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House Republicans Call for Bigger Deficits Than Obama
An alternative budget proposal submitted by Congressman Paul Ryan (Wis.), the House Budget Committee's Republican ranking member, would increase the federal budget deficit even more than President Obama's bloated budget — nearly $1 trillion more — according to a February 24 analysis by the Congressional Budget Office (CBO).
Ryan's “alternative policy scenario” would make no serious spending cuts, but it would institute three new tax cuts. CBO Director Douglas Elmendorf explained to Ryan that “the three changes to the tax policy assumptions are estimated to increase deficits relative to the baseline projections by $9 billion in 2010 and $3.4 trillion over the 2011-2020 period, mostly from lower revenues but also from increased outlays for refundable tax credits.”
Elmendorf continued: “CBO estimates that, under the alternative scenario you specified, the deficit would amount to $1.2 trillion in 2020, about $500 billion more than the shortfall projected under baseline assumptions.” Overall, the Republican budget alternative would increase the federal budget deficit by $9.4 trillion over the next 10 years, while President Obama's fiscal 2011 budget would increase the deficit by $8.5 trillion over the same period of time.
Read more: The New American
Originally posted by SaturnFX
I feel sort of dirty saying the G.B. word, but sometimes its necessary...I think this is one in about 7 times I agreed with what he said during his entire career.