Tags: cbo | obama | budget | economy

CBO: Obama Budget Will Hurt Economy Over Time

Friday, 20 Apr 2012 12:59 PM

By Andra Varin

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
President Barack Obama’s proposed 2013 budget would damage the economy in the long run by creating big deficits that would shrink the amount of capital available to businesses, the nonpartisan Congressional Budget Office said Friday.

“CBO estimates that the President’s budgetary proposals would boost overall output initially but reduce it in later years,” the CBO report said.

It said the plan would create larger deficits, causing the government to issue more bonds and thus eating up private capital to cover its debts. That would cut into the money available for businesses to expand and create more jobs, the CBO said.

It also said that an increased tax on capital gains in the president’s proposal would reduce private capital as well.

After five years, the report said, Obama’s budget would reduce economic output by between 0.5 percent and 2.2 percent.

The CBO analysis is a follow-up to a March report in which it projected that Obama’s proposals would add $3.5 trillion to deficits over 10 years compared to current law.


© 2014 Newsmax. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Americans Just Don't Think Sebelius' Departure Will Matter Much

Wednesday, 16 Apr 2014 09:55 AM

The impending departure of Health and Human Services Secretary Kathleen Sebelius is bringing forth a kind of shrug from  . . .

Pope to Mafia Bosses: 'Stop Doing Evil'

Wednesday, 16 Apr 2014 09:46 AM

Pope Francis has signaled a war on organized crime in Italy after attending a prayer vigil with the families of Mafia vi . . .

Romney's Son Tweets Taunt to Reid: My Dad Pays His Taxes

Wednesday, 16 Apr 2014 09:39 AM

It's been almost two years, but Mitt Romney's son Josh hasn't forgotten Senate Majority Leader Harry Reid's insistence t . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved