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By: SUSAN FERRECHIO
Chief Congressional Correspondent
08/24/09 5:21 PM EDT
Former Congressional Budget Office Director Douglas Holtz-Eakin says the Obama administration's claim that the Obama's updated figures on the deficit that will be released Tuesday are "spin and nothing more."
Holtz-Eakin, who was a top advisor to the presidential campaign of Sen. John McCain, R-Ariz., sent a memo Monday to House Minority Leader John Boehner, R-Ohio, accusing Obama of manipulating the numbers about future bailout costs in making the claim that the deficit will shrink by more than $260 billion from what was predicted three months ago.
"Bottom line, the budget outlook is worse, and dangerous," Holtz-Eakin writes to Boehner.
The White House and the CBO are scheduled to release separate mid-session reviews on Tuesday, but the Obama administration has already leaked to the press some of the details of its report, including the rosier deficit forecast of $1.58 trillion for this year, lower than the $1.8 trillion predicted in June.
Holtz-Eakin said that said the Obama administration wrongly assumes it will receive $640 billion in revenue from the creation of a cap-and-trade system for polluters, which would rely on the passage of an energy reform bill that many Democrats oppose, plus another $200 billion from a controversial proposal to tax international businesses. The Obama administration is also counting on the idea that health care reform will not increase the deficit, which some believe is impossible.
"They will continue to assume that they raise taxes on small businesses in 2011," Holtz-Eakin added. "If the economy remains weak, they will not."
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How can we have that the total bailouts so far total 23 trillion dollars, and somehow the deficit is only 1.6 trillion for the year?
ReplyDeleteSomething fishy here.
How can Social Security have 107 TRILLION deficit and it not be included in this bottom line amount??
ReplyDeleteHow could it be so terribly in trouble and our congress keep acting like we have money????
Let's just shut our eyes and pretend it's not there, when we open them it will be magically gone!!
Will that work? lol
ReplyDeleteBernanke is going to get a second term, care of B.O. Isn't that nice? One puppet giving another puppet a hand. Such cooperation.
ReplyDeleteLOL; Holtz-Eakin added. "If the economy remains weak".
ReplyDeleteGosh, with approximately $200 trillion in debt including SS and medicare, the REAL unemployment rate approaching 25+%, wars in Iraq, Afghanistan, Pakistan and soon Iran and Venezuela, hyper inflation coming soon, more banker bail-outs, more stimulus plans, tax revenues down 25+%, dozens of companies going bankrupt & millions more foreclosures, I think there is a slight chance the economy might weaken a tad.
Though CNBC says we are out of the recession, the stock market is going up everything is looking good.
Yup..
What comes after a trillion?
ReplyDeleteI believe that would be a Quadrillion. It has 15 zeros after the 1 vs just 12. Even the Rothschilds don't have that much, yet.
ReplyDeleteThe federal government itself is a bubble economy, and it too, like housing, is going to burst.
ReplyDeleteA buddy of mine told me yesterday that now is the time to buy all the rest estate I can. That it will never be this cheap again. What do people think will happen to RE pricing when the interest rates soar?
ReplyDeleteRidiculous. Pennies on the dollar. What is funny is that in my area RE is only down about 10% from its peak if that. People are very proud of their homes for sale and won't budge a dime on price. These people are going to get caught. Now is the time to sell your home and rent during the RE true slide, it hasn't happen yet. The mentality of buying RE at all costs vs leasing/renting because 'real estate always goes up' is flawed; at least for the next 10-15 years.
real estate sucks
ReplyDeleteOnly thing is - nothing is moving, so you can't sell your house even if you wanted to.
ReplyDeleteI think his approval ratings have gone down because he promised us change, and all we got is change...(coins-leftovers). Terrible!!! Now, that’s all we are left with..some pocket change.
ReplyDeleteI could care a less about Obama. I just see him as another useless puppet. Brilliant of them to put him in the office though at just the right time. Most got suckered right into the bs optimism that he would be better than butcher bushy. He is actually much worse in every way.
ReplyDelete