CBO - Bush budget increases deficits

Published on March 5, 2005 By COL Gene In Politics

The AP reported that the nonpartisan Congressional Budget Office (CBO) released their study of the Bush plans for spending and taxes as the House and Senate budget committees begin work of on the budget.

The report concludes deficits will continue under the Bush fiscal plan and will add $2.58 trillion to the national debt by 2015. That is significantly worse than earlier projections indicating 1.6 trillion would be added to the national debt by 2015. Earlier projections by Bush (OMB) showed the national debt at $11.1 Trillion by 2010 and with the CBO estimate of another $2.58 Trillion, that would place the total national debt by 2015 at about $14Trillion.The national debt in 2005 stands at $7.6 Trillion. The analysis shows that the administration's fiscal policies are moving us deeper and deeper into debt. The CBO analysis raised new doubts about Bush's goal of having the annual deficit drop to $246 billion per year by 2009. One of the chief clauses of the worsening fiscal condition predicted by CBO, is the president's insistence to make his tax cuts permanent.

Comments

drmiler

on Mar 05, 2005

The report concludes deficits will continue under the Bush fiscal plan and will add $2.58 trillion to the national debt by 2015

I'm sorry this is just to much BS for me to swallow. Bush adds more money to deficit 6 years AFTER he leaves office? What utter nonsense!

COL Gene

on Mar 05, 2005

drmiler

Again you do not understand the basics. The Bush plan to make the tax cuts permanent is the reason. The tax cuts for the 1st ten years were phased in so the loss in revenue was gradual. By making the tax cuts permanent, the full impact takes place every year after 2010 when all the cuts are in place. That is why CBO has indicated that we will go deeper into debt.

You know more then CBO, OMB and everyone else. Face it pal, Bush is taking the United States down the road to financial disaster! That is not my assessment but that of the most well known experts.

drmiler

on Mar 05, 2005

What *your* not getting is the *fact* that Bush *leaves* office in Jan 2009. By the time Jan 2010 rolls arouns someone ELSES budget will be in place and tax cuts repealed or others added. You can't add to Bush for someone elses budget!

COL Gene

on Mar 05, 2005

It is you that does not get it. What Bush puts into place does not end when he leaves office. It is his policy to make the tax cuts permanent will impact the nation for a long time. The debt he has piled up will require us to pay the interest long after he returns to Texas.

drmiler

on Mar 05, 2005

What your *still* not getting is that do NOT have to remain in place if they're bad. Especially since someone ELSE will be in office. Take off your blinders.

COL Gene

on Mar 05, 2005

Once they are in place, it takes both houses of congress and the new president to reverse a bad policy. Why follow policies that the CBO indicated will make things worse. Bush will not look at what he is doing and accept that his policies are not producing the desired resilts. Look at the trade deficit. He has been following a policy that failed during the Clinton Administration and did not work during his first term and he is proposing to further expand that failed policy into Central America. He cut taxes three times and each time the deficits get bigger. He suggests private accounts for Social Security and his own advisor on Social Security said that the individual accounts WILL NOT SOLVE THE FISACL PROBLEMS of Social Security.

NOT TO SMART!!!!!

Draginol

on Mar 05, 2005

Col Gene, it's pretty clear you don't understand the federal budget.

Once Bush leaves office the next adminsitration will be setting policy. So if it's decided that the people need to be taxed more to cut the deficit, that President (Hillary perhaps) will be able to try to do so.

If we want to really cut the deficit, we need to freeze spending across the board.

COL Gene

on Mar 05, 2005

The budget and taxes are passed by congress. If Bush and the conservatives make the tax cuts permanent, that can only change if both the house, senate and the president agree. Thus, if Bush gets his way and the conservatives hold to just the House or senate, the Bush policy and its impact continue.

You also miss the point that CBO and others are telling the American public the Bush policies are not working! Why continue with policies that make the debt worse? That make the trade deficit worse? etc. The Bush supporters never give any answers to these questions.

drmiler

on Mar 05, 2005

woulda, shoulda, coulda. ya-da ya-da ya-da!

Draginol

on Mar 06, 2005

You also miss the point that CBO and others are telling the American public the Bush policies are not working! Why continue with policies that make the debt worse? That make the trade deficit worse? etc. The Bush supporters never give any answers to these questions.

In what way are they "not working"? I definitely received a tax cut. It seems to be working as designed -- we are taxed less than we previously were.

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