35 Burst results for "Congressional Budget Office"

US budget deficit hits $2.77 trillion in 2021, 2nd highest

AP News Radio

00:50 sec | 2 d ago

US budget deficit hits $2.77 trillion in 2021, 2nd highest

"The deficit total two point seven seven trillion dollars for twenty twenty one that actually represents an improvement over the twenty twenty fiscal year when it hit the all time high of three point one three trillion both years numbers reflect trillions of dollars in government spending to counteract the devastating impact of the corona virus pandemic the Biden administration says the economic recovery boosted revenues in twenty twenty one the counting for the three hundred and sixty billion dollar decline in the deficit prior to the pandemic the government's biggest deficit had been one point four trillion in two thousand nine when the government spent heavily to lift the country out of recession brought on by the two thousand eight financial crisis the nonpartisan Congressional Budget Office expects the deficit will fall to one point one five trillion in the current budget year which began October first Ben Thomas Washington

Biden Administration Government Congressional Budget Office Ben Thomas Washington
The Way You're Supposed to Budget in Washington

Mark Levin

01:14 min | 2 weeks ago

The Way You're Supposed to Budget in Washington

"The way you're supposed to budget in Washington D.C. is on a ten year budget At ten year forecast by the congressional budget office which is an arm of Congress So of course the radical left marxists don't want to do that The media the surrogates for these people they don't want to do that either And so they can say oh look at this We started it 3.5 trill we're already down to 1.9 or 2.3 or whatever it is And in doing so they will go to the media and they will go to you and say look we've already cut this We've slashed it We wanted 6 trillion and here we've agreed to 1.9 or 2.3 or whatever it is Again if these people were operating in the private sector they'd all wind up in federal prison Because that's not how you treat Customers and consumers and investors And it ought not to be how you treat the American taxpayer But that's how they treat us So they will put in place things like free family leave free community college free child care and so forth and so on and cost them out on a one two or three year basis Rather than a ten year basis

Washington D.C. Congressional Budget Office Congress
More Red Ink: U.S. Budget Deficit Through July Hit $2.54T

AP News Radio

00:59 min | 2 months ago

More Red Ink: U.S. Budget Deficit Through July Hit $2.54T

"The U. S. budget deficit has already hit two point five four trillion dollars for the first ten months of this budget year fueled by spending to support the country after the pandemic induced recession the treasury department figures show the deficit is on track to exceed three trillion dollars the second largest annual shortfall in U. S. history topped only by the most recent fiscal year three point one trillion dollars in the red but the government says the deficits almost ten percent lower than the same period a year ago that reflects improving tax collections and the end of many of the pandemic emergency support programs although the Congressional Budget Office is forecasting this year's deficit will narrow slightly to three trillion dollars that doesn't factor in the two huge spending bills for infrastructure and social programs now advancing in Congress I'm Jackie Quinn

U. Treasury Department Congressional Budget Office Government Congress Jackie Quinn
"congressional budget office" Discussed on Marketplace Morning Report with David Brancaccio

Marketplace Morning Report with David Brancaccio

03:36 min | 2 months ago

"congressional budget office" Discussed on Marketplace Morning Report with David Brancaccio

"Brokers to report crypto currency trading gains to the irs so for example when people make money because they sell bitcoin when the price is up while senators think they'll generate about twenty eight billion dollars in tax revenues. Over ten years by doing this the sticking point has been over how to define cryptocurrency brokers. Some senators say the current definition is too broad and would ensnare software developers among others. There appears to be a compromise compromising place now to narrow the definition of who have to report to the irs but senators haven't worked it out yet. Now you know you mention this. Sweeping infrastructure plan is supposed to have been paid for not open ended borrowing but the congressional budget office has done the numbers and disagrees..

irs congressional budget office
Infrastructure Bill Would Add $256 Billion to Deficit Over 10 Years

Eric Harley and Gary McNamara

00:51 sec | 2 months ago

Infrastructure Bill Would Add $256 Billion to Deficit Over 10 Years

"Slow down the infrastructure bill Lunch. Jack Callahan, Fox News an attempt in the U. S Senate to end debate and moved to a final vote on the infrastructure package failed last night. There's more potential amendments were introduced. Senate Majority Leader Schumer says they'll be back at it at noon Saturday. Meanwhile, a government agency says the bill will add to the federal deficit the Congressional Budget Office finds on net The bipartisan infrastructure agreement would add 256 building. In dollars and projected deficits over the next 10 years. Negotiators have said the $1.2 trillion measure is fully paid for including through economic expansion from new transportation projects. The CBO projects increased revenues of $50 billion in direct spending cuts of $110 billion, but discretionary spending would increase by more than $400 billion. Jared

Jack Callahan Senate Fox News U. Schumer Congressional Budget Office CBO Jared
Budget office: Infrastructure bill adds $256B to deficits

AP News Radio

00:43 sec | 2 months ago

Budget office: Infrastructure bill adds $256B to deficits

"Hi Mike Rossio reporting the Congressional Budget Office delivers its analysis of the bipartisan infrastructure plan the Congressional Budget Office produced its much anticipated analysis of the nearly one trillion dollar bipartisan infrastructure plan Thursday the CBO concluded the legislation would increase deficits by about two hundred fifty six billion dollars over the next decade supporters of the bipartisan plan have said costs are paid for in part through economic growth so far the Senate has processed nearly two dozen amendments to the twenty seven hundred page bill with many lawmakers attending the funeral for former senator Mike Enzi in Wyoming Friday the Senate is bracing for another weekend session Mike Crossey out Washington

Mike Rossio Congressional Budget Office CBO Senate Senator Mike Enzi Wyoming Mike Crossey Washington
Infrastructure Deal: Senate Votes to Start Work on $1T Bill

AP News Radio

00:57 sec | 3 months ago

Infrastructure Deal: Senate Votes to Start Work on $1T Bill

"Hi Mike Rossi are reporting the bipartisan infrastructure package clears its first hurdle in the Senate on the Senate floor Wednesday night Majority Leader Chuck Schumer hailed the vote as the Senate moves to proceed with work on a nearly one trillion dollar bipartisan national infrastructure plan I want to commend the group of senators who worked with president by to reach an agreement on a bipartisan infrastructure bill the bill includes five hundred fifty billion dollars in new spending on public works projects according to a fifty seven page G. O. P. summary obtained by the Associated Press the package would be paid for by tapping some two hundred five billion dollars in unspent covert nineteen relief aid fifty three billion dollars in unemployment insurance aid halted by some states and it relies on economic growth to bring in fifty six billion dollars eventual approval of a final package could rise or fall on the assessment of the Congressional Budget Office as to whether it is fully paid for Mike Rossio Washington

Mike Rossi Senate Chuck Schumer G. O. P. The Associated Press Congressional Budget Office Mike Rossio Washington
Senate Republicans Block Bipartisan Infrastructure Bill

News and Information with Dave Williams and Amy Chodroff

00:56 sec | 3 months ago

Senate Republicans Block Bipartisan Infrastructure Bill

"Stories we are Following, of course, is the Senate Republicans blocking passage of an infrastructure bill yesterday, much to the dismay of Chuck Schumer and the Democrats joining us now with details on why and how it was blocked as foxes. Rachel Sutherland Good morning, Rachel. Hey, Good morning, David. Amy. Yeah, this came down to not having legislative text of this proposal. It's a little over a trillion dollars funding core infrastructure, So it's pretty popular with the American people. But Republicans are saying We don't know what's in it. They'd also like to see a score from the Congressional Budget Office was the government's bean counters. They don't know how it's going to affect the bottom line. The White House is saying, Look, this is just a procedural vote to move to proceed to debate on the proposal. So no big deal in doing that you could work on the legislative text, but Republicans did go ahead and block flat last night. They are expected to then. Come back on Monday and try again.

Rachel Sutherland Chuck Schumer Senate Rachel AMY Congressional Budget Office David White House
Senate G.O.P. Set to Sink Test Vote on Infrastructure Bill

News and Perspective with Tom Hutyler

00:31 sec | 3 months ago

Senate G.O.P. Set to Sink Test Vote on Infrastructure Bill

"Week landing on the Senate floor today with a test vote scheduled on the bipartisan infrastructure plan. Even though the working group is still negotiating the terms of the bill, Senate Minority Leader Mitch McConnell earlier there's no outcome yet. No bipartisan agreement. No text. Nothing for the Congressional budget Office to evaluate And certainly nothing. Which the vote majority leader Chuck Schumer says today's vote just opens debate While negotiations continue.

Senate Mitch Mcconnell Congressional Budget Office Chuck Schumer
US budget deficit hits record $1.05 trillion after 5 months

AP News Radio

00:46 sec | 8 months ago

US budget deficit hits record $1.05 trillion after 5 months

"The US government's budget deficit has had an all time high the treasury department reports the federal deficit hit one point oh five trillion for the first five months of the budget year that's October through February government spending to cope with the corona virus pandemic searched at a pace far above an increase in tax revenue the deficit was sixty eight percent larger than the same period last year it easily surpassed the previous five month high of six hundred and fifty two billion that was set in twenty ten when the government was spending to try to lift the country out of the Great Recession the Congressional Budget Office has projected the deficit for the full budget year will reach two point three trillion but that does not include the one point nine trillion covered relief measure just passed by Congress Ben Thomas Washington

Treasury Department Us Government Congressional Budget Office Government Ben Thomas Washington Congress
How Would Financial Transaction Tax Affect Retirement Plans?

Raleigh's Retirement Coach

04:02 min | 8 months ago

How Would Financial Transaction Tax Affect Retirement Plans?

