Dec 2013 Budget Deal: Chris Edwards rightly noted, ” It raises spending and taxes, and reduces the deficit only in a jury-rigged scorekeeping kind of a way that won’t actually be realized”

Budget deal reached and it hits air travelers for $26 billion & does nothing for debt reduction

Published on Dec 10, 2013

The budget deal reached between Patty Murray and Paul Ryan does nothing to reduce the debt or even the deficit by an significant amount. It does nothing for entitlement reform or tax reform. The deal breaks the sequester cap of $967 and increases spending to over #1 trillion for each of the next 2 years. The deal is just a steady as she goes kind of bill. In the bill there is a proposal to extract $26 billion from air travelers – air travelers are taking the hit in this bill.

P.J. O’Rourke-The Debt Ceiling & The Budget Sequester-Greater Talent Network

___________

Dan Mitchell Debunking Sequester Hysteria with Neil Cavuto

Published on Apr 5, 2013

No description available.

_______________________

I am so sad about the Republicans caving in and letting President Obama and the Democrats get rid of the Sequester spending cap limits!!!! I have contacted my Representatives and Senators and told them what I wanted them to do. I am happy to report that Tom Cotton and Rick Crawford voted in the House to keep the Sequester limits. I AM SO PROUD OF THEM!!!!!

Dec 2013 Budget Deal: Chris Edwards rightly noted, ” It raises spending and taxes, and reduces the deficit only in a jury-rigged scorekeeping kind of a way that won’t actually be realized.”

December 13, 2013 3:34PM

More on the Ryan-Murray Budget Deal

The Ryan-Murray budget deal is remarkably bad when you look at the details. If the Republican Party is supposed to be the fiscally conservative party, there is virtually nothing Republican in the agreement. The Democrats could have written the whole thing themselves. It raises spending and taxes, and reduces the deficit only in a jury-rigged scorekeeping kind of a way that won’t actually be realized.

This analysis by Republicans on the Senate Budget Committee (SBC) provides details. The last page shows the year-by-year numbers.

The deal raises spending $63 billion in 2014 and 2015, split between defense and nondefense programs. That is a lot of money even by Washington standards, and it effectively guts the Budget Control Act of 2011. At least it guts the authority of it; appropriators now know that if they whine and complain a bit, future-year spending caps will dissolve like butter under a hot knife.

In return for the spending hike, the deal creates $85 billion of savings on paper. According to the SBC analysis, $34 billion of those savings are actually revenue increases and $51 billion are spending reductions. So there are more spending hikes in this package ($63 billion) than claimed spending cuts ($51 billion). So this agreement makes government bigger, not smaller, even by its own accounting.

Here’s the most astounding thing: $47 billion of the $85 billion in claimed savings are scored to occur in 2022 and 2023. So the package hikes spending right now, but promises to deliver more than half of the offsetting savings a decade from now.

Most of the 2022 and 2023 savings ($28 billion) are supposed to come from putting caps on entitlement spending in those years. Senate Budget Committee Chairman Jeff Sessions says these savings are of “dubious validity,” but he is being polite. After all, we now know that Republicans won’t stick with caps when push comes to shove, so I would call those future caps “worthless.”

If we count the 2022 and 2023 entitlement savings as being worth zero, we are left with a budget package that hikes spending $63 billion, cuts other spending just $23 billion, and raises revenues $34 billion. With fiscal results like that, I’d take gridlock over bipartisan agreement any day.

For more on the budget deal, click here.

Related posts:

 

THE NEW BUDGET DEAL OF DEC 2013 IS: Promises of fictitious spending now instead of real spending caps!!!

House, Senate Budget chairs reach deal to preempt another gov t shutdown Paul Ryan has been fighting for sequestration for years(1 yr ago) _____________________________ THE NEW BUDGET DEAL OF DEC 2013 IS: Promises of fictitious spending now instead of real spending caps!!! 3 Things You Need to Know About the Congressional Budget Deal Romina Boccia […]

We got to cut spending increases like the Sequester was doing in order to control government spending!!!

