CBO director on Obama budget framework: "We don't estimate speeches"

CBO director on Obama budget framework: "We don't estimate speeches"


By: Philip Klein | Senior editorial writer | 06/23/11 10:46 AM





Congressional Budget Office Director Douglas Elmendorf had some harsh words for President Obama during a hearing held by the House Budget Committee on Thursday to discuss the nation's long-term fiscal outlook.
Chairman Rep. Paul Ryan, R-Wis., asked Elmendorf whether the CBO had attempted to estimate the budgetary effects of the framework Obama outlined in April, which was based on a 12-year budget window instead of the usual 10 years.
“We don’t estimate speeches," Elmendorf shot back. "We need much more specificity then was provided in that speech for us to do our analysis."

Video at:

http://washingtonexaminer.com/blogs/...imate-speeches

Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/...#ixzz1TTzvNZS0

CBO director on Obama budget framework: "We don't estimate speeches"


By: Philip Klein | Senior editorial writer | 06/23/11 10:46 AM





Congressional Budget Office Director Douglas Elmendorf had some harsh words for President Obama during a hearing held by the House Budget Committee on Thursday to discuss the nation's long-term fiscal outlook.
Chairman Rep. Paul Ryan, R-Wis., asked Elmendorf whether the CBO had attempted to estimate the budgetary effects of the framework Obama outlined in April, which was based on a 12-year budget window instead of the usual 10 years.
“We don’t estimate speeches," Elmendorf shot back. "We need much more specificity then was provided in that speech for us to do our analysis."

Video at:

http://washingtonexaminer.com/blogs/...imate-speeches

Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/...#ixzz1TTzvNZS0 Originally Posted by I B Hankering

This is a month old.

The democrats didn’t offer up the speech as a plan. The republicans asked for an estimate based on the speech. The harsh words were for the person that asked the CBO to do something that the person should have known they (the CBO) couldn’t do.

Your continued demand for a budget from the president shows you don’t know much about economics. The President has said repeatedly the budget can’t be balanced without an increase in revenue and massive spending cuts. Why would he submit a budget the house will reject? If it were possible through cuts alone as claimed by some, let’s see it. Remember it has to pass the Senate too.
Not a single budget plan from the repubs is balanced. Same for the dems. All have deficit spending.The proposed cuts only don’t increase the deficit as much as it was going to be increased. If your budget proposal has 5 trillion in deficit spending, and you come up with a way to cut 4 trillion of that 5 trillion off, you still have a trillion in deficit spending. I think the budget can’t be balanced without tax increases to generate more revenue. You say keeping taxes near the historic low levels they are at in itself will generate revenue. It looks like we will be testing that theory.

Since the budget comes from the house, let’s have a vote. Rep. Boehner has a plan. Vote on it. What did you say? Even without hikes he can’t get it passed in his own chamber? With a clear republican majority?

Let me restate the obvious. If the speaker can’t get a budget passed, how would a president from the opposition party get one passed?

Can’t wait for an answer.

This is a month old.

. Originally Posted by Munchmasterman

I B get his talking points from the Pony Express.

Come on I B , join the modern world!

. You say keeping taxes near the historic low levels they are at in itself will generate revenue. It looks like we will be testing that theory.

. Originally Posted by Munchmasterman

I know you know Munch but people like I B do not.

We have already tested that theory with the Bush tax cuts. The tax cuts did not generate growth....the housing bubble did. A false housing market was Bush's bell cow.

Folks like I B think that the tax cuts were the ticket. Tax rates are at their historic low and the stupid tax cutters think that small little fact has nothing to do with the deficits!

Hell half of the Stimulis was actually tax cuts....something these Tea Fplks seem not to understand.

Since the budget comes from the house, let’s have a vote. Rep. Boehner has a plan. Vote on it. What did you say? Even without hikes he can’t get it passed in his own chamber? With a clear republican majority?

Let me restate the obvious. If the speaker can’t get a budget passed, how would a president from the opposition party get one passed?

Can’t wait for an answer. Originally Posted by Munchmasterman

You will not get an answer. He runs and hides when confronted with common sense....well that or changes the subject.

We have already tested that theory with the Bush tax cuts. The tax cuts did not generate growth.... Originally Posted by WDF

There you go AGAIN.....the facts proving you wrong have already been posted on this board......HA! HA! HA! HA! HA! HA! HA! HA! HA!

Also, go to youtube and see what Milton Friedman has said about reducing tax rates.......government does not create wealth, only the private sector does......

This is a month old. Originally Posted by Munchmasterman

Very true. Yet intangible promises of cuts is all that he has ever offered; hence, it matters not whether he gave the speech today or last year: they've all been the same.

Since the budget comes from the house, let’s have a vote. Rep. Boehner has a plan. Vote on it. What did you say? Even without hikes he can’t get it passed in his own chamber? With a clear republican majority?

Let me restate the obvious. If the speaker can’t get a budget passed, how would a president from the opposition party get one passed? Originally Posted by Munchmasterman

What happened to the 2011 budget plan when the Dims had control of both houses of Congress and the White House?

Obama's 2011 budget was so toxic (debt out the kazoo - over $10 trillion in new debt over ten years !!) that nobody, not even Socialist Bernie Sanders put their paw-prints on it...the Senate defeated Obama's budget 97-0....Obama would be a joke if it wasn't for the fact that he is driving us off a financial cliff with his spending !

Obama hasn't passed a budget in 849 days !

What happened to the 2011 budget plan when the Dims had control of both houses of Congress and the White House? Originally Posted by I B Hankering

Very true. Yet intangible promises of cuts is all that he has ever offered; hence, it matters not whether he gave the speech today or last year: they've all been the same.
What happened to the 2011 budget plan when the Dims had control of both houses of Congress and the White House? Originally Posted by I B Hankering

Too true. But to me the obvious answer is this; yes, it's a month old and STILL we have no budget. Bi-polar politics - par for the course since Bush II's administration.

There you go AGAIN.....the facts proving you wrong have already been posted on this board......HA! HA! HA! HA! HA! HA! HA! HA! HA!

Also, go to youtube and see what Milton Friedman has said about reducing tax rates.......government does not create wealth, only the private sector does...... Originally Posted by Marshall

Reagan cut down the offshoring of profits, but lobbiests ever since have gone crazy with it.

Microsoft, Google, halliburton and the rest started offshoring their profits to dodge taxes. Bush offered tax incentives in 2005, ok Milt was still alive-ish, and corporations did bring some of that money back but it didnt spur economic growth, it spurred growth of stockholders dividends.

Now the offshoring is even worse. Something I cannot find any youtube videos of good old Milt waxing poetic about.

GE isn’t the only company to benefit from the changes in tax laws. In the 1950s, 30 percent of all tax receipts came from corporations. In 2009, that number was down to just 6.6 percent.

http://www.usnews.com/opinion/blogs/...ate-job-growth