"Biden Well, he wants to study the idea of a financial transaction tax. Lots of your tax that you'd pay each time you buy or sell a stock Congressman Patrick McHenry. He's among those that believe this would be an absolute disaster for our retirement accounts. The financial transaction tax is intended only had Wealthiest, But when average everyday investors still buy stocks and bonds, they're gonna be hit. There's one study that shows that people have to work an additional 2 to 3 years in order to make up the difference for this financial transaction tax, a transaction tax talk. Talk to me about that. How will that affect our retirement badly? Just I hope they stop studying that and work on some other things. A lot of Democrats have backed his tax and its own stock trading. As a way to raise badly needed revenue and address concerns about the health of financial markets. So House Financial services chairwoman and Maxine Waters said she's quote unquote very interested and quote unquote certainly looking at a financial transaction tax, so they want to put a 0.1% federal tax on stock. On and derivative transactions in there saying, Hey, this could raise $777 billion over the next decade, according to a 2018 estimate by the nonpartisan Congressional Budget Office. But first of all attacks like this would have fierce opposition from Wall Street, and it's unclear whether even the moderate Democrats would support it and opponents warn Hey, this is going to backfire on the retail investors by raising costs and making financial markets less liquid. Because look is going to trickle down and everybody who knows stuff like this and what I means not trickle down. Economics is trickle down. If you want to put something every time somebody buys or sells a stock every time. Well, most people inside a four Oh, one case they're buying and selling stocks that that's that's what's going on. It's not going to just impact the wealthy, and if you're going to start putting taxes like that on there, it's going to be hard for people to accumulate more and save more for retirement. When every time you buy and sell is going to trigger attacks blood, there's some other stuff We already know from attacks perspective that that's coming with a new administration. That's bad enough. We don't need this one. But don't you also think that people who maybe want to try their hand it doing buying and selling some stocks, or maybe I just want to dip my toe in it to see if I'm comfortable with it. Well, now, if I know I'm going to get taxed every time, even if I'm just learning the process, I'm going to step back and say Maybe this isn't for me because this had more of a negative ripple effect than they perceive. I don't even think they're looking at that. I think what they're looking at us, man. We're getting ready to write this check for 1.9 Trillion. We wrote trillions last year how we're going to cover this stuff because right Now there is no plan to figure out a way to pay this money back other than keep printing more, and that's not a plan. It's you know, just kind of hoping for that. I'm not even gonna say Get out. Get out frosted hope for the past. Pray for you know, it just it doesn't make. It really doesn't make dollars and sense. The only benefit to this is He is going to raise revenue for the government to cover all the debt that we have. I mean, that's it's not something that's gonna discriminate between the wealthy and the middle class. It's just not going to do that is going to impact everybody and maybe they don't care. I don't know, but it really doesn't make sense. It's just it's a shortcut just being You know really good at what they're trying to do. And just a little loophole here, we're gonna slide this little tax in and maybe maybe maybe nobody knows where people won't think it's so small that it's not that big of a deal, but it is every time that's a huge deal and how you're going to do that on retirement accounts, Retirement Council tax deferred. So now you're gonna have somebody pay a tax on account that's growing tax deferred. So you're gonna have to pay taxes on money that you are using that Shelter, but it's sheltered from income tax. But it's not going to be sheltered from the quote unquote federal just transaction tax like

Patrick Mchenry Maxine Waters Biden Congressional Budget Office Retirement Council
Senate Ends Hope for Significant Wage Hike

All In with Chris Hayes

03:40 min | 8 months ago

Senate Ends Hope for Significant Wage Hike

"So we got the senate doing their senate thing today. Right to vote a rama. There's all these amendments and there was standoff happening in something that happened there today. A seven democrats and one independent who caucuses with democrats joined with republicans to shoot down raising the federal minimum wage to fifteen dollars an hour as part of the biden cove. Relief package among those democratic. Novo's joe manchin of west virginia. Chris coons of delaware. The moment that really stood out was when arizona democrat. Kirsten cinema walked up to cast her. Vote miss cinema cinema. No out she represents arizona. Maybe that was a homage to the late. John mccain. Who famously did that to that. Repeal vote but that full thumbs down from arizona helped end hopes for a really big wage hike that the congressional budget office says directly affect seventeen million american workers on a bringing maria. Teresa kumar co founding president and ceo voto latino fetchacure former senior adviser senate democratic leader harry reid and current advisor to bernie sanders. Faz let me start with you. I want people to understand this. Vote before we analyze us. This was a vote that was going to fail either way. It was essentially a symbolic message. Vote because it needed sixty votes filibuster -able so going into this. Everyone knows it's not gonna be talking to pass. No republicans are going to vote for it. So it's a free ride. It's a layup you get up there and say yes. We want to fifteen our minimum wage. So it was very very surprising to me. A lot of people to see democrats eight of them in the caucus vote. No what is your explanation. Of course you've got to go back in history. A little bit where. President obama suggested raising the minimum wage to ten ten. It was hillary clinton during the two thousand sixteen campaign who suggested raising it to twelve. It was bernie sanders. Who's been pushing along with you to raise the wage to fifteen dollars an hour. And as a result of that we have gotten a lot of progress in the democratic caucus and not all the way clearly and painful. Chris you take senator cinema arizona's got a twelve dollar minimum wage. And in fact if you look at raise the wage which gradually raises the minimum wage to fifteen dollars over five years it would be at twelve fifty by year. Three which is where harris zona is so many ways it doesn't really impact arizona and yet you have center for cinema denying many people. Millions of people around the country are arrays of their wages. Maria wha what did you make so. I used to work in congress. A- as a hill staff for a long time ago on preparations and this was fairly unusual. Because what those eight did was say. That they were not going to deliver the biden agenda in the biden administration. Right now is going to figure out how to channel little lbj and demonstrate that there are consequences when there are not voting down for the presence agenda. As you mentioned. chris. This was a layup but i have to say when we when we witnessed this thumbs down by cinema. I think for a lot of folks people felt at at odds because when john mccain did it it was to save healthcare for millions of americans when she when she did today was turned down. This idea that there was going to be some sort of economic closer to economic committee. For millions of americans and fifteen dollars has even fifteen dollars does not keep pace with the with the inflation rate of the nineteen. Seventies the raiders really. I established it was perplexing on many many fronts but this is an opportunity really for joe biden to say. You're going to have to come down to the white house because we're gonna have a talking

Arizona Senate Biden Cove Kirsten Cinema Teresa Kumar Bernie Sanders Chris Coons Joe Manchin Novo John Mccain Congressional Budget Office Harry Reid West Virginia Harris Zona Delaware Maria Wha Maria Biden Administration
CBO expects federal debt to double over next 30 years

AP News Radio

00:56 sec | 8 months ago

CBO expects federal debt to double over next 30 years

"The Congressional Budget Office estimates persistent budget deficits will cause the federal debt to double in size over the next thirty years the government's relied on borrowing at low interest rates to help during a financial crisis but as the economy heals the office is forecasting that interest rates will rise and so will spending and this is excluding president Biden's one point nine trillion dollar cope with relief proposal the CBO predicts publicly held debt would equal one hundred two percent of this year's gross domestic product but fast forward three decades and the accumulated debt would grow to two hundred two percent of GDP on the plus side the budget office foresees higher payroll tax revenues and forecasts that social security has another year to twenty thirty two before it's trust funds are exhausted Jackie Quinn Washington

President Biden Congressional Budget Office CBO Government Jackie Quinn Washington
Dr. Amol Navathe Discusses Medicare Fee for Service Policy Reforms

The Healthcare Policy Podcast

05:36 min | 8 months ago

Dr. Amol Navathe Discusses Medicare Fee for Service Policy Reforms

"Doctrine of author. Let's start with My asking a general question that is a. What medicare later policy conclusions. Do you draw from the pandemic's effects on the medicare Beneficiary population well the the pandemic the public health emergency here with kurna virus. Kobe has obviously had devastating impacts on elderly americans in particular. The data's pretty clear that age is a major risk factor in the and older americans have disproportionately or the burden Alongside the inequities that we see along racial socioeconomic lines as well and so. I think there's a few things that we see here. I think one just from a A basic humanity perspective. Of course we have. A large population are laudable. Folks who Who unfortunately died in and others who are at risk particularly heard a lot about those who live in the nursing homes so the medicare program. I think one has obviously to support vaccination efforts public health efforts as strongly as possible as well as trying to get more support guidance. You know p. p. e. sort of the full nine yards if you will i in particular to nursing homes in this living facilities and other institutions. They're carrying for particularly vulnerable medicare beneficiaries. The other point i'll note. Is that the other impact it's had on. The medicare program is of course financial given the amount of cost associated with the type of care. The pe- that's been required along the way that will be continued to be required over the next year. At least and we've seen for example medicare trust fund or the hospital insurance fund the estimates of its insolvency have accelerated. Now i think the congressional budget office is estimating as soon as twenty twenty four correct. So so i you know we obviously have a lot of people who've been harmed by this and the medicare programs first duty is to try to to help them as best as possible. Get the care that they need to set up. The appropriate health measures the like and the second is. We need to now addressed the financial implications of the kobe public health. Emergency on the program at larch. Okay thank you for that. And we'll get back to the Solvency a questioner issue but before we go into specific program policies Let me ask you. what's your take on. Expanding the medicare program or medicare by and policy as you very well aware. This has been discussed for several decades actually And there was not surprisingly this past congress. A bill introduced to allow seniors And it varies beginning at fifty or older to buy into the medicare program. What's what's your what's your policy perspective on a buy-in it's it's a great question My policy perspective here is the the medicare program on one hand for for current medicare beneficiaries. Obviously has been very successful in general and within it you know we've had a successful medicare advantage program that has also engaged the private insurance industry in the private sector within the medicare program as well so so i think from that perspective Starting from that as a foundation looking forward and saying okay is there a way to expand the medicare program to allow more people to buy in. She will Makes a lot of sense that being said unfortunately with all things healthcare the devil's in the details. And if you look at the concept of public option the concept of being able to buy into medicare one. We know that medicare beneficiaries from an age perspective and an end of life perspective. Berkeley for those who eventually will pass on a bear a or cost if you will expend a lot of dollars and and so if if we think about this at least in some sense as a traditional insurance concept of spreading risk having younger individuals buy into medicare is likely at least to start out to be rather expensive compared to accurately fair insurance product that the goodbye on the commercial market and and so to make that pragmatically feasible would means that we would have to mobilize very substantial subsidies and And so. I think that's where the devil in the details becomes particularly important is that is. Is this the mechanism that we really want to pursue as a society from a legislative perspective from an executive perspective to try to expand insurance or are there other ways to do it kind of like the way the affordable care act had tried to do so i think i think in principle put it this way. I guess i would say my my policy opinion as principal. It sounds like a good idea but to make it feasible and actually to make it affordable such that you get considerable uptake as a way to solve some of the under insurance or uninsured once problem in this country i think actually. It's not as trivial wars as simple as it may seem otherwise.

