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AP
Senate Budget Committee Chairman Sen. KentConrad (D-N.D.), speaks about the Congressional Budget Office's economic outlook during a news conference on Capitol Hill on Wednesday.
From NBC's Alexandra Moe
Both Republicans and Democrats responded to the new Congressional Budget Office (CBO) economic outlook released today that shows the United States continues to face tough economic challenges.
Senate Budget Committee Chairman Kent Conrad (D-ND) emphasized the importance of working together on deficit reduction without threatening the country’s climb out of the recession.
"It is the deteriorating, long-term outlook that is the biggest threat to the country's economic security," Conrad said. All bi-partisan fiscal commissions dealing with the topic, he said, have concluded the same plan: Don't endanger this growing recovery but adopt a plan now that is credible and gets us back on track."
CBO predicts that the budget deficit would jump to nearly $1.5 trillion in 2011 and that unemployment rates will still be high.
"The unemployment rate will only fall to 9.2% in the 4th quarter of this year and 8.2% in the 4th quarter of 2012," CBO Director Douglas Elmendorf said. It would not be until 2016 that the unemployment rate would get down close to the "natural rate" of unemployment.
This report comes the day after President Obama delivered his State of the Union address during which he proposed a five-year spending freeze for many domestic programs while still encouraging investing in education, transportation and renewable energy.
Sen. Orrin Hatch (R-UT) and other Senate republicans announced their support of a Balanced Budget Amendment to the United States Constitution to help bring down the nation's debt.
"It is time to cut spending, not freeze it," Hatch said referring to the president's proposal in his speech last night.
Obama is expected to submit his budget request for fiscal 2012 during the second week of February. The constitutional amendment would require the president to submit a balanced budget to Congress.
Sen. John Cornyn (R-TX) noted that past efforts to pass a balanced budget amendment failed, but the national debt has never been as big as it is now.
"In 1997 when Senator Hatch lead this effort as he is here today, there were 11 Democrats that voted for that joint resolution," Sen. John Cornyn said. "Given the numbers then and the numbers now, I think the case is very compelling and I fully expect that we will have a number of democrats that join us."
But CBO's Elmendorf doesn't think there is one single policy change that could eliminate these fiscal problems. "Unfortunately, it is likely that a return to normal economic conditions will take years," he said.
Leave a Comment:
Hmmm...
The CBO, aren't they the guys that'walk on water' when it fits the righties narrative?
And nothing but a bunch of 'rat a@@' liars when their findings go against it? *See HCR numbers*
Thought so! lol
Either they're credible or they're not - you don't get to pick when it's convenient!
Good Afternoon Feisty:
The economic outlook is of concern. But I don't see either party willing to do much to resolve it. Our President wants to invest in the future. The GOP/TP wants to reduce taxes, reduce programs, return to the horse and buggy.
I'll bet our faux Ph.D. will add her .02.
Trains, we need trains and everything will be better. Its the only way to "win" the future.
But I do have to wonder - why tout green crap, like green energy and green jobs the same day you kick your Green Czar to the curb? Now I asked Bev this yesterday, but given that Rachel has not told her what to think yet she couldn't formulate any response. How's about you Fiesty, what you got?
As an aside, I filled up the SUV the other day $89.00. That sucked so this week its the sporty car. Only $65.00. What's our man doing about the price of oil, other than spitting on the oil companies? I'm guessing. some folk don't have that third car to switch to in a pinch.
Me, I kinda like the fact that there is less and less traffic as prices go up. I wonder how all Obama's friends in Elkhart Ind. are feeling about his pitch for electric cars? That windmill I strapped to the back of the RV ain't working so well.
No bets there Ron! lol
Yo Ron you really seem to be into other people's education. Yet we never hear about yours. So how about it: what graduate or post graduate degrees do you hold. I'd ask Fiesty, but I think we already know the answer to that.
Tell you what big guy. I'll start. I have a BS in Accounting. Now you tell me one of your degrees. Then I'll go, then you can go, and so on.
So what you got Mr. Ron?
Actually, as bob pointed out this morning, it is OBAMA who wants to return to the nineteenth century. Trains? He's talking about trains?
