Skip to comments.CBO says climate bill would cut deficit by $19B (Like "healthcare", CBO and Rats lie again)
Posted on 07/08/2010 3:59:29 AM PDT by tobyhill
Congressional budget experts say a climate and energy bill now stalled in the Senate would reduce the federal deficit by about $19 billion over the next decade.
The report by the nonpartisan Congressional Budget Office was the second positive analysis of the bill by a government agency in a month, but is likely to carry more weight than a similar report issued by the Environmental Protection Agency. The CBO is the entity responsible for providing Congress with nonpartisan analyses of economic and budget issues, and lawmakers rely on it for guidance.
The CBO report was immediately hailed by the bill's sponsors, who are struggling to move the climate measure through a divided Congress. Lawmakers have quietly begun considering a more modest approach that would target the electricity sector, in case the more sweeping measure fails.
(Excerpt) Read more at msnbc.msn.com ...
Liars. The CBO was corrupted and intimidated by the thug-in-chief right after their first scoring of the health care bill. Remember the private meeting between Obama and Elmendorf in the Oval Office in the early days of the health care bill?
The only way the crap and trade bill and the health care tax woudl lower the deficit is by taxing the hell out of us by confiscating more of our money. See, higher taxes, less deficit. That’s how it works.
It can only reduce the deficit, if it does so at all, by heavy taxation, and that would hurt the economy even more. The result would be less taxable income, and the spiral would continue.
The same cbo promised that obamacare would come in under 1 trillion... until it was passed... then they stated that to date... it looks like upwards of 2 trillion... **** the cbo.
wow, what a surprise.
tax the holy living crap out of everything that produces carbon dioxide - and it becomes slightly revenue positive for the government.
gee what a great idea.
The CBO had their chances to obtain credibility but each time they have only showed their incompetence in raising their estimates shortly after the bill in question is passed. At one time the CBO meant something, until they offered their very first analysis. It is just another elitist tool to fool the guy on the street while giving congress-kritters plausible deniability.
Non-partian ,my ass.
Mrs. Prince of Space
Did they issue new crayons to the CBO for this?
CBO has absolutely NO credibility.
America will be helped by outing the names of those
at the CBO involved in lying to the American public.
The CBO is starting to sound like East Anglia University.It is going to take decades to restore any faith in our Federal Government agencies.
It is only based on the information they are feed......just like healthcare, some info is not being given to them I would assume.
Did they bother to say how many more jobs it will cost?
Pray for America
You are absolutely correct. That's how Democrats think. They don't believe the Laffer curve at all and just won't concede that tax revenue is increased when taxes are decreased. They ignore JFK's contention that "a rising tide floats all boats" and deride "trickle down" economics. So what's left to them? Raise taxes.
“The result would be less taxable income, and the spiral would continue.”
That is exactly why this is a lie. Sure, extra taxes always look like they’ll increase revenues in a first order analysis. When push comes to shove, though, the second order effects on the economy mean lower revenues, and a widening deficit.
Modern times are like going through the looking glass in the sense that clear lessons from the past are simply being ignored.
We need a real sea change in our government come November and 2012.
Perhaps the faceless CBO could explain how shutting down American industry helps the tax revenue??????
And when they tax the hell out of us and make a small dent against the deficit, Washington will hit the throttle to speed up spending all the more. More taxes —> slightly lower deficit —> “OK, let’s spend like crazy again because the ‘problem’ is being solved”
Our republic is doomed unless we can sweep this whole mindset out of our nation.
You are right but it is actually worse than that. I have sympathy (but not too much) for the CBO. They are owned and operated by our National Legislature. When they are given a request, it is not unusual for the requesting Representative or Senator to forbid consideration of anything not specifically asked for.
In this case, it MIGHT HAVE BEEN something like this, "given a steady business state, what would be the impact of this bill upon the deficit?" EVEN IF IT IS OBVIOUS that it could drive businesses into bankruptcy or offshore, the CBO is not permitted to mention this unless another congress-critter asks for it in a separate report.
As I understand it the CBO can only do thier analysis based upon the numbers that Congress give to them and Congress only uses the numbers that look good for them. It is just like a computer if you put garbage in then you get garbage out. The CBO I believe tries but it is limited by Congress.
Cutting welfare by $38 Billion would save TWICE that amount.
I think, have not researched< that the CBO as setup by congress does not have achoice on the numbers and this hampers its ability to say what the real cost is.
You’re right but if they don’t want to be accused of being in the tank for the Rats then they’ll figure out a way to write reports with true numbers.
Of course it will cut the deficit in the short term, it’s a TAX! Like any tax, it brings in revenue, until it drains the economy and costs even more jobs and then it increases the deficit.
Just say no to Obamnomics.
Of course it scores as deficit reduction. The CBO can’t take into account the possibility that the legislation will damage businesses and thereby cut tax revenues. They can only score the direct effects of the legislation.
And the direct effect is to raise BILLIONS in new taxes, mostly through the sale of carbon credits. So it’s not that enacting climate legislation will reduce our deficits, any more than “fixing” health care would reduce the deficits.
In both cases, the “deficit reduction” was due to raising taxes in the bills.