Medicare Kobe Congressional Budget Office Congress Berkeley
Democrats left scrambling on a $15 minimum wage now that it appears left out of COVID-19 stimulus bill

TIME's Top Stories

03:41 min | 8 months ago

Democrats left scrambling on a $15 minimum wage now that it appears left out of COVID-19 stimulus bill

"But republicans have been arguing that the democrats plan to push the relief package through the senate without republican. Support is little more than a way to force a liberal wishlist on extraneous policy aims and with almost two trillion dollars in the air. It's tough to argue that. This isn't a scattershot approach to big problems that aren't going to be cheap to fix. While the nonpartisan congressional budget office estimates that nine hundred thousand americans would be lifted out of poverty and fourteen million workers would see their paychecks increase. If the minimum wage is increased at also approximates the house plan would cost the us economy. One point four million jobs at present the gop seems unable to derail the broader plan but democrats could inadvertently do it for them if they aren't careful i. It's possible that more conservative. Senate democrats could balk at the package including senator joe manchin. Who has said. He is worried about spending more taxpayer dollars without a specific target. Others like senator. Kirsten cinema have said they are uncomfortable about triggering. A rules change as pushed by. Oh cossio cortes. And neither she nor mentioned are championing a fifteen dollars per hour wage so even at a fifty vote threshold. Democrats may still lack support if they nuked the filibuster to try to push the package through with a minimum wage hike. Then there's the risk from the left if the likes of ocasio cortez and kana dig in. They could end up. Hobbling the relief package if not spiking it. When lawmakers in the past have deployed this bare majority trick. The house would pass the first draft of this legislation and send it to the senate the senate then should work with the house tinker with its linkage and send it back to the house and then the house in an ideal world should accept the changes negotiated by its leadership but as the parliamentarian ruled. You can use this process. Only on specific fiscal moves and a minimum wage isn't one of them. The process was designed to iron out kinks and nettlesome budgets. Not necessarily major social programs democrats. No they have public opinion on their side for the add on wage boost and the underlying two trillion dollar bill. It's going to be very tempting for progressives not to at least flirt with trying to get the two married again it's sexy for the lefties and doesn't alienate most moderates plus. It might actually do good for the poorest workers in the economy. Those disproportionately hit by the pandemic's fallout the margins. Though are razor. Thin democrats can afford just four defections in the house and to already voted against this bill in its first at bat if progressives are thwarted instead of taking a win on passing a relief bill without the minimum wage increase they may be tempted to eliminate the filibuster for good to try to pass both together. If the rules requiring sixty votes for almost everything keep anything from happening. Why not blow them up entirely. Well it's possible but views on that are about split as the senate itself which means democrats could go from chasing popular ideas like boosting the minimum wage and getting cash to americans to a partisan process brawl. That has at best coin. Toss backing so. This comes down to a central question inherent to so much in washington will the ideal be the downfall of the possible. Or will someone have a mean. Girls moment and have the outburst. So many think

Senate Senator Joe Manchin Kirsten Cinema Cossio Ocasio Cortez Congressional Budget Office Kana GOP House United States Washington
Chicago-area worker fighting for minimum wage raise for all

Chicago Tonight

03:30 min | 8 months ago

Chicago-area worker fighting for minimum wage raise for all

"Negotiations on the latest code nineteen relief bill are underway in congress but a key democratic priority is in question president. Joe biden had initially pushed for proposal in the bill that would raise the federal minimum wage to fifteen dollars by the year. Twenty twenty-five no matter what happens at the federal level chicago goes to fifteen dollars this summer while illinois is on a path to fifteen dollars by the year twenty twenty-five earlier this week. Parachutes had a conversation with rob car president of the illinois retail merchants association and adriana alvarez mcdonald's employees and a leader in the chicago chapter of for fifteen. He began by asking alvarez. What's important to her to continue pushing at the national level. Despite illinois's hike being done deal you know. I do believe that this is Everyone's fight I'm not the only one struggling here in illinois you know There's a bunch of people out there struggling So i believe that the federal the federal minimum wage should go up to livable wage of fifteen dollars. An hour rob car. You represent businesses illinois. What are you hearing from your members about the most recent hike in illinois and in chicago again expected to go to fifteen dollars this summer struggling great word for it. There's a lot of employers for struggling as well which is why we historic on them. State as a result of the pandemic. It's going to impose. I think for us for for washington. Elways cautionary tale in that. You don't want to do this and you want to think twice about doing all certain epic because it makes components I what about that. The nonpartisan congressional budget office put out a study this month saying that raising the minimum wage to fifteen dollars an hour. It would live nearly a million people out of poverty but it could also lead to the loss of one point four million jobs. Could it actually hurt workers instead of help in my opinion i don't think so The more money. I have in my pocket. I'll be able to go to these small mom and pop shops that i have by my house. I don't have to make the trip to you know those big corporations that Have the deals So i'm not going to be saving any kind of money. I'm going to be spending it right back into the economy rob car if you look at the minimum wage adjusted for inflation over. The last several decades really hasn't gone up at all in fact it's gone down. Should the minimum wage at least keep up with inflation. Well i think the calculation depends on where you start. Become finished from sixty eight has been chosen by the advocates rather randomly choose from other years so different story. But no you don't wanna have wage on automatic increments. Sales are not automatic increase for example. When i when you talk about the retail sector. I represent It's been horrible policy. The state of illinois to continuous minimum wage increases in the midst of this pandemic when she would have something automatic on like that so that would be a terrible approach. What about that Again Rob is saying there shouldn't be automatic raises but if you look at the minimum wage adjusted for inflation It really hasn't moved at all. And then we're talking about fifty years since. Yeah it's it's been you know. The federal minimum wage has been stuck since two thousand nine. And i mean everything else has gone up We have to work two three jobs just to you know by essential stuff and i honestly don't think that that's that's right And seventy five is not enough

Illinois Illinois Retail Merchants Asso Adriana Alvarez Chicago ROB Joe Biden Alvarez Mcdonald Congress Congressional Budget Office Washington
Who Wins Or Loses If There's An Increase In The Federal Minimum Wage?

NPR's Business Story of the Day

04:12 min | 8 months ago

Who Wins Or Loses If There's An Increase In The Federal Minimum Wage?

"The covid relief bill moving through congress includes a higher minimum wage for someone like lisa harris. Who works grocery store outside richmond. Virginia that make a big difference able to afford the things that i need to get by day to day without having to ask one ability to feel that i am a contributing member to byatti. I mean they say thank you and that were essential. That were heroes. But we can't feed our families off of being heroes scaling up from seven. Twenty five an hour to fifteen dollars. An hour is still running into resistance though and testing democratic unity in congress. David wessel is following. The debate is of the hutchins center at the brookings institution. David good morning. Good morning steve. So there's always case made against raising the minimum wage. We're told that if you raise the minimum wage employers are just going to hire fewer people. What's the evidence here. Well textbook economic says if you raise the price of something there's going to be less demand for it. In this case less demand from employers for low wage essential workers now the question is how many winners and how many losers one influential estimate comes from the congressional budget office. They estimate that by twenty twenty five which is when the wages supposed to get to fifteen dollars. It would mean twenty. Seven million people would be getting a raise. Nine hundred thousand fewer people would be in poverty but one point four million fewer people would be working or not having got hired on the other hand economist. Aaron debate at the university of massachusetts at amherst has been looking at what happens when states raise minimum wages and he argues that the latest evidence suggests that. Cbo is overestimating the ill effects of raising the wage. A fifteen bucks okay. So a lot of people benefit. Some people may be hurt. But there's an argument over how many people are actually hurt. That's the point of view of the employees. What about the employer. business owners objected. Here well it would raise their payroll costs for sure now. Some employers would may discover that they have better workers or less turnover so it might not hurt them that much some would suck it up in the form of lower profits somewhat. Pass it onto their consumers in the form of higher prices and some would get by with fewer workers are cut the hours of their workers they would clearly be very painful for some businesses and particularly for some businesses like those in the fast food industry that already been hit hard by the covid pandemic but really interesting new academic paper that looked at ten thousand mcdonald's outlets many of them in states or cities that have raised. The minimum wage found that nearly all of them raise prices to cover the extra costs and interestingly it found that despite higher labor costs they didn't more of them didn't install high-tech touch screen ordering that potentially saves labor which suggests that consumers would pay but workers would benefit as well. David you've referred a couple of times here to the fact that some states have already raised the minimum wage. Well above what the federal minimum is. When you look at this debate does it. Matter what part of the country we're looking at it matters a lot. Twenty nine states and the district of columbia have set their minimum wages above the federal seven. Twenty five and hour minimum and so have several cities raising the minimum wage to fifteen dollars. An hour across the country would have a huge impact on some states in the south that are paying seven two thousand five hundred minimum wage or state like west virginia where the minimum wage is now. Eight dollars and seventy five cents an hour. That's of course politically important. Because democrat senator joe manchin has indicated. He's against a fifteen hour wage and his opposition could be fatal to the proposal but a fifteen dollars. Minimum wage would have much less impact in states. Like california where it's already set to go to fifteen dollars. It's thirteen dollars now. And in florida voters in november approved a referendum that takes their minimum wage to fifteen bucks over the next few years no matter what congress does anything special about going up to exactly fifteen an hour. Not really it's politically important. The fact is that the minimum wage has been stuck at seven twenty five since two thousand nine. It would be close to nine dollars. An hour fifty kept up with inflation since