Funny thing- this morning I mentioned that Obama was always eager to give a failed economic plan another go- seems to be a prerequisite for him. Then I read this
http://www.nationalreview.com/planet-gore/258067/green-sotu-obama-channels-failed-michigan-governor-henry-payne
All this nonsense worked out SO well for Michigan, right?
Like a moth to a flame my friend! ;o))
Unfortunate that the 'jet packs' technology didn't pan out like Fox predicted:
The balanced budget amendment again? Well we only have two more years until the GOTP sends Sen. Hatch to the showers apparently he's to liberal for them. Must have been all of those dinners with Ted Kennedy.
Any truth to the rumor about Obama appointing some Amish folks to work with economic guru and GE CEO Jeffrey Immelt's Economic Advisory Panel? They'll get this economy on track. Now might be a good time to invest in some buggy-whip technology.
Or, maybe we should build some pyramids.
Ron. Ron. Hello Ron, you out there little buddy? It's your turn. Look bro I get it, you don't want to play. I'm cool with that, so how about you lay off the 'fake degree" smack. Let's face it amigo, this here is anonymous blog. It's about the amusement factor, and for me the typing, cause I'm getting a little better at it.
And Fiesty - rocking a media matters citation. Awesome.
Who mentioned Fox?
Oh. Right. You did.
As to trains- well, they are useful in certain areas, when they are deemed more efficient than driving or flying. Here in NY metro, there are numerous commuter lines- people have judged them more convenient than driving. ( we measure these things in 'utils' of satisfaction, but it would take far too long to explain it, and I doubt you know the calculus to comprehend it). In cities, light rail gets the same usage- it is far more efficient than driving.
In the suburbs and exurbs? Never going to happen.
It is also patently ridiculous to continue to subsidize rail to places more efficiently accessed by plane. Even those disinclined to fly mostly choose to drive, as they can get where they are going on theirnown schedules.
Making the trains fastermor shinier is not going to address those issues.
It is a complete waste of money. Think we can ever get Mr. All it takes is a trillion dollars and a dream to accept that?
Right back atcha' Spanks!
If the National Review is somehow a 'credible' news source then so is Media Matters! ;0)
Will someone please give NJNB a valium for cryin out loud! The incessant whining is taking it's toll!
Oh you have the BS down - from the sound of you - you graduated valedictorian!
Unlike someone above who claims to have a PHD when from the sound of her didn't pass her G E D!
The CBO is like a calculator. It just computes whatever whomever punches in. All depends on the assumptions they are told to put in, and / or ignore. Most adults understand this.
Punch 07734 into a calculator then hold it upside - it says hello.
Hello Feisty, ....even Flo on the Progressive Insurance commercials isn't this stupid.
Why are you?
"So what you got Mr. Ron?"
Better tell Spankie, Ron. You might be into others' education, but this ol'girl is into others' EVERYTHING.
She'll tell on you, too.
Feisty.
With all due respect, why don't you ever try to debate No Jo on some of her points?
I think some of her points are very good ones. If you disagree, why not support that position?
Oh, Ron: I rarely read Spanky because he is like a mosquito buzzing around. But sometimes you gotta whack those mosquitoes. PLEASE Ron, answer the question about education, cause you see, Spanky has a (teehee) BS~!
It's impossible to debate someone who's a pathological liar!
She's been busted repeatedly by Newsvine members and moderator for telling her tall tales...
I wouldn't believe anything she said, if her tongue was notorized!
And her refusal to acknowledge her 'mistakes' when pointed out to her, make her morally bankrupt!
Contrary to popular belief - NO ONE is perfect and that includes NJNB! As hard as she tries to prove otherwise!
PS: Come on Ron - BRING it - will ya?
Feisty: I am beginning to think that our resident experts on, well, everything under the sun have never traveled out of this country. If they did they would find that a great portion of the world rely on high speed trains for fast transportation at reasonable costs. Wish we would do that here too.
slimsignet,
Feisty doesn't have the game to hang with very many, much less no joe. No joe tries to stay out of Malice in Wonderland's mud ..... that just makes it easier for a red attack.