House, Senate Budget chairs reach deal to preempt another gov t shutdown Paul Ryan has been fighting for sequestration for years(1 yr ago) _____________________________ We got to cut spending increases like the Sequester was doing in order to control government spending!!! The budget deal is a huge Republican cave-in Republicans in Congress have put in […]

The Sequester works so why are the Republicans giving it up?

____ I POURED MY HEART OUT IN AN EMAIL TO SENATOR BOOZMAN THE OTHER DAY AND THEN SENT THAT EMAIL TO 30 SENATORS AND REPRESENTATIVES ALL OVER THE USA!!! HERE I GO AGAIN. This is very much the same case as raising the debt ceiling in my view. It seems that the Republicans keep allowing […]

If you really want to cut the growth of government spending then keep the sequester in place!!!

______ If you really want to cut the growth of government spending then keep the sequester in place!!! December 9, 2013 11:01AM Budget Deal: A Dangerous Precedent By Chris Edwards Share Republican and Democratic negotiators are expected to agree to a budget deal this week setting spending levels for 2014. The Washington Post says that […]

Letter to Senator John Boozman about Sequester Negotiations (PLEASE KEEP SEQUESTER!!!!)

________________________ Senator John Boozman, 320 Hart Senate Office Building Washington, DC 20510 Phone: (202) 224-4843 Fax: (202) 228-1371 Dear Senator Boozman, I want to thank you for taking the time out of your busy day to respond to my earlier letter to you on this same subject. I have always TRIED TO CONTACT THE REPRESENTATIVES AND SENATORS ABOUT THEIR RESPONSIBILITY […]

The Sequester actually did help control the growth of government and hopefully we can cut deeper this time around!!!

The Sequester actually did help control the growth of government and hopefully we can cut deeper this time around!!! Government Shutdown Jokes…and the Sick Joke of Obama’s Shutdown Strategy October 8, 2013 by Dan Mitchell Even though it’s an uphill battle, I’m glad there are some lawmakers willing to fight Obamacare. They realize a hard battle […]

We need deeper cuts than the Sequester!!! (Cartoons included)

What Can Washington Politicians Learn From America’s Moms? Published on Apr 2, 2013 We asked folks what Washington politicians can learn from America’s moms ___________________ We need deeper cuts than the Sequester!!! Below are some very funny cartoons from Dan Mitchell’s blog on the Sequester. Sequestration “Meat Cleaver” Is Really a Scalpel Danny Huizinga July 26, […]

Obama acts like the Sequester cuts would bring the world to an end!!!

When Governments Cut Spending Uploaded on Sep 28, 2011 Do governments ever cut spending? According to Dr. Stephen Davies, there are historical examples of government spending cuts in Canada, New Zealand, Sweden, and America. In these cases, despite popular belief, the government spending cuts did not cause economic stagnation. In fact, the spending cuts often […]

Sequester did not hurt job growth!!!!!

If you blame the Sequester for blaming job growth then you don’t have a good grasp on economics. The Overlooked Jobs Tragedy April 9, 2013 by Dan Mitchell When the monthly job numbers are released, most people focus on the unemployment rate. On many occasions, I’ve cited that number, usually to point out that the unemployment […]

Sequester not so bad after all (includes cartoons)

I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism,  Greece,  welfare state or on gun control. Sequester was not so bad after all. Since the Sequester Has Been in Place for More than One […]

Another funny sequester cartoon from Dan Mitchell’s blog

I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism,  Greece,  welfare state or on gun control. As Humorously Explained by Henry Payne, the World Amazingly Didn’t End When Uncle Sam Got Put on a […]

By Everette Hatcher III | Posted in Cato Institute, Economist Dan Mitchell | Edit | Comments (0)

Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: