Administration Still Claims They Will Use Entire HAMP Allocation

By: Tuesday February 14, 2012 7:08 am

It’s fairly impossible to follow Administration math on the HAMP program, which is part of the TARP authorization. I’ve seen HAMP alternately described as a $75 billion, $50 billion, $45.6 billion and $29 billion program. And the White House has carved money out of HAMP for other housing programs like the Hardest Hit Fund. So [...]

CBO Report Shows Dangers to Economic Growth from Austerity

By: Tuesday January 31, 2012 11:38 am

The Congressional Budget Office released their latest budget and economic outlook for 2012. CBO outlooks are frequently wrong, so we shouldn’t read a whole lot into this. But there are a few nuggets worth pulling out. First, there really is no pressing deficit problem. While the FY 2012 deficit should clock in, according to CBO, [...]

Relatively Small Savings From Raising Medicare Age Leaves Out Host of Context

By: Wednesday January 11, 2012 8:55 am

Yesterday, the Congressional Budget Office estimated that raising the Medicare eligibility age from 65 to 67 would save the government $148 billion from 2012 to 2021. For context, letting the Bush tax cuts expire would save $3.6 trillion over the same ten-year window. So anyone who tells you that we must increase the Medicare age [...]

Budget Gimmick on Capping War Spending Shrinks

By: Thursday October 27, 2011 9:35 am

One safety valve for the Super Committee was derived savings from a reduction in war costs. Those costs are in an OCO (overseas contingency operations) budget, and the way that the Congressional Budget Office calculates them basically takes the last year’s expenditures and assumes a stasis on them for the next 10 years. By capping [...]

Two Studies On Economic Growth, Income Inequality and Deficits Tell the Whole Story

By: Thursday October 6, 2011 8:15 am

Today sees the rise of two key studies that reveal some fundamental truths about how an economy works, which are best looked at together. First, the CBO studied the question of how full employment would reduce the deficit. “Full employment” is defined here as a projection of what would happen if there wasn’t an “underutilization [...]

Republicans Want to Validate Laffer Curve Through Dynamic Scoring

By: Friday September 23, 2011 10:14 am

Republicans on the Super Committee want to use a controversial technique to assess their recommendations, which would advance their ideological argument that tax cuts pay for themselves. While the chances of the Super Committee to actually generate recommendations with needed bipartisan support are remote, the success of the scoring method could have an impact on [...]

Merkley, Senate Democrats Want CBO to Score Jobs Impact of Super Committee Recommendations

By: Thursday September 22, 2011 1:23 pm

Why 11 Democratic Senators and not 50 (all of them less the three on the Super Committee) signed this effort spearheaded by Jeff Merkley is beyond me, but if more sign on it could be a crucial factor in actually pivoting away from deficit talk and toward jobs. A group of senators today urged the [...]

Elmendorf Does Simple Math for Catfood Commission II

By: Tuesday September 13, 2011 1:39 pm

CBO Director Doug Elmendorf had an interesting hearing in front of the Super Committee. Throwing a cold dose of reality on the proceedings, Elmendorf, who in his role is almost by definition concerned with long-term budget deficits, calmly explained that the Obama jobs framework is precisely what you would do if you were looking to [...]

Boehner Sends American Jobs Act to CBO for Scoring

By: Monday September 12, 2011 10:16 am

The President formally submitted the American Jobs Act to Congress today, and House Speaker John Boehner had an immediate rejoinder: he will submit it to CBO for scoring. “[W]e appreciate the President’s pledge to transmit legislation to Congress and will immediately request that it be scored by the Congressional Budget Office,” Boehner wrote in a [...]

CBO: Stimulus Supports 2.9 Million Jobs Today

By: Tuesday August 30, 2011 2:08 pm

The CBO is up with a report today showing that the stimulus is responsible for 2.9 million jobs – a show of strength for the $787 billion program. The Center on Budget and Policy Priorities explains: In other words, between 1.0 million and 2.9 million people employed in June owed their jobs to the Recovery [...]

CBO Report Shows Need for Increased Job Growth

By: Wednesday August 24, 2011 10:55 am

The CBO’s latest report on the federal budget and the economy needs a giant asterisk next to it. Because it was prepared during the month of July, it doesn’t take into account the changes in the economic outlook that have cropped up in August. CBO fully admits that: “CBO initially completed its economic forecast in [...]

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