New York (CNNMoney) – Cutting spending and raising taxes now could put a drag on the economy.
That was the message Congressional Budget Office Director Douglas Elmendorf delivered Tuesday to the new congressional debt committee, which is in week two of its hurry-up assignment to propose ways to slash deficits.
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I don't understand why cutting hurts?
Sometimes you have to do the things that hurt, to get the pain over with, and move on.
Cutting is exactly what Republican governors have been doing in this climate and it is killing their states and the country with respect to unemployment rates. Republicans have no idea how to govern.
So the CBO is saying what all the top economists and Obama have been saying and therefore Republicans will do the opposite so that there number one goal to get rid of the President is accomplished at the peril of the middle class.
Two parts to the deficit equation. . . combination of spending cuts and revenue. How to generate revenue?? You need to do SOME spending and raise SOME taxes. Cutting spending does not mean stop it entirely!!
Money moving means the economy continues to move. If all you do is cut spending, absolutely the economy grinds to a halt.
Can it be clearer??? Apparently not to the Party of NO. Where are the JOBS you campaigned on GObTP???
and the party of no doesn't care......-eople remember filibustering obstruction and NO.If they had their way FEMA wouldn't have the fundimg mneeded to help people with the disasters we've had. 38 of these obsructionists voted against it. on the 2nd time. OBAMA-BIDEN 2012!!!!!
Looks like same o same o why do we even have this stupid Committee everyone on there only cares about their party and you have an even number from both parties how stupid is that I forgot Obama put it together my bad.
aren't you all glad the republicans don't listen to the CBO (and the democrats for that matter). Makes one wonder why the CBO even exists.
What else is new... No cuts this year, no cuts next year, yawn!
The rich have millions and they have NOT created one single job. They can take a hit that the middle class can't.
TAX THE FREAKIN' RICH!!!!!!!!! HELLO, ANYONE LISTENING OUT THERE?????