I don't know. I always liked to come here to read the posts and get some useful information or try to get a different perspective on a subject but, this place is turning into nothing but one big insult fest.
Getting too negative here. I probably won't be coming here much anymore.
Oh well, just be one less person complaining I guess.
Bye.
Check it out NDD - Studley Dudley has rode in on his white horse again to rescue his damsel in distress! lmao
Still a 'newbie' huh Bobby?
Too bad, eh NewDay? Oh well what can you do.
But hey, how are you doing these days? Haven't seen too much of you since whenyou were back on the ledge. You remember January 8th and 9th. You and Fiesty and Bev really had it going then.
I see you are still in school. Study hard and get good grades. You don't want to end up a working for somebody else ("the man"). Drive By will tell you. He tried to be his own man, but alas, no dice. Something about the big bad corporations got him. And yes I do have a BS degree. If you are still in school I highly recomend accounting, you know if getting a job is important to you. Or you could make fun, suit yourself.
Here's hoping for bigger and better things for you. And don't feel too bad for our man Drive By, he is getting paid to post here, what doing it on company time and all.
And yet, those damsels never do stay rescued, they keep digging that hole deeper and deeper...you'd think they would be EXHAUSTED by now!
And our resident mosquito Spanky is back to make a bigger fool out of himself. Me in school? Only to train an elite level collie for competition and therapy work. He learns quickly because he is smart, unlike some of the humans that post on this site.
I told you before NDD - every picnic attracts some mosquitos! lol
I can't figure out why old Spanks believes I regret what I said that weekend!
I stand by my comments! Maybe even more so today when I've learned that Glenn Beck has made comments about 'you have to shoot them in the forehead'!
Coincidence that's precisely what the whack job in AZ did?
Me too Feisty. I think what has passed for discourse from the right wing has passed over to sedition in some circumstances, Beck being the worst offender. How people listen to the malarkey and call themselves American is beyond me. But, poor Spanky. He is another one that just keeps digging that hole. He assumes that he knows who and what we are and he is clueless. His comments to Ron about education and to me about "school" are laughable.
Just like what you said then - its was all Beck's fault.
And I don't think anybody doubts that you believe that. Keep on keeping on Fiesty.
Not who you are NewDay, just what you said. And like Fiesty I have no doubt that depite everything you stand 100% behing those comments.
Nah, it was pretty much addressed to slimsignet, wondering why you never have an actual, intelligent response to no joe's comments. My comment was just a statement of the obvious.
Damsel in distress? Hardly. She cuts through the lib herd everyday without being touched.
On the thread just before this one, wasn't no joe calling out FR on legitimate political news and citing the exact the story above. You guys were making fun of her and they post her story lead next. You guys are pretty funny, so is Karma.
BTW - Good call no joe.
Feisty:
Hush, now! That's just plain rude! You're not supposed to notice that the CBO reports are the "gold standard" when they fit the far-right narrative, but they're "just an opinion" when they don't. Journalists never notice the double standard. Who are we lesser mortals to concern ourselves with contradictions that don't concern the People Who Count?
Spanky, go take a breather, you have made a fool out of yourself on SO much today, that I am starting to feel sorry for you.
All the derision about trains really has me confused. Anyone who has traveled by air recently knows what a hassle that can be--between the screenings and security, delays with weather, lack of direct flights, I would much rather sit on a high speed train than spend a day trying to fly somewhere.
Hey, thanks for the kind words there NewDay.
Seen Ron around?
You HAVE to feel for the Spank, NDD. A Bean-Counter, for crying out loud!
She's right, though. I DO post on company time. Then, when I get paid, I contribute some of it to the DNC. I do it all the time.
I think need to get a degree in bean-counting, though. It looks like THOSE folks have even MORE time to spend behind a keyboard!
Me too Steeler Fan, which is what leads me to believe that these folks have not tried them.
Good for you drive by! I used to like to tell the right wing nuts that called here for donations that I would be giving money in their name to the DNC. For some reason, they hung up on me! Imagine that!
That's former bean counter Drive By. Like I said before that was where we were going to START. Alas, Ron didn't choose to play.