Lisa Harris David Wessel Hutchins Center Congress Brookings Institution Congressional Budget Office Richmond University Of Massachusetts David CBO Virginia Amherst Steve Aaron Mcdonald Senator Joe Manchin
Joe Biden wants a $15 minimum wage

Mark and Melynda

00:24 sec | 8 months ago

Joe Biden wants a $15 minimum wage

"Are pushing to include a minimum wage hike. A 15 bucks an hour is part of the president's $1.9 Trillion American Rescue Plan, or Republican Congressman David Customs says increasing the minimum wage would hurt the job market and points to a recent study from the Congressional Budget Office. It estimated in a minimal if we had a mandatory $15 minimum wage nationwide, we would lose at least 1.4. Million jobs, The

David Customs Congressional Budget Office
Why Biden's economic team would rather go too big on COVID-19 relief

Marketplace with Kai Ryssdal

05:29 min | 9 months ago

Why Biden's economic team would rather go too big on COVID-19 relief

"What is going to happen in this economy. Prison biden treasury secretary yelling and a couple of big name. Ceo's including j p morgan's jimmy diamond and sonia singapore from gap had confab in the oval office. Today the president's economic relief plan of course was the topic at hand. Barabra morty is the deputy director of the national economic council at the white house. Welcome to the program. Thanks for having me. Let's start with the news of the day shall we. The meeting in the oval office today between president biden. Insects are yelling and some big business. Ceo's the head of the chamber of commerce was there jamie diamond from j. p. morgan chase. What is the president trying to do getting big business lined up behind him and this relief plant. Well i think that he is looking for their support for the bill and for their knowledge that we need to go big in this moment. I think what the president is hearing from. His top economic advisers is that We are at a precarious moment. Just last week. The jobs report came out and showed that job. Growth is really stalling in america. Even though we're about ten million jobs short of where we were pre pandemic and so. I'm secretary yellen down to his other economic advisers. There is a uniform belief that we need to go. We need to fundamentally alter the trajectory of the recovery and we need to make sure that we're putting money behind putting a vaccine people's arms because the fastest way to get the economy. Moving again is to make sure that we be cooked. Totally agree with the vaccine being this economy right now. I cannot and will not argue with that. But i do want to ask you about this idea of going big as you know. There are some consternation by some that may be one point. Nine trillion dollars is too much that it is in fact more than the economy needs given where for example. The congressional budget office says. We're going to be this summer Where'd you get one point nine trillion dollars and is that too much. I know we don't believe it's too much. And so i wanna talk a little bit about the process by which the president and his team put this package together. I would describe it as a bottom up process so for example there are nearly seven million americans who are behind on their rent an at risk of addiction. We need to provide rental assistance. Those people in the package provides the match rental assistance needed to make sure we keep them in their homes from secretary yell and two other top economic advisors. You is your an asymmetric risks situation. And by that. I mean the risks of going to small with this package far outweigh the risks of going too big so we add that all up. I think the president is very comfortable with the size of the american rescue plan. And i think the american people agree with him. Because there's something like seventy percents support for the package. Let's talk about the the flip side of of going through small which is the concern. The president has one of the concerns about going to big is that there may be some inflation coming in this economy with so much money coming in so soon with the pent up demand. That is sure to happen. Once people can go out and spend and travel and and enjoy life again Are you not worried about that. Well a group monitoring all sorts of different risks to economy and secretary yellen and and others have made clear that they are carefully monitoring the risks of inflation issue. Is that if you do too. Little means that people are going to go hungry. It means that people are going to be booted out of their homes in the middle of pandemic and those are just not acceptable outcomes to the president and look. We are far below the feds inflation target and have been for a very very long time and not to get too wonky owner. I think that the chair powell and others have said the goal is actually to increase in play shen to get closer to that two percent target that they have were. We're a long ways off. I i wonder how Given the the makeup of of the president's economic team many of whom were around in two thousand eight and two thousand nine how scarred people are by the prospect of going to small with a relief. Bill well i can't speak for others and i was not personally there in two thousand and eight thousand nine but i do think that there is a an assessment of the latest and best economic evidence. You look at a where interest rates have been how they have been low extended period of time and you weigh You costs and the risks of adding to the deficit. And i think it very clearly comes out in favour of going big me pick up on something you just said because it struck me when the president said something similar a number of weeks ago that He is he is taking a page from the republicans. Playbook saying look we have to borrow. We have to do deficit spending. It doesn't matter how we pay for it. And i i. Maybe you don't know this. Maybe weren't in those conversations but how did he come around to. You know what we're going to borrow the money the heck with it again. He and his team have been Deep into the economic evidence. And i think over the last five or ten years yet. Economic evidence in support of more robust deficit financing particularly for a temporary emergency measures such as. This one is pretty airtight. The president has been clear that when it comes to permanent changes in policy in other words policy that involves spending each and every year for the foreseeable future that he does think that that should be offset with new tax increases on the wealthy and on big corporations so again i think that is a view that is backed up by the best economic evans

Secretary Yellen Oval Office J P Morgan Jimmy Diamond Sonia Singapore Barabra Morty President Biden Jamie Diamond Morgan Chase National Economic Council Biden Treasury Chamber Of Commerce Congressional Budget Office White House America Shen
"congressional budget office" Discussed on WTVN

WTVN

02:08 min | 9 months ago

"congressional budget office" Discussed on WTVN

"Was alarming from the nonpartisan Congressional Budget Office. And they say that raising the minimum wage $15 an hour. Well, I mean, some of this is probably gonna be a no brainer to you, but it would significantly reduce poverty. Okay. I can see that. My biggest worry was how many people would be without a job because of the $15 an hour And it would increase earnings for millions of low wage workers, but yet then add to the federal deficit cutting overall employment, according to the new study, the report. Sure, tol you know being a heated debate already over whether to include raising the federal minimum wage, but White House. His proposal would be raising that minimum wage from the current 7 25 to $15 with those increases approximately a dollar 50 every year. Five years. On one hand, the CBO estimated that raising that minimum wage $15 an hour by 2025 would cost 1.4 million jobs. And increase the deficit by 54 billion over 10 years, which is there's something I'd like to hear more of right now is when when this pandemic is done. I really hope we can focus a little more or a lot more. How we pay this debt down. Was really weak. We can't afford the 1.9 trillion and I do believe that there are people that need help. There's no doubt about it yesterday, the White House press secretary, Jen Psaki, Having this to say when she was asked the question, and I'm sure by now you've heard about the Keystone pipeline completely dead thousands without jobs. But from John Kerry. Who is the czar for? You know the energy sector and where we're going to the future. She was asked this question in regards to well. How about those green jobs? Maybe these people that are out of jobs now from Keystone, we're told. Oh, yeah, You can go get a green job. So, says Carrie. Well, this is what sake had this to say. Yesterday. It Laborers International Union of North America, said the Keystone.

Congressional Budget Office Keystone Jen Psaki White House Laborers International Union o John Kerry Carrie press secretary
"congressional budget office" Discussed on 860AM The Answer

860AM The Answer

02:53 min | 9 months ago

"congressional budget office" Discussed on 860AM The Answer

"K. If taxes continued to go up like the General Accountability Office and the Congressional Budget Office estimate, just with all this spending, look at what's been happening here during this whole pandemic. The government has been shelling out twice, three times what they bring in revenue. Where's the money gonna come from? You know somebody's people to stick their head in the sand. I guess they'll this print it. You know what that does to inflation. That's going to cut the the purchasing power of your dollars and half. It's gonna be horrible People are gonna outlive their money. And so they do. See? Okay, Well, there we are. Taxes well, and they just buy into it. I'm just gonna follow the herd off the cliff and keep putting my money in tax deferred. I reason for one case. None of that. Now, If you think taxes in the future will likely be higher and you could see the writing on the wall. I would strongly recommend you get the tax is over and done with sooner than later. That's why during the pandemic, the government for hardships allowed many people with high res and form one case that were under the age of 59 a half to access upto 100,000 bucks without a 10% penalty. And get the tax is over and done with and today's lower rates I would strongly recommend if it's possible that if any of you can still take advantage of that, that you do things like that, But even if if you're under age 59 a half, you could take out some money based upon life expectancy that's called a 72 tea. But if you're over age 59 a half to me, this is like a no brainer at retirement planning five years before retirement in the next segment, I'm going to talk about what I would recommend everybody. Look at at least five years before they retire and consider what I call a strategic rollout where you get your money out. The tax is over and done with as sooner than later and usually like a five year period and reposition the net after tax money into something that's gonna be tax free. From now on. If you take the money out and pay the taxes, I mean, you have to spend the money. You reposition it into something that's gonna be tax free from this point forward and that will earn a good rate of return it to the end of the day. When you finally pass away my favorite vehicle called the Laser Fund will reimburse you your spouse, your family. Many fold for the taxes you paid during the rollout. Rollout is different than a roll over now, if you want to learn more about this is critical. Join us for a free educational webinar that we are teaching this coming Wednesday. Now it's a 3 90 minute, webinar. We're gonna teach and educate you for about 90 minutes or so And then we're going to follow that up with about 20 to 30 Minutes of live Q and a We're going to start at 12 o'clock noon..

