CBO predicts over 9% unemployment

[j-mac]

WASHINGTON (Reuters) - Massive spending cuts and tax hikes due next year will cause even worse economic damage than previously thought if Washington fails to come up with a solution, Congress' budget office said on Wednesday.

Without Congressional action to avoid a "fiscal cliff," Americans should expect a "significant recession" and the loss of some 2 million jobs, Congressional Budget Office director Doug Elmendorf said in his gloomiest assessment yet.

He said the economy is already being "held back" by the mere anticipation of the cliff and the uncertainty surrounding it. "The sooner that uncertainty is eliminated, the better," said Elmendorf.

The report could intensify the pressure on Congress and the White House to resolve their differences. But the likelihood of a resolution any time soon, particularly before the November election, is seen as slim. Chances could improve after the election for action during the lame-duck session of Congress, but that's unpredictable as well.

Neither Democrats nor Republicans have shown a willingness to back away from fixed positions on either budget cuts or extension of tax cuts originally enacted during the administration of George W. Bush.

The "cliff" refers to the impact of expiring tax cuts and automatic spending reductions set for 2013 as a result of successive failures by Congress to agree on some orderly alternative method of addressing the deficit.
The CBO said failure to avoid the cliff would deliver a shock to the economy that would cause U.S. gross domestic product to shrink 0.5 percent in 2013. Previously, the CBO had forecast full-year GDP growth of 0.5 percent.

http://news.yahoo.com/cbo-predicts-...ssion-financial-2013-141146300--business.html

I heard last night that repubs are pleading with the President and demo's to sit down and get this taken care of, and demo's are shutting them out unless repubs agree to tax hikes...This is inexcusable.

 

[Guns Guns Guns]

I heard last night that repubs are pleading with the President and demo's to sit down and get this taken care of, and demo's are shutting them out unless repubs agree to tax hikes...This is inexcusable.

Weren't the Republicans the ones who threatened to shut down the government unless they got their way?

Well, they got their way, and the cuts are the ones they dictated.


http://en.wikipedia.org/wiki/United_States_Congress_Joint_Select_Committee_on_Deficit_Reduction

http://www.guardian.co.uk/commentis...011/apr/06/government-shutdown-federal-budget

 

[canceled.2021.1]

who cares, it is all going to come crashing down anyway. doesn't matter whether OWEblahblah wins or if Mitt wins. If OWEblahblah wins we head off the cliff sooner. If Mitt wins, we just slow down and I have more time to prepare.

There is nothing improving in this economy. Those who blindly support OWEblahblah given his dismal performance aren't even worth taking seriously anymore. They resort to tired old lines of "It's Bush's fault" and "He inherited a mess" all of it is an effort to protect their affirmative action big eared douchebag.

Just buy beans and bullets

 

[Rune]

I heard last night that repubs are pleading with the President and demo's to sit down and get this taken care of, and demo's are shutting them out unless repubs agree to tax hikes...This is inexcusable.

Is that what Rush said last night?
Maybe you should tell your mentor that without tax increases, the deficit problem will continue forever, regardless of what cuts are made.

On the other hand, if you were to research the validity of Rush's claims, rather than accepting everything he says as fact, you could stop clogging this forum with your misinterpretaions and right wing talking points, and deal with facts instead.

 

[canceled.2021.1]

Is that what Rush said last night?
Maybe you should tell your mentor that without tax increases, the deficit problem will continue forever, regardless of what cuts are made.

On the other hand, if you were to research the validity of Rush's claims, rather than accepting everything he says as fact, you could stop clogging this forum with your misinterpretaions and right wing talking points, and deal with facts instead.

You obviously don't understand basic math or basic economics. The federal gobblement could take every single nickel of wealth from the top 2% and they fund themselves for one year. Notice, I said wealth. That means they have nothing left, which means you can only do it once.

There is no way tax inceases are going to solve this problem.

Let me put it another way that hopefully even stupid liberals can understand. If you have a job paying you $50,000 a year and you spend $60,000 a year, do you demand $10,000 more a year from your boss to cover your spending? Or do you just cut your spending?

The answer is simple, you cut your spending.

 

[Guns Guns Guns]

If you have a job paying you $50,000 a year and you spend $60,000 a year, do you demand $10,000 more a year from your boss to cover your spending?

Yep.

 

[Cancel 2018. 3]

Is that what Rush said last night?
Maybe you should tell your mentor that without tax increases, the deficit problem will continue forever, regardless of what cuts are made.

On the other hand, if you were to research the validity of Rush's claims, rather than accepting everything he says as fact, you could stop clogging this forum with your misinterpretaions and right wing talking points, and deal with facts instead.

it would be nice if you did the same.....but change it to your loony left wing fringe.