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Controversial CBO Report On Stimulus Turns Out Not To Exist

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posted on Jan, 24 2009 @ 09:44 AM
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Controversial CBO Report On Stimulus Turns Out Not To Exist


www.huffingtonpost.com

Reports of a recent study by the Congressional Budget Office, showing that the vast majority of the money in the stimulus package won't be spent until after 2010, have Democrats on the defensive and the GOP calling for a pullback in wasteful spending.

Funny thing is, there is no such report.

"We did not issue any report, any analysis or any study," a CBO aide told the Huffington Post.

Rather, the nonpartisan CBO ran a small portion of an earlier version of the stimulus plan through a computer program that uses a standard formula to determine a score -- how quickly money will be spent. The score only dealt with the part of the stimulus .ed for the Appropriations Committee and left out the parts bound for the Ways and Means or Energy and Commerce Committee.

Because it dealt with just a part of the stimulus, it estimated the spending rate for only about $300 billion of the $825 billion plan. Significant changes have been made to the part of the bill the CBO looked at.

(visit the link for the full news article)



[edit on 24-1-2009 by grover]




posted on Jan, 24 2009 @ 09:44 AM
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Well it seems the Republicans think that bush minor is still in charge and they can make up any old thing to bolster their arguments and pawn it out to the press who will swollow it hook, line and sinker.

Thing is they apparently haven't looked at the polls. People are sick and tired of this crap and they want to give Obama and his proposals a chance.

After the past 8 years to listen to the Republicans go on about accountablity and fisical responsiblity is side splittingly funny.

They are apparently deaf to the sound of their own hypocricy.

www.huffingtonpost.com
(visit the link for the full news article)



posted on Jan, 24 2009 @ 09:59 AM
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That's excellent news. Now we can get on with spending that $825 billion worth of cash that we don't have. I feel much better now.



posted on Jan, 24 2009 @ 10:23 AM
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Even if there was a report it would be pure speculation. No one could possibly know if the stimulas will work or not at this point in time. At this point in time all we know is how much it will cost and we also have some idea what it will be spent on. The results of the package won't be known for at least a year, probably more and even then there is no way of knowing what would have happened with a different package or no package at all.



posted on Jan, 24 2009 @ 10:25 AM
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I am less interested (in this thread anyway) about the money as opposed to the lies told to try and block it.

If republicans think that the only way to stimulate the economy is to cut taxes ad nasuam then they are fools... where do they think their revenue comes from... given corporate loopholes, bailout, exemptions and the like they are pawning the whole weight of the government on middle class backs then want to cut taxes to boot. Where do they think the money to wage war and bailout corporations comes from?

Better to end all corporate loopholes and exemptions and make them pay their fair share.



posted on Jan, 24 2009 @ 10:29 AM
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reply to post by grover
 


I was under the impression a major component of the stimulus package was tax cuts. $275 billion of it?

[edit on 24-1-2009 by Jacob08]



posted on Jan, 24 2009 @ 10:37 AM
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I am cautiously optimistic that the Internet is proving to be a stumbling block (or at least a negative control factor) to all those corporate transnational interests that own our media.

If I am right, we should soon see a renewed push to 'control' the Internet on behalf of the corporations through their operational arm in the government (the Senate, House, and Judiciary). Now they may have controlled the Executive office as well, and may still, but using the executive office to control information is far from subtle; it's much better to use the Legislative to sneak in gargantuan documents that conceal their actual objectives (like the 'bailout' which created the new Treasury Czar.)



posted on Jan, 24 2009 @ 10:42 AM
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reply to post by grover
 


A voice of reason comes forth. IF we were to do a flat tax on the profits of these mega corporations instead of giving all sorts of loopholes, imagine the state we would be in. But then again, we all know the political leaning of most corporate big shots and the power they really have......try all of it.



posted on Jan, 24 2009 @ 10:56 AM
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Red,
Once again I need to remind those that think you can tax companies that they pass any and all costs on to the consumer. That's you and me folks. Somehow, someway they never pay taxes. If you want flat taxation, fine, but you need to remove present tax codes first, and thats not going to happen with this administration,ever!!

Zindo



posted on Jan, 24 2009 @ 11:06 AM
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reply to post by red.57
 


For all the complaining about the corporations, is it really an improvement to allow Congress to pick our pockets clean to the tune of another $825 billion worth of debt? Our economic problems are largely a result of the runaway spending and debt explosion of the last 8 years. I could easily be wrong, but I don't think the answer is to pour more gasoline on this already blazing inferno.

One of the two parties in Congress needs to realize that we can't spend our way out of this and, in fact, that this is a big reason that our dollar is worth about as much as toilet paper. Unfortunately, neither of them do, and until that happens, this is only going to continue to get worse, and the best case scenario is that we'll kick the problems a few years down the road and at that time, they'll just be bigger than they are now.

Some have called this a 'controlled demolition' in order to usher in who-knows-what, and I'm beginning to agree...except about the controlled part.

[edit on 24-1-2009 by vor78]



posted on Jan, 24 2009 @ 11:28 AM
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I am probably one of the very few people that like Obama but are totally opposed to bailing out one more entity. We have already blown nearly a trillion and it made not one bit of difference. That money is a bit like the little boy with his finger in the dike......difference being we are all going to get washed away int he chaos. They need to allow these no good profiteers to suffer their own demise, the rest of us have to face the music when we make bad financial choices so why shouldn't they???? red



posted on Jan, 24 2009 @ 11:38 AM
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Here is an excellent vid. spelling out stimulus package and the lack of infrastructure monies allotted. Obama needs to grow some balls on this one(I never thought I would say this). We don't need to stroke the egos of repubs. with absentminded accommodation. Hopefully the final terms of the package will be different.

Below is a clip from last night's Rachel Maddow show:

Skip to 2:50 and please don't get too annoyed with the commercial preceeding the vid.



posted on Jan, 24 2009 @ 12:11 PM
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Speaking of corporate loopholes etc, do all these companies getting bailout money have to pay taxes on it? Is it considered income or did the government create a special category that says it need not be declared? Of course since they are all deeply in the hole I guess you could never consider it profit so maybe that's a moot point but still how does bailout money fit into a company's balance sheet?

For example, companies are now using bailout money to hire lobbyists to try to get them more bailout money. We know about AIG's immediate use of money to pay for a very expensive retreat to restore morale in management, so where does payment for that fit on the balance sheet? When a bank buys another bank with bailout money how do they calculate "basis"? Really, some bright person is going to have to develop a new accounting specialty for the CPA firms specializing in bailout funding.



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