Yesterday, the Congressional Budget Office warned lawmakers that the budget picture was poised to get worse again, projecting a $1.5 trillion deficit this year.
Summarizing the thoughts of many, Sen. Mark Kirk (R-Ill.) told Roll Call, "I think everyone is in a collective state of shock right now over the CBO numbers."
Really? Why is Congress so surprised? Frankly, I'm a little shocked by their collective state of shock.
This really isn't complicated. The deficit picture was starting to improve, but congressional Republicans insisted that Bush-era tax breaks get extended for another two years. How did Republicans propose paying for these tax cuts? They didn't -- the GOP said the price tag should just be added to the deficit.
And wouldn't you know it, that means ... I hope you're sitting down ... the deficit will go up, just as lawmakers were told it would if they cut taxes without paying for them.
Indeed, the CBO's estimate of the deficit with all the tax deals President Obama cut with Republicans added another $414 billion to the deficit for 2011, bringing the estimate now to over $1.5 trillion in the hole. You give the wealthy tax cuts, you don't cut spending or raise taxes elsewhere to pay for them, the deficit goes up.
It's not rocket science. It's exactly what both the Republicans and President Obama meant to happen. No use acting all surprised, GOP.
How can there be a deficit if there's no budget? Democrats never passed one when they were in charge. Congress hasn't yet passed one. The reason it's an estimate, and that's the key word, is they must think the 2011 budget won't be any different than what was going on in 2010. When there is, you know, an actual budget, then we'll see what the CBO says.
ReplyDeleteRand Paul's idea is starting to look good, ain't it?
By the way, no income tax rates were cut. The ones passed 10 years ago are still in effect.
Geez, Steve, with all those zombie fallacies to keep feeding, it's a wonder you have any brains left.
ReplyDeleteOh... Wait. Sorry.
GOP obstructionism =/= Dem failure to pass a budget. We knew you were going to try this when the cloture battles were at hand, and said so, so why do you think we're going to let you get away passing off that lie now?
bughunter:
ReplyDeleteGOP obstructionism =/= Dem failure to pass a budget.
Uh, no.
Dem hyper-partisanship =/= Dem failure to pass a budget.
There wasn't one 2011 budget bill passed in the House before the election. The GOP had no means to stop one in the House if one had been brought up for a vote. Pelosi didn't bring any up for a vote because she and Democrats knew one would give the GOP another argument to use in the election. Pelosi and House Democrats put party before the country.