White House Jobs Bill Would Decrease Deficits - CBO

[TomCADem]

Source: Wall Street Journal

A proposed surtax on income above $1 million would help trim $6 billion from deficits over the next decade if enacted as part of the White House's jobs bill, the Congressional Budget Office said Friday.

The nonpartisan office, in a letter to Senate Majority Leader Harry Reid (D., Nev.), estimated that the American Jobs Act, including the surtax, would decrease deficits by about $6 billion from 2012 to 2021.

An earlier version of the White House's proposed jobs bill would decrease deficits by $3 billion over the next decade, the CBO said in a separate report.

"CBO anticipates that enacting could have a noticeable impact on economic growth and employment in the next few years," the CBO said in the report.


Read more: http://online.wsj.com/article/BT-CO-20111007-711861.html

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Well, this should have the Tea Party lining up to support the bill, right? Afterall, Republicans threatened to send our Nation into default because of their alleged concern about the deficit. As for the tax increases, even Warren Buffet supports an end to coddling the rich.

[Igel]

1. $6 billion?

The great fiscal rescue is around 0.04% of the shortfall for the current year?

Really? That's it? There's not a typo masking several orders of magnitude in the article?

That's like me getting a salary increase of a bit less than $18 next year and somehow thinking that because we can go out for ice cream one time we're rich.

[girl gone mad]

2. The only way we will get a real recovery is by increasing the deficit.

[GeorgeGist]

3. snort

wake me when they get serious about profiting from the ritch.