Oof: CBO says Boehner’s bill would save less than $1T over 10 years — and just $1 billion this year; Update: Boehner rewriting bill

posted at 6:40 pm on July 26, 2011 by Allahpundit

Well, so much for that last post. From Table 3 of the CBO’s new scorecard, eyeball the bottom line:

In return for a $1 trillion debt-ceiling increase, and after a promise of $1.2 trillion in cuts, we get … $850 billion in actual savings over 10 years and just $1 billion(!) this year, which plays directly into conservative fears of backloaded deficit reduction that future Congresses will end up canceling. In fairness, as Politico notes, the savings would be $122 billion higher if not for the fact that CBO readjusted its baseline after Obama’s and Boehner’s deal on the 2011 budget, but of course the savings in that deal also fell famously short of conservative expectations. How do you sell 218 Republicans on this deal when they’re still haunted by that one?

Cantor insists that they can still get the votes, partly because more Republicans have become convinced that hitting the ceiling really would jolt the already fragile recovery. Whether that’s still true after this, I don’t know. Frankly, this is probably the best pitch the leadership could offer at this point.

Update: Boehner’s office says they’ll rewrite the bill to make sure that the amount of savings matches the amount of the debt-ceiling increase.

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I just heard them say on Fox news that this bill saves 1.1 trillion in the next 10 years.

I think the hard liners are going to screw around and hand Obama a victory. I really do. If they can not rewrite this bill to get more votes…then the Reid plan might pass.

It is amazing how often people who yack about loyalty are willing to cross the aisle and vote along side the Democrats just so long as they can stick it to their own leadership in the process.

Terrye on July 26, 2011 at 6:51 PM

I agree, Terrye.

Lourdes on July 26, 2011 at 9:23 PM

$1 billion? That’s it? It sound like he traded the cow for some magic beans.

scrubjay on July 26, 2011 at 9:24 PM

Hahahaha.

The GOP WILL screw you.

MadDogF on July 26, 2011 at 9:25 PM

Dr Evil on July 26, 2011 at 7:06 PM

Every point you make is valid.

ObaMao is crashing the economy, and his henchmen Reid/Schumer and cheerleader Pelosi are jumping up and down with glee, thinking that the Republicans are at fault. The media will promote that meme. And we will all suffer for this political grandstanding by the Dems.

onlineanalyst on July 26, 2011 at 9:29 PM

When Wu officially resigns, the GOP at the same time needs to replace Boehner.

AH_C on July 26, 2011 at 9:30 PM

The significant information is that Boehner, House GOP are “rewriting the bill”.

I also think that Boehner should get more support from the Right and far less sniping – he appears to be trying to accomplish real effects to help us all out as a nation and not to be playing politics as usual.

Lourdes on July 26, 2011 at 9:11 PM

Boehner is “rewriting” because his scam was blown sky high! Same as $100 billion cuts became $30 odd billion then $300 odd million in the 2011 CR debate.

A true conservative would have carefully designed his proposal, ensured that the cuts were real and frontloaded, and discussed it with his caucus before releasing it to the public. He had the same old Washington flaky budget cut proposal designed and sought to foist it on his caucus.

TheRightMan on July 26, 2011 at 9:32 PM

I just heard them say on Fox news CBO says that this bill saves 1.1 trillion $850 billion in the next 10 years and only $1 billion this year.

Terrye on July 26, 2011 at 6:51 PM

FIFY.

TheRightMan on July 26, 2011 at 9:35 PM

The only man in Congress who acknowledges that this whole thing is a sham is Ron Paul. Every other GOPer is playing politics with this.

keep the change on July 26, 2011 at 9:35 PM

Boehner was the man yesterday.

Not so much today.

The GOP will betray you.

I’ll be in the bunker, counting my 8-tracks.

Bishop on July 26, 2011 at 9:38 PM

The only man in Congress who acknowledges that this whole thing is a sham is Ron Paul. Every other GOPer is playing politics with this.

keep the change on July 26, 2011 at 9:35 PM

yeah. but look over there! he’s a nut, anti-semite, kook, conspiracy theorist, goldbug, isolationist, freakshow with nazi tendencies. ///// baa..baaa. did I forget something?

Firefly_76 on July 26, 2011 at 9:41 PM

I’ve come to despise the establishment-squish named boner.

Everything he is and represents just bugs the crap out of me.

