CBO has prepared—as it does under its routine procedures—baseline projections that incorporate the assumption that current laws generally remain in place; those projections are designed to serve as a benchmark that policymakers can use when considering possible changes to those laws. However, the outlook for the budget deficit, federal debt, and the economy are especially uncertain now because substantial changes to tax and spending policies are scheduled to take effect in January 2013.
Key aspects of our projections are illustrated in the figures above
What Policy Changes Are Scheduled to Take Effect in January 2013?
Among the policy changes that are due to occur in January under current law, the following will have the largest impact on the budget and the economy:- A host of significant provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312) are set to expire, including provisions that extended reductions in tax rates and expansions of tax credits and deductions originally enacted in 2001, 2003, or 2009. (Provisions designed to limit the reach of the alternative minimum tax, or AMT, expired on December 31, 2011.)
- Sharp reductions in Medicare’s payment rates for physicians’ services are scheduled to take effect.
- Automatic enforcement procedures established by the Budget Control Act of 2011 (P.L. 112-25) to restrain discretionary and mandatory spending are set to go into effect.
- Extensions of emergency unemployment benefits and a reduction of 2 percentage points in the payroll tax for Social Security are scheduled to expire.
More data from Twinsdad indicating that Obama has done nothing for this country except make golf course owners rich, opened a brewery in the White House and as lost complete control of the Middle East.
Any argument made using a government agency is by default not trustable. Therefore, we can ignore any and all conclusions made by posting this TD.
ReplyDeleteHope things are well for you. It's finally starting to get habitable in Vegas again.
Does that mean when O says the economy is getting better, saved the auto industry we should immediately label it as untrustable and ignore his allegations?
Delete"Does that mean when O says the economy is getting better, saved the auto industry we should immediately label it as untrustable and ignore his allegations?"
DeleteThat suggests you posses enough objectivity to actually consider whether it is true. Six months, maybe seven months ago, I think you did. As the election gets closer, not so much. You don't need to ask the question, I can safely assume you reject anything Obama says.
Same here in AZ. Humidity and temps are down, the CBO is a reliable source regardless of your opine of it.
DeleteNo matter what he has done, he's your man. That speaks to your objectivity.
DeleteNo matter what the condition of the country, how many are unemployed, how many are added to the welfare rolls, you never question his policies, methods or his regard for the American people.
4 more years of Obama, 4-6 trillion additional debt, untold unemployed, will it still be Bushes fault???
"No matter what the condition of the country, how many are unemployed, how many are added to the welfare rolls, you never question his policies, methods or his regard for the American people. "
DeleteYou are dead wrong on that. There was a short period of time Lou where you and I both expressed a criticism of both parties. Right now, you are willing only to call bullshit on Obama. I don't believe for a second you remotely believe in Romney. Nothing he has said so far deals with anything you are concerned about. But, rather then express that, I think you just plow that frustration back into Obama. Is there truly, not a single issue in America that is just as important as our debt? Well aside from ending the EPA of course. Funky make a great point on another thread, the debt was 12 trillion before Obama started to add to it. What makes 16 trillion a magic number?
As for Obama being "my" man, that's a straw man. I'm going to vote for him, and there are things I'm not ashamed to say I am proud of him for. But in reality, the only thing that makes him left is the extreme the right has moved to. Even his socialist medicine is really nothing more then what "conservatives" of the 80's were agreeing to. Of Obama's much bitched about stimulus, how much really went to the poor people? Not much. Well over half went to tax cuts and medicare.
You are smarter then to post that you believe the POTUS will restore jobs in America. At one time, you and I agreed that offshoring and bad trade deals had a lot to do with it. I have been as critical about Clinton in that regard as I have ANY republican. You blame me for blaming Bush, and that is not remotely accurate. I blame thirty plus years of deregulation, fucked up tax polices, elimination of unions and bad trade deals. I don't live in this fantasy land that suggests we can look at the rain coming down today is say it's the Democrats fault for not erasing 12 trillion worth of debt in two years time because they had all three houses.
This is an important distinction to remember, I don't fault you Lou for voting for Romney if for no other reason then he, in theory, supports what is important to you. What I do keep busting your balls about is when you start to sling the stupid shit that is like what is says on Fox news. Trash Obama for what you don't agree with, but don't convince yourself like the rest of these dopes that simply removing Obama is somehow going to fix what has taken decades to build.
After bouncing back from short-term oversold conditions, stocks opened lower and held around the important SPX 1436 mark. The economic data in the morning showed no big change month-to-month, but the consumer data was the third estimate of such data, with very little change expected. However, the Chicago Purchasing Manager's Index fell to 49.7 -- recessionary territory -- for the first time since late 2009, signalling that economic conditions continue to worsen in the US.
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