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Friday Night Dump: CBO Admits Error, Now Expects Another $600 Billion In Deficits..
zero hedge ^

Posted on 01/04/2013 5:13:40 PM PST by Perdogg

Two weeks ago, when we commented on the biggest farce in financial thinking at the time (promptly replaced by the even more lunatic platinum coin "idea"), namely that one of the main "spending cut" proposals of the Obama administration, amounting to $290 billion, was the assertion that the US will save hundreds of billions because, get this, interest rates are now lower than they were before. We commented as follows:

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: cbo; deficit

1 posted on 01/04/2013 5:13:44 PM PST by Perdogg
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To: Perdogg

What a way to run a government. Kneejerk reactions to one “crisis” after another. I don’t know if I can stand another four years of incompetent, Marxist hippies and professional college kids running the government of what once was the greatest country the world has ever known.


2 posted on 01/04/2013 5:17:34 PM PST by FlingWingFlyer (Where can I pick up a 2013 Mayan calendar?)
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To: Perdogg

Unbelievable! What a bunch of incompetent boobs.


3 posted on 01/04/2013 5:22:44 PM PST by alice_in_bubbaland (When injustice becomes law, resistance becomes mandatory- Thomas Jefferson)
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To: Perdogg

Detestable people. The lowest of the low. Guttersnipes. Trash sniffing trolls. Evil in its purest form.


4 posted on 01/04/2013 5:22:54 PM PST by Thorliveshere
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To: Perdogg

this was no error.

they were told to sit on this until now. it only is being reported as an error.


5 posted on 01/04/2013 5:25:29 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Perdogg

Every member of the CBO should be fired for gross incompetence. The government bullies would certainly be hounding the bankers who would make much less egregious errors than this.

Of course, this was no “error” but another cover-up for the financial disasters proposed by Obama, just as the CBO did durning the ObamaCare debate when they said it wouldn’t cost a trillion dollars.


6 posted on 01/04/2013 5:28:48 PM PST by txrefugee
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To: Perdogg

For comparison, when the Democrat controlled Congress replaced the GOP controlled Congress in January, 2007, the deficit was a 9-11 induced 165 billion AND SHRINKING.


7 posted on 01/04/2013 5:37:54 PM PST by TwelveOfTwenty (Ho, ho, hey, hey, I'm BUYcotting Chick-Fil-A)
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To: txrefugee
But...but I thought that the left considered GW Bush's 400 billion dollar deficits "unconscionable".

Guess that deficits and debt are no big deal with a democratic admin.

I mean what's a few TRILLION dollars among friends?

Isn't it crazy that Ross Perot talked about the interest on the National debt of 4 trillion being "insane"?

Now obama spends that much in 2 years. The deficit. Not the debt.

And the DEBT is 17 TRILLION, and will be over 20 TRILLION by the time the next POTUS is inaugurated.

8 posted on 01/04/2013 5:41:23 PM PST by boop ("You don't look so bad, here's another")
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To: Perdogg

Is that classified as a government “whoopsie”?


9 posted on 01/04/2013 5:43:26 PM PST by SkyDancer (Live your life in such a way that the Westboro church will want to picket your funeral.)
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To: Perdogg

Iirc. Cal is predicting a bigger deficit six weeks after voting tax increases


10 posted on 01/04/2013 5:52:45 PM PST by morphing libertarian
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To: Perdogg

“600 billion here, 600 billion there, pretty soon your talking about real money.”

11 posted on 01/04/2013 5:55:27 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: boop

Every 5 Trillion dollars represents an inflation adjusted expenditure for the ENTIRE 4 YEARS of WWII.


12 posted on 01/04/2013 6:05:15 PM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Perdogg

Perdogg - can you re-post into breaking news — article too good to get lost over here to just the 9 of us.


13 posted on 01/04/2013 6:05:50 PM PST by bunster
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To: bunster

You can always hit abuse and ask the mods to move it to breaking. Which it should be.


14 posted on 01/04/2013 6:09:54 PM PST by txhurl
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To: Perdogg

Now we know how Dark Helmet felt like in “Spaceballs”


15 posted on 01/04/2013 6:17:51 PM PST by MCF
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To: bunster

Added news/current events and breaking news.


16 posted on 01/04/2013 6:18:49 PM PST by John W (Viva Cristo Rey!)
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To: Perdogg

Damn them. I’ve already lost count over how many times they’ve “revised” 0bamacare costs upward. And this is the CBO? Good Lord.


17 posted on 01/04/2013 6:20:54 PM PST by SueRae (It isn't over. In God We Trust.)
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To: TwelveOfTwenty

The 9/11/2001 attack is still in progress led by democrats and Muslim Obama - a 12 year long Pearl Harbor.


18 posted on 01/04/2013 7:23:51 PM PST by atc23 (The Confederacy was the single greatest conservative resistance to federal authority ever.u)
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To: Perdogg

This should be a teachable moment for Barry on what “math” is all about.


19 posted on 01/04/2013 7:26:57 PM PST by SERKIT ("Blazing Saddles" explains it all.......)
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To: Perdogg

Unicorns. ... send in the unicorns.


20 posted on 01/04/2013 7:38:05 PM PST by VRWC For Truth (Roberts has perverted the Constitution)
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To: boop

The democrats don’t care about the debt and never have, they were just using the debt complaints back then as a wedge issue to divide the conservative base. Call us hypocrits hoping that we would turn on ourselves.


21 posted on 01/04/2013 8:28:23 PM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: Perdogg
When you're messing around with trillions, it's easy to make a 600 billion mistake.
Math is hard with all them zeros flying about every which way.
22 posted on 01/04/2013 8:38:49 PM PST by The Cajun (Sarah Palin, Mark Levin......Nuff said.)
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To: Perdogg

Well, warm up the platinum press again, boys...


23 posted on 01/04/2013 8:42:11 PM PST by ZOOKER ( Exploring the fine line between cynicism and outright depression)
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To: Perdogg

DISMANTLE the CBO. DEFUND all socialist collectives/schemes, foreign and domestic. REDUCE Congress (state and federal) to part-time jobs with little pay, no medical, no retirement, no staff, no insurance, no perks.

“—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

Alter it.


24 posted on 01/04/2013 9:22:36 PM PST by PGalt
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