Ezra Klein: CBO says deficit problem is solved for the next 10 years

[babylonsister]

CBO says deficit problem is solved for the next 10 years

By Ezra Klein, Published: May 14, 2013 at 4:13 pmE-mail the writer


It looks like we’ve moved to talking about possible scandals just in time, because according to the Congressional Budget Office, the debt disaster that has obsessed the political class for the last three years is pretty much solved, at least for the next 10 years or so.

The last time the CBO estimated our future deficits was February– just four short months ago. Back then, the CBO thought deficits were falling and health-care costs were slowing. Today, the CBO thinks deficits are falling even faster and health-care costs are slowing by even more.

Here’s the short version: Washington’s most powerful budget nerds have cut their prediction for 2013 deficits by more than $200 billion. They’ve cut their projections for our deficits over the next decade by more than $600 billion. Add it all up and our 10-year deficits are looking downright manageable. Following are the highlights.

more...

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/05/14/cbo-says-deficit-problem-is-solved-for-the-next-10-years/

[Jamaal510]

1. So Republicans...

enlighten us again how PBO is an out-of-control spender and how he's not cleaning up Bush ll's mess.

[a kennedy]

2. and where is this news in our MSM??? Oh right, they're on to "other" things.

[mindwalker_i]

3. The CBO reports facts

and facts have a well known liberal bias. Therefore the CBO report is a partisan attack on Republicans.

They're going to their corner to cry now.

[bemildred]

4. And THAT is why we are awash in all this "scandal" bullshit.

They are losing their old kazoo, so now we have these new ones.

[pa28]

5. With 4% growth and current law we could be back to a surplus by 2015.

Yes, that's right. A surplus.

An entire industry has been built around debt hysteria and developing a consensus around service and earned benefit cuts and now it looks like the "emergency" never existed. If they were being sincere they would fold up shop and go home but I think we all know that's not going to happen.

It's not gonna happen because the real reason for all the hysteria was cuts for their own sake and lower taxes for people like David Koch and Pete Peterson.

[The Magistrate]

7. Hear Hear, Sir!

[Myrina]

6. Well great! We don't need Austerity or to cut SS/Medicare at all then, do we?

DO WE?? Hmmmmm ??? (hands on hips, tapping foot)

[progressoid]

8. No, you clearly don't understand.

Since its working so well, this means we need to cut MORE!!

The Dow is UP! We're on the road to recovery!




fyi...

[Cha]

9. KICKIN!

[dkf]

10. This probably assumes sequestration goes as planned.

[David Zephyr]

11. And Governor Jerry Brown has a surplus in California.

Meanwhile, back to the right-wing orchestrated faux outrage that has consumed the media.

Thank you for keeping it real.