Congressional Budget Office General Accountability Office Laser Fund
"congressional budget office" Discussed on KTRH

KTRH

02:08 min | 9 months ago

"congressional budget office" Discussed on KTRH

"I think of, I think of Ah Hamburger commercial from the 19 nineties. Very, very, very dicey, very, very attractive Female on board a mechanical horse. Eating I hamburger and a very provocative way. Tell me. Have you checked it out yet? Oh, would you agree? Thumbs up, Thumbs up. Yep. Watching on YouTube if you haven't seen it well, At the time that Hardee's was doing this course you can't do it now. Because that would be objectifying women. No, wait a minute for me was about Objectifying the hamburger. You. That hamburger look good. But I'll tell you what. Andy Puzder was the CEO of parties at the time on Fox yesterday, reminding us that this whole $15 an hour minimum wage thing. It's not a good idea. You can't raise the minimum wage. For these small businesses coming out of a recession. Small businesses are dropping like flies. They're closing every day and the jobs go with him and the people that work at those restaurants there. Minimum wage become zero. You can't shut it down. When you're coming out of a recession. You can't increase labor costs. Bernie Sanders knows perfectly well that nobody's out there making $7.25 an hour. You can't hire an employee for less than 11 or $12 an hour right now, despite what the what the federal minimum wages. This is political, not Jerry mentioned. At Congressional Budget Office reports saying that they lose 1.3 million jobs. That was the median number they said You could lose up to 3.7 million jobs, and a report came out on Monday of this week, looking at the research on the minimum wage by the National Bureau of Economic Research again, a nonpartisan group, and they said it kills low way judge So you're gonna kill small businesses. You're going to kill low wage jobs. You're gonna hurt American workers. Sanders knows it. This is political. I don't even think they actually want to pass it. I think they prefer If Republicans prevented it. We'll see. We'll see. In the meantime, I'm hungry. 6 51 this time for traffic.

Ah Hamburger Bernie Sanders Hardee Fox National Bureau of Economic Re Congressional Budget Office YouTube Andy Puzder CEO Jerry
"congressional budget office" Discussed on 790 KABC

790 KABC

02:01 min | 1 year ago

"congressional budget office" Discussed on 790 KABC

"That's the other thing that the littlest areas the Congressional Budget Office. The We're currently down Revenues 1% spending 46%, but we don't have a revenue problem. We have a spending problem. And a project that the dead 100% annual GDP by next year and the first time that's happened since World War two. So we've got, um we've got some serious issues that need to be nobody's arguing that that we're addressing him in a wholesale manner that is exceedingly detrimental Long term. The American taxpayers. Well, you know, Dan, there's an old saying You don't want to throw out the baby with the bathwater. We're here if they wipe out the income producing part of the real estate world. And it it is one of the just Producers off GDP. Right. It's some massive percentage of GDP and if you wipe it out Destroy the base value of all those assets destroy the base back of all the retirement assets tied up in real estate. All the businesses, assets tied up in real estate. You know you You couldn't take the country down faster than to take down real estate, as noted in 2008 Remember that When was that goes down? The whole country goes down, goes down with it. We take a short break would write back to finish up, Dammit, Kate and the Del wildly Ready Show Hi. I'm Dan Pila. I started fighting the IRS over 40 years ago when they tried to seize my mother's house. I sued the IRS. And once I beat the IRS then and I've been beating them ever since I wrote the.

IRS Dan Pila Congressional Budget Office Kate
"congressional budget office" Discussed on WHAS 840 AM

WHAS 840 AM

01:51 min | 1 year ago

"congressional budget office" Discussed on WHAS 840 AM

"Congressional Budget Office is still forecasting a bounce back from this year's lows by the end of this year. But after that It's predicting a long, slow recovery that could last 10 years. A decade of 2% average annual growth seems after the last recession well, US markets were closed for the fourth. Asian markets were looking on the bright side, while Europe focused on the dark clouds. Silver reports indicate China's strict corona virus lockdowns paid off and its economy is bouncing back. The Shanghai Index jumped 2%. Hong Kong's Hang sing up one. Japan's Nikkei up seven tense but European traders were gloomy about global growth. Germany's DAX fell 6/10 London's Footsie one and 1/3 percent U. S. Markets finished the short week on the upside and the NASDAQ closed with another all time high. It's 23rd this calendar year. Nations. Emergency rooms are bracing for more fireworks injuries than the usual fourth of July weekend, with most cities canceling their fireworks displays to discourage mass gatherings, Mohr amateurs or in control, So Phoenix Fire Marshal Brian Scholl Is offering some tips. Make sure on concrete or bare dirt. Don't be anywhere near any kind of brush or nearthe house makes you have a water supply nearby. Remember, only adults should like the fireworks. There are also common sense safety precautions that partiers always seem to forget on America's birthday. Don't hold a lit firework. Don't aim A bottle rocket at your buddy's head. Don't blow stuff up. The arts are so inundated right now that we don't want people using fireworks getting hurt and then overwhelming on the ers. Nonetheless, if history is any indicator, emergency calls will be up this weekend. Mad Euros Reporting for NBC news, and this might be a good weekend by a car dealers are eager, and some are offering 0% financing. The U. S News and World Report is out with its best Fourth of July card deals list and the top 10 includes a full sized truck to sports cars and multiple family friendly SUVs..

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"congressional budget office" Discussed on KZSC 88.1 FM Santa Cruz

KZSC 88.1 FM Santa Cruz

03:50 min | 1 year ago

"congressional budget office" Discussed on KZSC 88.1 FM Santa Cruz

"Congressional Budget Office estimates that GDP will plunge at a forty percent annual rate for the quarter that ends in June more from reporter Simon marks president trump says the U. S. economy will bounce back later this year he was reacting to all full economic data published on Wednesday morning output plunged during the first quarter of the year down to minus four point eight percent showing the American economy is shrinking at its fastest pace since the global economic crisis of two thousand the date we had the best economy ever and we're gonna have it again in the fourth quarter is going to be fantastic I think next year it would have a tremendous year next year analysts here unless your Michael Gabe and is the chief U. S. economist with Barclays that's obviously dependent on whether we have an adequate testing regime in place and we can quarantine and isolate affected persons effectively he spoke that to Yahoo finance Simon marks reporting president trump said today that he will not be extending the federal corona virus social distancing guidelines once they expire tomorrow and his son in law and adviser Jared Kushner predicted that by July the country will be really rocking again trump said he plans to resume official travel with the trip to Arizona next week and he said he's hoping to hold a mass campaign rally in the coming months with thousands of supporters even though medical experts have said there is little hope of having a vaccine by then putting a positive face on the latest Graham numbers the U. S. death toll from the corona virus pandemic has now surpassed American lives lost in the Vietnam War trump delivered his daily beat up date and questioner described the administration's much criticized response to the pandemic as a great success story trump also talked up the good news the day provided hopeful results for a possible covered nineteen treatment but the government announced dismal new economic numbers as the pandemic took hold and shut down much of the country as the White House has been trying to pivot to a new stage of the crisis focused on efforts to reopen the nation's economy state by state now we're heartened that the worst of the pain and suffering is going to be behind us trump said as he led a round table today with executives from companies like Hilton and Toyota he laid out a vision of a return to pre coronavirus normalised C. with or without a vaccine with packed restaurants and filled stadiums that vision flies in the face of sober assessments from doctors to save the country one need to embrace the new normal that may include social distancing and mask wearing for quite some time meanwhile Iowa officials say it laid off workers who resists calls to return to their jobs during the pandemic run the risk of losing their unemployment benefits the warning comes amid some workers fears of becoming infected as Iowa's Republican governor returns the state to business as normal my glowing reports governor Kim Reynolds will allow dozens of counties to partially reopen certain businesses with a few exceptions the state says workers were called back but refused to go will be ineligible for jobless benefits and your jet to other group workplace fairness says the state has the right to take this action but it doesn't look good in terms of making workers feel protected I understand the reasons why some of the one who will be calling.

Congressional Budget Office
"congressional budget office" Discussed on C-SPAN Radio

