RUSSIA/РОССИЯ THREAD—ASSANGE CHRGD W/ SPYING—DJT IMPEACHED TWICE-US TREASURY SANCTS KILIMNIK AS RUSSIAN AGNT

R

re'up

Veteran
Joined
May 26, 2012
Messages
20,282
Reputation
6,121
Daps
63,695
Reppin
San Diego
Watching Client 9 The Fall of Elliot Spitzer the other night, and Roger Stone played some role in all that too, I don't think he orchestrated the investigation, but he went to work for Joe Bruno, a Republican state senate leader who was opposed to Spitzer, who ended up being indicted the next year for corruption.

And allegedly had contact with an escort, who was sleeping with Spitzer.


Stone is basically a black ops bag man for politicians.
 
☑

☑︎#VoteDemocrat

The Original
WOAT
Supporter
Hall of Shame
Joined
Dec 9, 2012
Messages
307,504
Reputation
-34,327
Daps
618,080
Reppin
The Deep State
:laff:




Congressional Budget Office’s Long-Term Deficit Forecast Dwarfs White House Estimate
Congressional Budget Office’s Long-Term Deficit Forecast Dwarfs White House Estimate
Trump administration’s policies are projected to generate lower revenues over the next decade after tax cut signed in December
Harriet TorryUpdated May 24, 2018 6:05 p.m. ET
The Congressional Budget Office forecast that the tax cut President Donald Trump signed into law in December, along with differing economic forecasts, would lead to lower revenues relative to the office’s baseline over the next decade. Photo: Mike Theiler/Bloomberg News

By
Harriet Torry
WASHINGTON—The Congressional Budget Office estimates the government will take in $1.9 trillion less in revenue and spend $300 billion more over the next decade than the White House estimated under its latest budget proposal if the plan were enacted.

President Donald Trump in February proposed a $4.4 trillion budget that would boost federal spending for the military and border security, cut many domestic programs and projected deficits through the next decade. The proposal depends heavily on cuts to government safety-net programs and expectations of a big gain in economic growth.

Deficits would total $9.5 trillion over the coming decade, or $2.3 trillion more than the White House estimates, CBO said Thursday in an analysis of the President’s Budget.

According to CBO, Congress’s nonpartisan scorekeeper, the budget proposal will result in deficits in fiscal 2019 and 2020 that are slightly narrower than White House predictions, but deficits in 2027 and 2028 that are more than twice the White House’s estimates.

The main reason for the discrepancy between CBO’s and the White House’s analysis is a mismatch between their expectations of how the economy will perform.

“In particular, CBO projects wages and salaries after 2021 that are between 1% and 9% lower than the administration estimates,” the report said, adding that as a result, CBO’s estimates for revenues from individual income and payroll taxes are $1.2 trillion lower from 2019 to 2028 compared with the Trump administration.

Taken together, the CBO’s revenue estimates, based off the budget for the next decade, are 4% lower than the administration’s, and its spending projections are 1% higher. CBO’s estimate of net interest spending from fiscal 2019 to 2028 exceeds the administration’s by $417 billion, which it attributed to the higher cost of financing the cumulative deficits and higher projected interest rates.

According to the CBO’s estimate of the President’s Budget, the federal deficit would narrow from 3.9% of gross domestic product in the 2018 fiscal year to 3.6% of GDP in 2028. That would take the debt held by the public from 78% of GDP in the current fiscal year to 86% of GDP in 2028.

“The President’s Budget, including his pro-growth policies and deregulation efforts that the CBO doesn’t account for, will help boost the economy, create American jobs and generate the long-term growth necessary to help put our fiscal house back in order,” a senior OMB official said in an emailed statement.

Michael Peterson, president of the Peter G. Peterson Foundation, a nonpartisan group that advocates deficit reduction, said the CBO’s analysis find that “the president’s proposals would make no significant improvement to our fiscal situation and rely heavily on unlikely spending cuts.”

”Under the president’s priorities, interest would remain the fastest-growing budget category, and our national debt would continue its upward trajectory,” he added.

Congress in December enacted corporate and individual tax cuts and in February approved a two-year budget deal, followed by a spending bill that boosted government outlays this year on both domestic and military programs.

The CBO’s analysis didn’t incorporate the macroeconomic effects of the president’s proposals “because of the analytical challenges created by the recent enactment of major legislation and the limited time available since then,” it said.

Mr. Trump’s latest budget assumes the economy can grow at a much stronger pace than independent forecasters expect. It projects the economy will grow about 3% annually over the coming decade, with output growth rising 3.2% next year before declining to 3% in 2021 and 2.8% by 2026—implying more federal revenue and less spending on safety-net programs like unemployment insurance.

Last month, the CBO predicted economic output—assuming no changes in current law—would expand 3.3% in the fourth quarter of 2018 from a year earlier. Annual growth, it estimated, would slow in subsequent years: 2.4% in 2019; 1.8% in 2020; 1.5% in 2021 and 2022; and 1.7% in 2023 through 2028.

Federal Reserve officials estimate the economy will grow about 2.7% this year, 2.4% in 2019 and 1.8% over the long run.

Corrections & Amplifications
The U.S. government’s fiscal year begins Oct. 1. An earlier version of this article incorrectly stated the year begins Sept. 30. (May 24, 2018)

Write to Harriet Torry at harriet.torry@wsj.com
 
You must log in or register to reply here.
Top