Yesterday, the CBO released it's report about America's debt. It gave two different versions of the future. In the Extended--Baseline Scenario, the Bush Tax Cuts expire, and America is able to offset (though not completely) our increase in health care costs.
In the Alternative Fiscal Scenario, the Tax Cuts are extended.
"The growing imbalance
between revenues and spending, combined with spiraling
interest payments, would swiftly push debt to higher and
higher levels."--CBO
Then comes the most chilling statement of the report.
"Many budget analysts believe that the alternative fiscal
scenario presents a more realistic picture of the nation’s
underlying fiscal policies than the extended-baseline scenario does."--CBO
One (alternative fiscal) scenario would force us to make drastic cuts to programs.
The other (extended baseline) scenario would allow us to keep our promise to our Seniors.
So I ask, why did the Republicans leave the budget talks? As reported in TPM, Chris Van Holen said they left because:
Please read the CBO Report Summary for yourself.
"The growing imbalance
between revenues and spending, combined with spiraling
interest payments, would swiftly push debt to higher and
higher levels."--CBO
Then comes the most chilling statement of the report.
"Many budget analysts believe that the alternative fiscal
scenario presents a more realistic picture of the nation’s
underlying fiscal policies than the extended-baseline scenario does."--CBO
One (alternative fiscal) scenario would force us to make drastic cuts to programs.
The other (extended baseline) scenario would allow us to keep our promise to our Seniors.
So I ask, why did the Republicans leave the budget talks? As reported in TPM, Chris Van Holen said they left because:
Republicans chose to "protect taxpayer subsidies for big oil companies, tax breaks for corporate jets, and tax breaks for millionaires."Not a way to get us on the right course.
Please read the CBO Report Summary for yourself.