And hey, congrats on the donations. Just think if you earned more you could give even more. And with the upcoming election the poiticians are going to need your money.
Hey Steeler, how'd that train security work out in Madrid? You think the TSA would want a piece of a shiny new high speed rail?
Yeah, about those CBO numbers. They're kind of like polls...when the President's job approval numbers were in the toilet last year, everyone here dismissed them. Then when they bounce back, everyone suddenly embraces them as gospel.
steeler fan - if a top speed of 79 MPH is high speed what are you currently driving? Runs between Iowa city, iowa and chicago or cleveland, ohio and columbus will be economical in what way??
BTW - I do hope the steelers teach green bay a thing or two.
"Unfortunately, it is likely that a return to normal economic conditions will take years,"
Or longer, given Obama's propensity to spend, spend, spenfd.
Here's an idea for having the CBO come up with a 'rosey' projection on the Deficit;
Just have the CBO 'assume' that there will be $750 Billion in cost savings from Medicare. It worked fine for the Democrats to get HCR passed.
JoAnnaSmith1 " Any truth to the rumor about Obama appointing some Amish folks to work with economic guru and GE CEO Jeffrey Immelt's Economic Advisory Panel?"
The Amish will set the standard for us on "green energy" and "sustainable living".
Choose one:
- Immediate cuts and return to recession (resulting in less revenue and more deficits)
0r
- Cut gradually and increasingly as the economy strengthens until we return to balance
Afterall we had balance (even surpluses) just a decade ago under Clinton.
Simple and to the point, J. Richter, you nailed it. It is beyond me why some are unable to understand that cutting too much spending means lost jobs and higher deficits; it means more money for unemployment, less money for discretionary spending. We need a plan for the future but draconian cuts will increase the pain and prolong the recession and actually make it worse.
J. Richter,
“Immediate cuts and return to recession (resulting in less revenue and more deficits)”
This is what was done in the 1930’s sending our recovering nation back into recession.
“Cut gradually and increasingly as the economy strengthens until we return to balance.”
This is what Reagan did in the 1980’s plus huge additional spending on a little thing called Star Wars.
No, no, no. You guys just don't get it we need to wreck the economy so we can prove our GOTP point. The President must fail! So we can get in someone serious like Newt "I just crawled out from under a rock" Gingrich the man who wants to abolish the EPA as our Nations leader.
Now that's leadership we can follow! Let's do the time warp again! Thanks, but no thanks.
Think there will be any pain when interest rates hit 13-15% See Jody I'm guessing you were either too young, or not invested in CD's at the time, but back in the early 1980's interest rates were sky. It was great if you had a bunch of money in CDs, sitting back getting 13%. It was not so great if you need a mortgage or had any debt.
Now we got us some large debt. And hey, bonus for us last year it was a mere $1.5 Trillion. So Jody would you like to calculate the debt service on JUST that $1.5 Trillion? How about $14 Trillion? First do the calculation at say 2%, then with 15% Come on girl, give it a whirl. Eye opening, no?
Oh yeah, and you know who sucks at planning for the future? The people who go BK.
devie
if Newt just crawled out from under a rock, it must have been to give Obama permission to use the name of his book "Winning the Future" as Obama's new slogan, "win the future". Newt must not so bad after all if Obama wants to use his material"
Spanky:
And when, exactly is that going to happen, Oh Great Prognisticator? Or is your crystal ball a little foggy when it comes to dates. The current rates now are just above absolute zero, and some economists believe it's going to be a long time before they are a problem. Of course, they're just economists with Nobel Prizes and stuff, so what do they know compared to what you can reveal with your psychic powers?
I'll gues in 3-5 years at the outside. And Really Houston? How many of your so called experts predicted the last crash? Or did we all just miss their warnings? Of course Al Gore has a "prize" so there is that I suppose.
Start banking your money. Earning money through working is great and all, but nothing beats interest income in my book.
Spanky:
And how, exactly, did you figure the interest rate would go from almost zero to 13% in 3 to 5 years? The crystal ball, again?