C-SPAN Radio

11:38 min | 1 year ago

"congressional budget office" Discussed on C-SPAN Radio

"The Congressional Budget Office is who you answer to and what you were should take away from your latest reports your budget and economics outlook okay yeah and and thanks very much for having me on the the program to the Congressional Budget Office supports the Congress in its its budget function we evaluate legislation we provide cost estimates of of legislation we do analytic reports on various topics we had one just come out on student loans for example and then we do a a host of scorekeeping functions so in support of the appropriations process so the tracking spending and hoping Congress figure out how much they're spending how much bills what will cost talk about that who you answer to that so we're nonpartisan agency and we answer to the Congress we work through the two budget committees the the house budget committee in the Senate budget committee but we work for the entire Congress so generally our work is for the chairs and ranking members of the various committees of jurisdiction so there's something on healthcare that would often be in in the Senate for the finance committee or that the help committee instantly and in the house instances as we answer to all the members and support all the members equally on a non partisan basis all the members very interested in your budget economics outlook that came out recently what's the take away from that so they take away instances is two fold on the economic side we have continued IGP growth in our forecast but what large budget deficits that process so over a trillion dollars a year over the next ten years in the debt to GDP ratio reaching unprecedented levels over the next ten years and really over the next thirty years going up to about a hundred eighty percent of G. P. a level never seen before and that's what's striking is that conjunction of a of an economy in a labor market that's really in pretty good shape especially in the labor market and a budget deficit that is wide and getting wider what's that the tipping point what's too much you know we don't know we know that as the debt to GDP ratio rises that will have some negative effects on the US economy I did a visually will lead to a drag on consumer spending and business investment through the effect on interest rates even though we don't see that now we know at some point it will and rising debt makes the US economy more vulnerable in the futures of our debt level is higher in interest rates do rise that will make our our physical challenge all the more difficult so we don't know exactly when that tipping point will come but we know there's a arising vulnerability from the physical tributary and jump off of it to you in in a lot of people would have said a decade ago that if we're at the point right now we're deficits and debt to GDP are where they are that we would already be feeling some of those effects have you booked with what was your view on most of those issues ten years ago and and if you sort of change your view about when and how this isn't that a fact the the economy as a whole so if there's a sense in which we can look at the economy now in understand why interest rates are low it is a variety of reasons the growth in the rest of the world as it has some problems in recent challenges with the the virus situation in China and the rest of Asia that that certainly lead to lower interest rates in the US and we see that situation when the rest of the world has a problem the US economy is a safe haven in the sense in our treasury bonds are inflation has remained low in the US and this is the risk taking appetite of markets and market participants in a lower and I think people expected and all that leads to lower interest rates to as we understand it but you asked has it changed my view ensure ten years ago if you told me where we were in that you know so the economic cycle eleven ten eleven years into an upswing with the unemployment rate at three point six no I would not of expected interest rates to be as low as they are and that's this led to a rethinking in that profession and certainly CBO over the last year since I've been director we have marked down our projection of interest rates really substantially what were you doing ten years ago and what did you do before you took this job so I I'm a professor at the university of Maryland school of public policy on leave from the university of Maryland while serving a CBO director took ten years ago I had left the treasury department where I was the chief economist at the treasury the last two years of the bush administration and I was in actually so let's begin administrations of the president's budget for fiscal year twenty twenty one just came out this week that's very different forecasts on on growth and deficits than the CBO forecast in the next ten years of Percy's growth of three percent a year which we haven't really seen in a long time in an ad states I'm curious what do you make of the divergence between your forecasts and the White House on growth and on deficits so we're analyzing the predator presence budget now it's something that the CBO does every year it will have a full report at Jim as he said their GDP numbers is pretty different than ours in the trajectory is different you know since they have a different way of doing the forecast because their forecast assumes that everything the president's proposal is enacted and our forecast assumes just current law so that probably accounts for some of the difference they have stronger productivity growth then we do as well is it that would be a a difference we have productivity growth rebounding from the the pretty low productivity growth after the financial crisis so we we see better than not but not a strong productivity growth over the you know the the previous decade or two so that's that's kind of the the main differences are there a set of policies that the CBO has model that you think could produce that type of of productivity growth as it is now used to see potential potential sort of maximum run of the economy as being lower than the White House does also it that's right we do is we see longer term GDP growth settling down around one one point seven percent which he said is lower than it ministrations projection on we know there's some policies that would boost growth in both parties productivity growth over time on the growth side the labor force growth is is decelerating right to wear when aging society that affects the labor force we know immigration is one lever that would increase the the labor force that wouldn't increase our our output in overtime increase GPU probably productivity growth as well immigrants bring a diversity and that is sort of energy to our economy and an innovation entrepreneur there is op entrepreneurship as well it is tax policies that we would probably support stronger growth and and those are debated obviously in the Congress says a variety of levers it's difficult to know though what exactly is the right way to boost productivity growth in the economics profession productivity growth is one of the instances mysteries that that is just hard to say what whoever will will boost productivity growth one will be your role in the budget debate over the coming months I'm ours isn't analytic one I so right now and you said we just put out our baseline now we're analyzing the presence a budget and then in March will put out a new baseline that accounts for the actual dollars of spending over the last year when the president puts out his his budget we get more information on the actual spending over the last year Israel will crank through all that and then put out a new baseline in in March and then as always CBO estimate whatever legislation Congress is considering and and evaluate the effects that as you think about what legislation you're evaluating you obviously have to hear a lot from members on both sides with big ideas some curious how you're looking sort of ten to twelve to fifteen months ahead of things like crime legislation Medicare for all things we take a fair amount of analytic work to do health how far along is CBO and it's sort of analytical capacity and work on on some of those things that the new administration and Congress might might but not necessarily bring future yeah it is one of the challenges of the job is to figure out what we need to work on now because CBO is at its best when we've done the work it's as if for the legislation comes to us in one example that is surprise billing which is a you know a topic section of legislation in both the house and Senate in various committees we have several analysts at the CBO who I don't know eleven twelve months ago figured out that this was an important issue and got the date and she did the work and so we have been able to support the Congress with surprise billing basically with because we have these star analysts who figured out before I arrived so that that's our challenge now working on some of the issues you mentioned on climate we are we know that that is an issue that's important to members both chambers both parties and so we're doing the sorts of things you'd expect CDO to do we're we're looking at how does kind of fit into the baseline so it it's in in some microwaves with the flood insurance with military installations things like that note that spinning its is discretionary spending so its annual appropriations I'm in the longer term the bigger dollars are probably the overall macro effect on the economy so we're looking at the research that relates climate change to overall G. P. and then trying to say okay how does it feed through the budget so it it's it's it's not attenuated but it's sort of a you know the steps are climate G. P. spending revenue and so on Phillips Weigle is the congressional should office director on newsmakers is there a point in all in the budget in your bass line now any sort of economic up or down from from climate change or like what how is that in the but what do you expect that sort of baseline adjustment Khilafat yeah I yeah and I said I can talk about health also we're we're getting some health work as well you know the climate change is implicit in the budget now we we have a projection for have for the flood insurance program and so on but is not broken out separately we don't have a you know a line that says the effects of climate it does this to flood insurance and and things like that but that's what we're working to understand so it's implicit and we're working to make it more explicit it was once we have that those connections then we'll be in a better position to analyze policies in the future and that the only due to a position where hypothetically CVO could score at a bill to reduce carbon emissions as being a pro economic growth because it would theoretically reduce the effects of climate change on the economy hi this is it is a good question and CVO under my predecessor Doug Elmendorf miss two directors ago I did a lot of work on cap and trade legislation so that apparatus is there and we're working since update it so first look at the base of the effect of crime in the bass line and then to the oil to update really the analytic tools to value the policies with the policies you said is is this sort of thing that we would do and we would work jointly with the the joint committee on taxation which does the the revenue estimates to say well what's the effective some policy on the economy on on you know the end in the car carbon and other missions and it also leave what are the.

Congressional Budget Office Congress
"congressional budget office" Discussed on WBZ NewsRadio 1030

WBZ NewsRadio 1030

02:29 min | 1 year ago

"congressional budget office" Discussed on WBZ NewsRadio 1030

"Thanks for being with us here on the record open show we're talking about the impact of the coronavirus on both the domestic and global economies I NG economist iris paying says retail sales in China are going to expand despite the virus but she says they're only going to expand three to four percent this quarter would have been even more the Congressional Budget Office not convinced yet the CBO says they've modeled the economic effects of a flu pandemic and they said that one hundred thousand deaths would cut our GDP by one percent it wouldn't even cause a recession focus on that number this is amazing the CBO says that if we suffer a hundred thousand people dying in the US our economy will still be growing by the way the flu in the U. S. has second nineteen million people this year we've put a hundred and eighty thousand into the hospital ten thousand have died from the flu we should be more worried about the flow then you should be worried about the coronavirus I'm just trying to help you put it in the context if you are saying yourself golly Gee will occurs I'm worried about my investments because of this you're worried about all the wrong things what you should be worrying about our old people sick people babies who don't have the immune systems to protect themselves and defend themselves effectively against viruses you should be worried from a public health care perspective you should be focusing on this from an effort of washing your hands making sure that those around your washing their hands that if you sneeze please enter your elbow don't look at your mutual fund statements and conclude you need to sell out of a fear that a pandemic is going to wipe out the human population by the way if it did I don't think you have to worry about your investments anymore so it really is proper context proper perspective and recognizing this too shall pass there is something you ought to be worried about there's some action you know to be taking about the were you ought to be having it's no it's not the corona virus to stop the flow it's taxes okay yes we know death and taxes always go together and so yes it's tax season and what we are telling you to do with your tax return is something we've been telling you to do for the past couple.

China Congressional Budget Office US
"congressional budget office" Discussed on 760 KFMB Radio

760 KFMB Radio

01:34 min | 1 year ago

"congressional budget office" Discussed on 760 KFMB Radio

"Talking breaking news and now a man if I could handle your mark I would Jim shore but what's the big story earlier today we got an update on the four individuals that arrive from China yesterday at MCAS Miramar who are now in isolation it to local hospitals the details next AM seven sixty KFMB Roger Hedgecock with Roger report there's one area where conservatives and Donald Trump part ways and that's the exploding federal deficit the Congressional Budget Office delivered bad news last week to Washington in less than ten years that agency says the federal government will run an annual deficit closer to two trillion dollars a year and that's assuming that all those tax cuts back in twenty seventeen are allowed to expire in other words taxes go up the deficit goes up as well why because spending is out of control spending by the federal government is accelerating whether a Democrat or Republican is in office I don't know why it is the conservatives haven't been more vocal about this problem which is going to explode in our face one of these days deficit spending can't continue to go on with the debt piling up now over twenty three trillion dollars over a hundred percent of the gross domestic product of any given year in the United States economy that's a Rodger report does work hi I'm Nicole Donnelly and for almost thirty years I've owned and managed Miramar kitchen and bath we never pressure you tell us how much you can spend and.

Jim shore China MCAS Miramar Roger Hedgecock Congressional Budget Office Washington federal government Nicole Donnelly Donald Trump United States Rodger Miramar
"congressional budget office" Discussed on Biz Talk Radio

Biz Talk Radio

02:41 min | 2 years ago

"congressional budget office" Discussed on Biz Talk Radio

"What what's going to investors as to the cold and flu addition and man oh man oh man do I have one good so I said I was whining complaining today let me to a little bit more this comes from the conservative review you got me Republicans agreed a massive spending bill despite record deficits wake up conservatives to deficits only matter under Democrats if the record spending that makes Obama look conservative what all Republicans doing cutting a deal with Democrats to pass a bill increasing spending by three hundred and twenty billion for liberal bring Iraq received but not a penny for let's say you I immigration enforcement the CBO the Congressional Budget Office announced earlier this week but the deficit for the first two months of fiscal year two thousand and twenty was three hundred and forty two billion that is the only number on many levels it is twelve percent higher than last year when we were already shocked at how quickly spending it increased on the Republicans need I say anymore why we are not I'm in my own party because of these idiots you do realize they're all bunch of bull crap artists right right their lawyers I had the the head of the Congressional Budget Office should be the office of management budget I got to interview him on TV and I asked him straight out what are you doing about that deficit and he flipped me off like I was a fully well yeah we now yeah we now well yeah and Democrats this and that no this one's the Republicans because we know what Democrats are going to do this is on trump so all you lovers of trump who whined and complained about Obama and his debt and deficit spending where are you now well we love trom so the beat goes on and.

