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CBO Says Waxman-Markey Is A Deficit Reducer
Important news for the Waxman-Markey cap and trade bill. The Congressional Budget Office--which analyzes the extent to which certain pieces of legislation will add to, or detract from the budget deficit--has determined that the legislation will raise billions in revenue, and that though the revenue will be spent in various ways, it won't add to the deficit.
In fact, it could even be a deficit reducer to the tune of billions of dollars.
The merits of that finding are important. But perhaps more important, for the time being, is that this blunts the ability of the bill's opponents to mischaracterize it as "fiscally irresponsible," etc. Not that they won't try anyhow...but still!
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Josh
Matt
Eric
In Goposaur World, there are only two kinds of domestic policies that are supported by Democrats: those that are "fiscally irresponsible" because they increase the deficit and those that are "fiscally irresponsible" because they're really secret tax increases.
They'll be blasting out their old cap and trade attack faxes as quick as they can cut the words "the deficit" from the end of the word "increase" and insert the word "tax" ahead of it. Politico will be screeching about it in the next hour, I'm guessing.
June 9, 2009 10:47 AM | Reply | Permalink
GOP mouthpiece claiming this policy will raise energy prices by $3,000 any day now...
June 9, 2009 12:09 PM | Reply | Permalink
CBO? What do they know? - the GOP will say. They're only useful when we want to attack Obama's spending.
June 9, 2009 10:54 AM | Reply | Permalink
Mitch McConnell has the real CBO report and it says that Waxman-Markey will increase the deficit by a hundred million percent. Take that.
June 9, 2009 1:27 PM | Reply | Permalink
oh tay!
June 9, 2009 10:05 PM | Reply | Permalink
An inconvenient truth.
June 9, 2009 11:06 AM | Reply | Permalink
Very interesting...
June 9, 2009 11:15 AM | Reply | Permalink
I can see you folks don't understands how this works. The idea is that Obama was to get billions from auctions for permits that would then be paid for by pass throughs to everyone's power bills. You know, like those incomprehensible taxes you pay on your cellphone bill.
As for reducing the deficit, dream on. That money will be spent elsewhere. In fact this deal is designed to be spent on environmental type stuff.
As for the proceeds of this scam, well, not as much as promised. 85% of the permits will be given away for free.
But hey, good intentions are what really counts. Heh.
June 9, 2009 1:20 PM | Reply | Permalink
I could poke holes in pretty much every other sentence in your post, but I'll stick to this one:
It would be nice if your link actually said anything about 85% of carbon permits being given away for free. But actually, your link leads to a Politico article headlined "Barack Obama invokes Jesus more than George W. Bush." And there's no mention in there of carbon credits anywhere. I read the whole article just to make sure.
Fail.
June 9, 2009 2:36 PM | Reply | Permalink
My apologies, try this
http://online.wsj.com/article/SB124304449649349403.html
June 9, 2009 3:37 PM | Reply | Permalink