White House Blames CBO Report on Republicans
Earlier today the CBO released this:
In its most dire warning yet about the fiscal cliff yet, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the Bush-era tax rates expire and automatic spending cuts are implemented. Unemployment also would rise from 8.2 percent in 2012 to 9.1 percent next year, it estimates.
The Washington Times reports:
President Obama and Congress are flirting with both a recession and a bigger jump in unemployment next year unless they head off looming tax increases and spending cuts — but doing so could mean a fifth straight year of trillion-dollar deficits, the government’s chief scorekeeper said Wednesday.
The latest update by the Congressional Budget Office shows the time for hard choices that lawmakers have feared for years is now here: Leaders must choose between economic pain and budget-tightening now, or continuing to bolster the U.S. economy with the risk of a bigger fiscal collapse later.
And the Nobama response to this:
“Today’s Congressional Budget Office report only reinforces the urgent need for House Republicans to follow the Senate’s lead and pass a bill that gives middle class families the confidence that they won’t see their taxes go up at the beginning of next year. 114 million Americans deserve that guarantee.
“But instead of doing the right thing, Republicans in Washington have chosen to double down on the same failed policies that led to the economic crisis in the first place. They’re willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires – tax cuts we can’t afford that would do nothing to strengthen the economy.
Really, I would have been disappointed by anything else. After 3.5 years of being in office, after two years of a filibuster proof Senate where they took no action to address the tax issue, this administration still takes no accountability for the mess they have created, their failure to lead or frankly, their failure to care. Hey Barry, $5.5T in new debt, pending tax increases on business, over regulation and a crippling new entitlement might have something to do with it too. Just sayin’