GOP threatening debt ceiling debacle II

Dungheap said:
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CBO: http://www.cbo.gov/sites/default/files/cbofiles/attachments/44172-Baseline-OneColumn.pdf
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from the above....

CBO’s estimate of the deficit for this year is about $200 billion below the estimate that it produced in February 2013, mostly as a result of higher-than-expected revenues and an increase in payments to the Treasury by Fannie Mae and Freddie Mac.
1
For the 2014–2023 period, CBO now projects a cumulative deficit that is $618 billion less than it projected in February. That reduction results mostly from lower projections of spending for Social Security, Medicare, Medicaid, and interest on the public debt.

from the other....
Table
S–1.
BUDGET TOTALS
(I
n billions of dollars and as a percent of GDP)
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Totals
2014–
2018
2014–
2023
Budget Totals in Billions of Dollars:
Receipts
....................................................
2,450
2,777
3,023
3,285
3,516
3,733
3,959
4,196
4,406
4,669
4,909
5,152
17,516
40,847
Outlays
.....................................................
3,537
3,536
3,773
3,911
4,094
4,249
4,455
4,741
4,990
5,235
5,502
5,700
20,482
46,650
Deficit
....................................................
1,087
759
750
626
578
516
496
545
584
566
593
549
2,966
5,80

receipts, going up....spending, going up, deficit, going down.....why is the deficit going down?......because receipts are going up, not because spending is going down....
 
First, the above tables are taken from the OMB, not the CBO. The reason why you probably shouldn't use the OMB figures (I included them because you were confused about what the Washington Post artcile meant) is becase they assume that the President's agenda will be adopted and project what spending and revenues will look like if the President's agenda is adopted. It pretty much goes without saying that the President's agenda will not be adopted.

Second, you made a very specific statement, "the deficit has shrunk by less than increased revenues," that I questioned. Given that you used the past tense "has shrunk" I assumed you were talking about either 2012 or YTD 2013. Apparently, you were talking about the future, because your statement is stupid as applied to 2012 (the tax increases only went into effect Jan. 1, 2013) and is wrong as a matter of fact for 2013. So, like, this is the part where a normal person would acknowledge his error.

Third, you're playing a game I like to call fun with nominal dollars. You see, spending will generally increase year to year regardles because of increases in population, inflation and, importnatly as the baby boomers age, changing demographics. So looking at nominal figures as opposed to spending as a percentage of GDP is really foolish.
 
Dungheap said:
First, the above tables are taken from the OMB, not the CBO.

correct....the first quote is from the CBO.....


Second, you made a very specific statement, "the deficit has shrunk by less than increased revenues," that I questioned. Given that you used the past tense "has shrunk" I assumed you were talking about either 2012 or YTD 2013.
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past tense....spending has increased, any increased revenues would first have to cover increased spending before there could be any decrease in the deficit.....ergo......the deficit has shrunk less than the revenues were increased.....

So looking at nominal figures as opposed to spending as a percentage of GDP is really foolish.
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unless, of course, you're concerned with actually reducing spending......that excludes all liberals obviously....
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PostmodernProphet said:
Dungheap said:
First, the above tables are taken from the OMB, not the CBO.

correct....the first quote is from the CBO.....




past tense....spending has increased, any increased revenues would first have to cover increased spending before there could be any decrease in the deficit.....ergo......the deficit has shrunk less than the revenues were increased.....



unless, of course, you're concerned with actually reducing spending......that excludes all liberals obviously....
Click to expand...


But, like, spending decreased from FY11 to FY12 and is projected to decrease again from FY12 to FY13, and thus, the deficit is projected to shrink by more than the increase in revenues for FY13 (the year of the enactment of the tax increases).

So, like, you're just wrong.
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Dungheap said:
But, like, spending decreased from FY11 to FY12 and is projected to decrease again from FY12 to FY13, and thus, the deficit is projected to shrink by more than the increase in revenues for FY13 (the year of the enactment of the tax increases).

So, like, you're just wrong.
Click to expand...
'

right....its just dropping like a rock....
fed-finances.png]


http://eyeonhousing.files.wordpress.com/2011/04/fed-finances.png
 
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