Paul Krugman, Dec. 1, 2006:
http://select.nytimes.com/2006/12/01/opinion/01krugman.html?_r=2&oref=slogin
He was right. And 2008 turned out to be even tougher as Bush's corporate chickens came home to roost. He had also been warning for years that the housing bubble was going to burst, but he eas unsure exactly when. Economic predictions are an inexact science like weather forecasting, but I'd trust an expert in either field before I'd believe "Spanky" whose claim to expertise is having a web browser and an internet connection.
A balanced budget amendment didn't work in TX, one of the world's largest economies, and it surely won't work on a national level.
Even under the best guidance, another financial letdown, recession, war, etc. will blow the budget out of balance, and only draconian counter-measures could be used to offset it.
Good point, Grand Moff Joseph.
Why is it that Wall Street, the banks, and the wealthiest 2% in this country who are in better shape than ever, setting on trillions in cash, are not asked to contribute to the deficit reduction efforts? Instead all I hear are plans that require the less fortunate among us to take yet another hair-cut, folks you can continue to ignore the obvious but something is very wrong with this picture and it has became utterly ridiculous that our government intends to rape it's average citizens once again and at the same time ask nothing of the well to do.
Can you be more specific on who exactly is sitting on all this cash? Most people/companies invest (real investments, not the phony ones the government makes) their money and expect a reasonable return for the risk they assume.
Or are the Kings (of industy) sitting in their counting houses, counting out their money?
From what I hear on all the 'liberal' talk radio programs, a hell of a lot of companies are sitting on thier cash, because they are 'uncertain' about taxes. After 10 years, yet!
...oh, and I can't be 'more specific' on who the companies are- none of the talkers would share that info.
The last time the majority of this country's wealth was concentrated in a small percentage of the population, the Great Depression was the result. Beginning with Reagan and pushed to extreme by Bush 43, the majority of wealth again became concentrated in a small percentage of the population, the Great Recession was the result and we're still recovering from it.
No one is against the rich but the problem is that those who extoll the benefits do so for one reason: poliltical power. Those who defend the concentration of wealth in a small percentage of the population are those who are also paying the price of that concentration. Paying an addition 4% in taxes is hardly punishment of the wealthy. When those 2% wealthiest actually pay their taxes, they pay a lower rate than do the rest of us because they have far more deductions, far more money invested in tax shelters and exempt investment areas, much of their income is capital gains which is 15% rate. It is beyond me how or why people keep falling for the junk food fed to us daily as good nutrition and healthy for us.
So Jody what say you go back to school and get a better education? Or how about you work harder and thereby accumulate some of that wealth? How many hours did you work last month?
Maybe you and Drive By could get together and form a company. I'd love it if you two would get it together and get "rich." That way you could pay more taxes. It's really, really fun.
Say there Jody why do you seek to minimize your own taxes? Given your position it seems you should pay as much as you can. Yet you take exemptions and deduction that are available to you. Why?
I knew a bean counter once at work. The guy turned out to be gayer than a tree full of chickadees.
Hey, Spankie- you ever count beans for an insurance comapny in Iowa?
Aww Drive. So do you find that everyone gets a jobs, and remains in the field of their college major?
Chalk it up to you limited education I supposed. But otherwise it was an excellent attempt at a "got ya." Too bad it was so far off the mark. But if it make you feel better I do employ an accountant, and my tax attorney was also an accounting major.
Conveniently, GOPer John Cornyn did not mention that it was republicans in the Senate who voted NO last year.
Balanced budgets work well during good times but no flexibility for deficit spending during recessions makes the bad times worse. Most states require balanced budgets. When times are bad, it is necessary for the federal government to pump money to the states to avoid draconian cuts. The U.S. problem now is the result of excessive deficit spending, excessive reduction of revenues during the Bush years when the economy was doing pretty well. When everything collapsed in 2008, the Government needed the ability to deficit spend and deficit spend big, but the options were limited because of the huge debt created by Bush and his GOP pals. The Feds had kept interest rates artificially low for far too long; when lowering the rates would have helped, there wasn't much further to zero to go.
It was a disaster waiting to happen and when it did, it brought about the worse recession since the Great Depression. Reagan and Bush 41 left a financial disaster, then Bush left an even greater mess--how many times will republican presidents and legislators keep doing the same, stupid voo-doo, trickle-down economics before they finally learn the lesson that it didn't work either time. But they're still pushing the same failed ideas.