Obama Iraq Congressional Budget Office
"congressional budget office" Discussed on KTRH

KTRH

01:54 min | 2 years ago

"congressional budget office" Discussed on KTRH

"Harris County where deputies arrested a domestic violence suspect who shot at them he also made entry into the residence once he was walking down a hallway there was a bedroom door was closed that's when the suspect fired shots through the door that officer returned fire it's still not clear though if the suspect was hit both he and the woman who called nine one one or being treated at a hospital public comment continues head of a vote by the Houston Galveston area council to approve a down payment from textile destroyed a major project along the north freeway hundreds of protesters claim it'll hurt minority neighborhoods and pollute nearby schools I respectfully ask the HVAC transportation council did not find the I. forty five project the way this plan sits now text dot has just designed a massive traffic fun of that meeting started at nine thirty this morning no word yet on what a vote might take place Texas senator John Cornyn working with a democratic senator to create a bill to bring down the cost of prescription drugs the bill aims to limit major drug companies anti competitive practices that keep competing generic drugs off the market non partisan Congressional Budget Office says it would lower federal spending by more than five hundred million dollars Katie races time coming up on twelve oh three on Wall Street good morning the Dow up twenty four to twenty seven thousand one sixty five nasdaq up eighty four to eighty three twenty three S. and P. five hundred up nineteen two three thousand twenty three those are both new records for those indices oil at fifty six dollars even that now makes gains STA wealth management gives us the business Scotty was expected and today's release of the second quarter GDP reading was no surprise the first print queue to GDP comes in at two point one percent the good news.

Harris County officer senator John Cornyn senator Congressional Budget Office Scotty Houston Galveston Texas five hundred million dollars fifty six dollars one percent
"congressional budget office" Discussed on 860AM The Answer

860AM The Answer

02:12 min | 2 years ago

"congressional budget office" Discussed on 860AM The Answer

"Com studio next segment we'll be talking with Steven green hot author of a book called plunder about the fact that over one hundred government workers in the state of California last year made more than five hundred thousand dollars in total compensation I kid you not he and I'll be talking about that in just a few minutes now the Congressional Budget Office that's the soap probably non partisan Congressional agency they look at legislation to determine how much it's going to cost what is affected going to be so they analyze the proposed fifteen dollar minimum wage and they have determined that while seventeen million people will get more money between one point three million to three point seven million jobs will be killed if this thing on now the CBO in twenty fourteen gave an analysis of the proposed ten dollars and ten cents a minimum wage member that and they concluded that yeah a million workers we pulled out of poverty on the other hand a half million jobs would be killed and that pretty much tainted a Bloomberg poll according to the Wall Street journal at the time found that fifty seven percent of Americans when told about this trade off found it quote unacceptable close quote well this is even worse fifteen dollar minimum wage one of the Wall Street journal would pull between one point three million workers out of poverty but cost one point three million jobs in the best case scenario three point seven million jobs worse case scenario according to the Congressional Budget Office analysis now I know I have a lot of Democrats this do my show and I appreciate it I think you think that I am fair can I try to be honest and try to tell the truth I try not to just because the Democrats even though they deserve being pounded explain to.

California Congressional Budget Office Wall Street journal Steven green Bloomberg fifteen dollar five hundred thousand dollars fifty seven percent ten dollars
"congressional budget office" Discussed on 850 WFTL

850 WFTL

01:33 min | 2 years ago

"congressional budget office" Discussed on 850 WFTL

"The Trump tax cut wouldn't do much for the economy. The nonpartisan Congressional Budget Office says those critics were right. Russia research service studied the economy and found as many economists predicted that the president's 2017 tax cuts up the nation's most wealthy and did little for middle and lower income workers. The president had promoted companies giving worker bonuses, but congressional researchers say that those bonus benefits came out to about twenty eight dollars per worker, and most of the corporate tax cuts. Instead, went to record numbers of stock, buyback ABC's, Andy Field in Washington. Can't rounds of America says it has fired the unidentified white employees in Mississippi seen on video holding her gun while telling a black couple to leave because they did not have a reservation can rounds of America says it has a no firearms policy. You're listening to ABC news, another opportunity for me to spend a little time with my press the dentist, Dr Elly Friedman. How are you choice? Thank you very much, so excited about. This new one solution, why it's called one solution is that we are able to give patients their teeth back in one day, including patients, that have severely resort or very poor bone. And this also the people that not necessarily already are wearing dentures, but people that their only option is to have a denture and they're very fearful of that. So they've been delaying and procrastinating. Today time we don't have to have them where that we remove their bad teeth, we go ahead and place implants and have their teeth mate in just one day as well. And you make the teeth right? There you have your own lab. Yes, we ever owned. Full in house laboratories are technicians on the premises..

Congressional Budget Office president Andy Field America Dr Elly Friedman ABC Russia Washington Mississippi one day twenty eight dollars
"congressional budget office" Discussed on C-SPAN Radio

C-SPAN Radio

11:11 min | 2 years ago

"congressional budget office" Discussed on C-SPAN Radio

"York has five new members in its congressional delegation. All of whom are Democrats Representative Alexandria Calcio Cortez joins the house as the youngest member of congress at age twenty nine. She defeated longtime Representative and then chair of the House Democratic caucus. Joe Crowley in a primary election last summer voters in New York's twenty second district elected Anthony Brindisi to congress. He previously served seven years in the New York state assembly before that it was an attorney in private practice Representative. Antonio Delgado was also an attorney prior to his election to congress, but he also had a brief career as a rapper releasing one album a couple of years after his graduation from Harvard Law School. Max rose was elected to represent the eleventh district, which includes Staten Island and southern Brooklyn. He previously served in the US army, including leading a platoon in Afghanistan or he was wounded by earning a purple heart and bronze star Representative Joseph Morelli joined the house. A few weeks ahead of his classmates after winning both a seat in the one hundred sixteenth congress and an election to fill the seat of late congresswoman Louise slaughter for the remaining weeks of the one hundred fifteenth. Congress congressman Morelli had previously served in the New York state assembly since one thousand nine hundred eighty one including five years as majority leader new congress new leaders, watch it all on C span. At the top of the hour. More Washington today. Now, more of our conversation this morning on the Washington journal, and we talked about the cost of the government shutdown with shy. Other bipartisan policies. Rebate, wisconsin. Bob is Republican good morning. Morning guys. I just have a couple of questions I had a couple of Hondurans who took my job would they send all their money home? Is there a way that we can tack that for the wall or reporters Curie number two has the CBO ever been right? That's just I don't know. I don't have the answer for anything. Thank you. Good question. So I I would expect that those workers get taxed on their income already through income taxes or payroll taxes. Obviously it depends on their employment situation. Whether they're reporting their earnings as all Americans everyone living in America is required to do. But they should be paying income taxes on those earnings that they have on the second question this. The Congressional Budget Office is rarely right to the decimal point. And that's because there's a lot of uncertainty in all of these projections that they make they emphasized throughout the reports that uncertainty and that they are not going to ever hit it right on the Mark. But they are considered the best forecaster that we have for government spending and taxes that we are expected to take in as well as a pretty good forecaster of economic factors that doesn't mean that they're going to predict when the next recession is going to happen. Very few people are able to do that certainly that's not their expertise. But they do give a very, balanced and neutral sense of where we are headed as a country. In fact, the scenario that they paint. As a baseline, meaning without any expert expected changes is almost an optimistic scenario in the sense that they are instructed as to how they score all of the programs in the federal government and the taxes that are taken in, and they have to expect the congress is not going to make changes to those programs when they make what's called a baseline. They also print what's called an alternative fiscal scenario, which I would call a more realistic scenario of what is likely to happen. So for example, the tax cuts that were passed the year before last many of those are expected to expire in twenty twenty five and the alternative scenario, the more realistic scenario in my mind shows that those will be extended into the future if we ever reached that point, and they base that in part on past example, where we had tax cuts that were large broad base that were on the borderline of expiring back in two thousand ten all of them got extended for two more years. So twenty twelve most of them got extended after that. It's very hard to get temper. But long lasting and broad-based tax cuts. That are set to expire allowing them to expire. So those are the types of changes they make to their baseline to try to make a realistic projection of where the budget is going in the future. We've talked a lot today today about the February fifteenth deadline coming up for that conference committee to come up with some sort of deal on border security, but look ahead to another deadline March second is when the debt limit is set to be reinstated. Remind us why it was suspended the debt. Limit is what restrains the federal government from borrowing further to fund its operations as we talked about. There's a large gap right now between the spending we're doing and the revenues were doing. So it does need to continue borrowing on the order of about nine hundred billion and growing per year the federal debt limit was suspended as part of a budget deal. I believe a little over a year ago about a year ago now to come back into effect on March second, and the reason they do that was to give to acknowledge that we have spending that Alpes. Our revenue for another period of time. But then it comes back into effect. So that congress has decided they want to reevaluate that decision and decide whether we should allow the government to borrow more. What's important to recognize that the borrowing is just the result of spending and taxing decisions that congress and the president have already made so not allowing us to pay. The bills is a very ineffective way to run the government to say that we owe this money, we owe this debt because we borrowed and then we're not going to be able to either pay the interest on it or borrow more to pay the contractors or businesses were providing goods and services to the federal government or send out checks to Americans all across the country. It's expected to come back into effect on March second the actual quote unquote deadline where something catastrophic could happen. If action isn't taken probably won't happen as we project at the bipartisan policy center until the summer of the fall, we have more resources on the website at the bipartisan policy center, the people can go to to find out more about development. It's by partisan policy dot ORG time for a few more calls, which I marines waiting in Greenville, Mississippi, a democrat good. Morning. Good morning. I just had a statement. I wanted to make while everybody is distracted. I feel and focused on those handful of people that are coming across the border to work a lot of kinda minimal labor jobs. What is being done or what about those that you speak to the legal immigrants that you speak to the telephones every day they worked for the fortune five hundred companies major insurance companies credit card companies and all these fortune five who's got these big tax cuts. But you can't hardly order pizza now without someone picking up, and what Trump called is s whole countries. And I wanted to just kind of make that statement concerning that. Why why do you think they're illegal immigrants when you talk to them on the phone because they don't because they're in another country. They are not a part of this country. They're picking up overseas. So they are not a citizen of the United States. So you don't think companies should be able to have call centers overseas. I mean, there's jobs. They're complaining about the ones just walking across on foot to come work jobs. But because they're are picking up all phones overseas, and they are not a legal immigrants of the United States. I would consider them as illegal immigrants, but just happened to work for fortune five hundred companies picking up a phone. I don't see the difference. You can explain it to me. Cycads any thoughts? Well, there are call centers that these companies have where they employ people overseas to serve some of the functions of their businesses that simply comes from the fact that labour costs overseas are often cheaper than they are here in the United States. There are policies that we can try to put into place in terms of taxes or investments that we make that try to make our economy more competitive in our labor force more competitive, but it is difficult when you're looking at other countries overseas that just overall have much lower costs of living and wages to make ourselves competitive with those when those options are available. So there are certain positions where? That need to be filled where it's almost impossible to make US workers competitive with those workers overseas because you'd effectively be having to pay them significantly below minimum wage in the United States for one more. Call been waiting in Florida Republican good morning. Good morning. Go ahead, sir. About the wall. You know, I think we should have the wall. I think we need the wall. Trump ran on building. The wall is in. He got elected for. And as far as Democrats go. I think there's probably a few Democrats that would go along with the wall. But then you got Pelosi with a sense of all the way around her house, and she won't even give a dollar Bill to the wall. And if you took everything that we cost cost us for all I'm illegally inside are here, taking your they? They get mad because they separate the baby they did hospitalization. They get food. And they they get all this. If you just took one half of that money and spend it on the wall, you would have that wall. And then some and you would have less expenses on them a mental on the immigrants being here on food and housing and everything else and are not even citizens the reading the Democrats want them in there. So they can get the votes, and that's what Pelosi and Pelosi so mad because Trump got in that she's not going to give in or nothing and why. Why does she have a wall around her house got so shack, we get this statement a lot on what legal immigrants are getting in the United States in terms of benefits. Have you done research on that? Can you talk a little bit about that? That's not my primary area of expertise. There is there are some programs that are available to even people who are not here legally, certainly many government programs that are accessible to all Americans things like social security. They are not eligible for. But I think to some extent in terms of the spending on those elements distracts us from the bigger picture, which is that we have a rapidly increasing federal debt the interest that we pay on that debt is actually going to exceed the spending that we do as a federal government on the Medicaid program for all low income Americans across the country in several years, and then the entire spending that we do on the defense department by twenty twenty five that's pretty astounding that we're going to be paying more in interest costs overseas talk about payments that go to overseas countries than we are. Or to spending on our department of defense, which protects the American people we need to figure out how we're going to address those problems going into the future with things like entitlement reform, reforming social security reforming the major healthcare programs that doesn't mean they need to go away. That doesn't mean they need to be overhauled..

