan, specificallywhat yeardoes he balance the federal budget?
I dont know the answer to that question, Hoyer said. If its the $4 trillion and its the percentage of GDP that he arrives at.
Do you have any idea what percentage of GDP they would be balanced at? CNSNews.com then asked.
Uh, James [Leuschen, senior policy adviser] is not in the room, is he? he said. Im sorry, I dont know. I can get that for you.
The federal government collected $2.4 trillion in revenue in FY 2012which ended Sept. 30or 15.8 percent of GDP. Spending accounted for 22.8 percent of GDP at $3.5 trillion, according to the Congressional Budget Office. This is the fourth year in a row where the deficit topped $1 trillion.
Thursday on Capitol Hill, Treasury Secretary Timothy Geithner, negotiating on behalf of the president to avert the so-called fiscal cliff, proposed $1.6 trillion in tax hikes and at least $50 billion in additional stimulus spending.
all of it here with comments
When Does Obama's Plan Balance the Budget? Hoyer: 'I Don't Know' | CNS News