A good book talks about this very subject, it is titled "The Return of Depression Economics". Very enlightening.
Well here you go "grim weeper"...we are over budget....hmmm.....end the wars yesterday ...close the pentagon....get rid of 750 of the 800 bases world wide ...... Oh yeah drop your salaries to 38K and no benefits....just like the rest of us ! thats a good start ...and you can do all of this before the end of the month .......lets see how serious you actually are ......AMERICA IS WATCHING !!!
You know the great thing about being a conservative?
I actually work for a living so I can afford to drive my SUV that gets 17 miles to the gallon....sometimes I just drive because I can......
I also don't listen to the "First Lady" who is trying to order her little minions to give up their home heaters as a way to fix global warming..... I just turn the heater up a little and occasionally leave the door open..... take that polar bears!!!!
Then I go outside and smoke my cigarette (coz I wont do that in my own house around the kids) get back in my big SUV go to McDonalds and order a meal that has about 1000 calories (plus the coke) then sit back and watch tv....
Know why I can do that?> Because its MY life and its up to ME what I do.....
If I feel like going to the gym I do.... if not...oh well....
I have decided that Im going to stop listening to anything that comes out of the mouth of the LIAR in chief and his overbearing wanting to be in my business wife.... The same "parents" that A. said they would never want their kids to have to deal with the problem of being pregnant and B. told the american people that one of their daughters is fat....
But hey,.....Lefty libs go right ahead and get in line behind the (maybe) legal president (since he just cant happen to find that pesky birth certificate -- even though I was able to order mine online and have it mailed to North Dakota) as he leads his band of idiots off the cliff.... more room for us!
Say, Larry, doesn't that much vaunted Christianity of yours have something to say about lying? Or do you pick and choose what you want to follow, much like you pick and choose what is actually true about the First Family?
NDD, Larry is acting like an idiot and NAWO.
Don't feed the trolls, you're better than that.
So newday...according to you and the intellectual liberals, you must be a bible thumping Jesus freak to be a conservative? I guess you can't just have a sense of morality, huh? No, you have to be one of those snake handling religious zealots. LOL! I don't think Larry said anything about Christianity in his post. Maybe I am wrong. My eyesight isn't what it used to be. Got any weed for my glaucoma? Oh, wait not all liberals are potheads, right?
funny how the report comes out day after, is it not.like the dude didn't have these facts already.These big brains need to work on the present,not dwell in the past and make promises for a very scary future.our homes are being taken now,so in the future i wont have one.our jobs are going elsewhere now,so there wont be any here in the future.the only thing our goverment is doing now is filling there pockets and hopeing to distract us with talk of a brighter future and putting the blame on the last crook.
i live in utah,so trust me when i tell ya this hatch guy got elected because of where he goes to church not because he has a brain.I sure hope they don't tell him any secrets.........
Hello America, well lets look at what Sarah Palin said, """ because she believes that Sputnik brought down communism. She said, "Yeah, they won, but they also incurred so much debt at the time, that it resulted in the inevitable collapse of the Soviet Union." Yep, Sarah confused the space race with the arms race."""""""""""""" well in reality the space race and the Arms race are one and the same thing, wether or not Dwight D. Eisenhower was actually trying to explore space, or explore spy sattelites is a rather mute point, as to wether or not the cost of Sputnick brought down the Soviet Union is a matter of conjecture, certainly it takes money to do Science, and the bigger and the better the science the more it costs, infact a nation could possibly get so involved in Rockteering that they forget to plant spuds, and a Socialist Economy leaves little room for Free Enterprise growth such as what has happened in Greece, so yes in a round about way you could say that the Sputnick Race along with all those Nuclear War Heads was what caused the collapse of the Soviet union, it certainly is a valid argument, just as much to say that Obamas approach to taking 70 Billion Dollars from the Defense budget will not result in more unemployed American Engineers and Scientists, which once lost are not easily recovered , look at how much Job fear Obama instilled in the Science Community, with his State Of The Union Adress, sincerely Fezzy Bear