congress federal government United States Trump Congressional Budget Office Representative Representative Joseph Morelli New York House Democratic caucus York Louise slaughter Joe Crowley US army Anthony Brindisi Brooklyn Harvard Law School Washington Bob forecaster
"congressional budget office" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

03:29 min | 2 years ago

"congressional budget office" Discussed on WNYC 93.9 FM

"NPR news Mayan silver in Milwaukee. The nonpartisan Congressional Budget Office estimates that you will lose three billion dollars from the partial federal government shutdown. The office says individual businesses and workers will suffer especially those who lost pay during the five week hiatus. President Trump's economic adviser. Larry cudlow rejected the CBO report. He says that it is a small fraction of the twenty trillion. Dollar US economy. You're listening to NPR news from Washington. This is WNYC from New York. I'm Richard Hake. Good morning. It's eight oh, four twenty nine degrees. Overcast, we do expect some rain, and then some snow later tonight. An estimated ten thousand immigration cases in New York had been delayed due to the partial federal government shutdown rescheduling those cases can be especially stressful for immigrants seeking asylum. But as WNYC's Beth Fertig says a delay case could be an advantage for other immigrants who had long odds of winning in court if their trials get delayed until let's say twenty twenty or later there may be a new president with new immigration policies. So that could help someone who has a difficult case now because of the Trump administration's policies those include immigrants hoping to win asylum based on claims they fled domestic violence or gangs in their native countries. Two scenarios that the current administration does not consider grounds for asylum. Advocates say it shouldn't be just high-profile refugees who get waivers from the Trump travel ban three act. Is in New York player among the well publicized applicants from van countries who've been led into the US, but Betsy Fisher from the international refugee assistance project says many lesser known people have been turned away in an opaque process. You shouldn't have to have celebrity to be free from discrimination that that shouldn't be part of the process, and that level of arbitrariness really shows how this ban is a mockery of the rule of law. Fischer says the Trump administration hasn't explained how people can apply and hasn't disclosed how many have been leading in or turned away after more than a decade of trying advocates for survivors of childhood sexual abuse succeeded in getting a Bill passed in Albany. That'll make it easier for victims to seek Justice the child victims act passed the democrat controlled Senate and assembly yesterday, the daily news Albany bureau chief can love it says for years groups, including the Catholic church in the boy scouts of America. Pressured members of both parties to block the Bill there were powerful interest groups who were against this. And and I think that played a huge role and that said. You know, a lot of victims. Let's be honest. They can't afford high-powered lobbyists. The measure now goes to governor Cuomo who said he intends to sign him. The New York legislature is set to expand the state's gun control laws today. At least eight bills are expected to pass the democrat controlled assembly and Senate include measures like a ban on bump stocks longer waiting periods for some buyers and a law permitting. Authorities to confiscate a household firearms. If someone living there is deemed to be a threat. New York City council speaker Cory Johnson might be interested in running for mayor after all. And now, he's making sure the optics of his fundraising records, right? The democrat from Chelsea said yesterday that he's no longer accepting donations over two hundred fifty dollars and no money at all from real estate, developers lobbyists or corporate political action committees. If I decide to run if for some reason it worked out for me. No one's going to have a huge level of influence with me. The mayoral election is in the fall of twenty twenty one. We do expect rain later today..

New York Congressional Budget Office Trump administration President Trump WNYC US Senate Albany Bill Larry cudlow governor Cuomo Milwaukee NPR economic adviser Richard Hake Washington Beth Fertig Cory Johnson
"congressional budget office" Discussed on The Nicole Sandler Show

The Nicole Sandler Show

05:07 min | 3 years ago

"congressional budget office" Discussed on The Nicole Sandler Show

"This is a big deal. Now, I saw that. Mark PO can he Pramilla Giac pallor the co chairs of the progressive caucus, and he issued a statement saying that they were going to vote for the rules package. And here's his quote, he said we have been concerned about pay go for months and have had numerous conversations with rules chairman Jim McGovern and house leadership about these concerns. We all agree that the real problem with pay go exists in the statute that requires it that is why we'll be introducing legislation in the one hundred sixteenth congress to end pay go. In the meantime, chairman McGovern and house leadership have committed to us that pay go will not be an impediment to advancing key progressive priorities and one hundred sixteenth congress with the assurances that pay. Go can be waived we do plan to vote for the house rules package and proceed with legislation to fix the statute. My first impression was I how naive can they be that what they're going to assure them that the wave the provisions why pass it if it's going to be waived it is seek a little surf. History lesson given okay. Pelosi as soon as she comes in two thousand seven institutes this rule for go which is substantially similar to what is is going to be in the rules for tomorrow. It it says that yeah, you can waive it. If there's an emergency exemption, so like the stimulus package passed obviously spent money, but that was given an emergency exemption from the pig. Oh, okay. So so that thing that sort of thing has happened before? But you know, it's at the discretion of the leader to to say whether something's an emergency or not right in twenty ten under Nancy, Pelosi's leadership signed by President Obama, a pay goes statute comes into to play a law saying that if congress deficit spins under, the the Congressional Budget Office ledger, you know. What they what they decide is deficit spending. Then automatic cuts suspending have to go into place. Now, this is true. But this can also be waived, and we saw this with the Trump tax cuts. There was some fear that because this was entirely unspent that that, you know, entirely unpaid for that there would have to be some cuts to the budget automatically instituted. But what what Republicans do they passed a law waving statutory, pay go and went forward. So yes, there are ways around sort of everything in congress. But it does beg the question of if if you're just going to put away around it, if you've been assured that this won't be an impediment anything, then why does it exist and the answer to why it exists is that it just gives another lever? To the speaker, and the leadership to you know, kind of block or or priorities that they they don't agree with? I mean, there was an excellent paper put out by Josh givens of the Economic Policy Institute, which explains that the stimulus Packers was probably made smaller because of pig go the healthcare law the subsidies were shrunk probably because of pay go the there was this. Maneuvering that remember the healthcare law passed in twenty ten but it didn't really come into to assistant until twenty fourteen Rafe that was to get around the, but the pay go rule because the spending wouldn't start until four years and even the taxes started right away way to sorta game pay go that contributed to negative impressions of the law. The the the government kind of switch to Australia and starting in twenty. Ten and and givens has this great stat in his paper that says that you know, if we would have spent on public investment at the same levels that we did after recessions in the sixty seventies and eighties. We would have had full employment at a level that we have today back in twenty thirteen. So this stuff has real consequences when you put in these artificial sort of ratchets to say that that we can't respond to crises in particular ways. Or we we we have to abide by this. This idea that the deficit is the most important thing in our political lives. They have it has real consequences for real people. And you know, to to say that oh, well, we can get rid of it whenever we want that Washington doesn't always work that way best laid plans. It's it's. You know and just to be clear..

Mark PO Pelosi Josh givens Jim McGovern chairman congress Congressional Budget Office Washington Economic Policy Institute Rafe Packers President Obama Australia Nancy four years