CCB tabled and ready to go, and now he’s fixing mistakes in his bill (a watered-down comedy-of-a-bill that he’s already lied once about).

You sir are an ass.

Tim_CA on July 26, 2011 at 9:46 PM

I want the Penny Plan from Congressman Mack. Sen. Paul signed on.

Never the BS cuts in future increases. One percent cut to baseline, each year for six years. Period.

In hard times your family can cut back 1 percent, why not the government?

barnone on July 26, 2011 at 7:22 PM

Ah, this is the plan that I was referring to back at 8:21pm. Thanks for the link.

onlineanalyst on July 26, 2011 at 9:46 PM

Screw me once, shame on you. Screw me twice … and I want a new Speaker of the House. If John Boehner cannot add past $1 billion, counting groups of $500 million, then the GOP needs to find someone who can.

Jaibones on July 26, 2011 at 9:49 PM

$1 Trillion over 10 years almost offsets 1 year of BHO’s deficits. Well played, Boehner. Well played, sir.

/s

Neo-con Artist on July 26, 2011 at 10:07 PM

“The GOP will Betray You.”

-True-King

(I’m starting to really think he is right.)

portlandon on July 26, 2011 at 6:49 PM

I’ve been right FOR FREAKING YEARS MAN!

I’m also right about all the other bad news I’ve had to post here, like the housing bubble ain’t coming to and end. Been saying that for years while everyone here is thinking things are going to turn around.

How long is it going to take you all here to understand that our economy was purposely sabotaged by some very smart men. The purpose of this well timed depression is the distribution of wealth. Just look around you.

I’m not sure how much more all of you need to get slapped in the face with the reality that SURROUNDS you to see things for what they are.

True_King on July 26, 2011 at 10:17 PM

Fire the bums and replace them with people who actually care about this country and want to keep us the greatest country in the world. If they don’t have the guts to stand up to a president who is being deserted by Blacks and Liberals then we need somebody who will. Why are the women in the GOP the only one’s with the spine to take a stand and not back down?

flytier on July 26, 2011 at 10:21 PM

True_King on July 26, 2011 at 10:17 PM

I not only believe you, but I wholeheartedly agree with you.

kakypat on July 26, 2011 at 10:35 PM

I jumped on Boehner earlier on this story, but to be fair …

This deal is BETTER than the 386 million continuing resolution cut that the crack team of Republican negotiators produced!

Freddy on July 26, 2011 at 10:52 PM

It’s truth or consequences time. Boehner needs to move beyond appearances and begin hunking out real fat.

He’s got 78 Republican votes on the line, and if he’s going to hand Obama a victory in the debt limit arena, he better be prepared to give the Tea Party a victory parade too.

unclesmrgol on July 26, 2011 at 11:14 PM

Boehner……….dead to me now.

Talon on July 26, 2011 at 11:15 PM

The only man in Congress who acknowledges that this whole thing is a sham is Ron Paul. Every other GOPer is playing politics with this.

keep the change on July 26, 2011 at 9:35 PM

Ron Paul is just miffed that he’s forever sidelined.

unclesmrgol on July 26, 2011 at 11:15 PM

Not end game yet.

Coronagold on July 26, 2011 at 11:57 PM

At first I thought maybe Boner deserved a bit of credit here, but now the real numbers are out, it’s nothing but a complete disgrace!

What kind of leader brings a shocking bill like this into Congress knowing his country is burning to the ground? A miniscule $1 Billion in cuts next year – that is just sickening!

Basically Boner has given Ogabe a clean bill. A $1 trillion debt-ceiling increase with no cuts. We all know any future cuts are just fairy dust anyway. Ogabe gets what he wanted anyway and Boner bones conservatives and his own country.

Just sickening!

Ogabe on July 27, 2011 at 1:08 AM

You folks sure are giving the CBO a lot of credit. A lot of you are also expecting a rather spectacular amount from a simple majority in the House, while the most liberal Democrat in history still occupies the White House and, while they’ve lost their super-majority, vitriolic Democrat partisans still control the Senate. Boehner is not in a position to single-handedly save this country this summer, and for all their campaign promises new Republican members in the House are similarly in no position to deliver salvation in the short term. What Boehner presented the House is as close to a “win” as we can hope for until Obama is gone, and as much as Republicans could hope for at present to help show our dear “post-American” leader the exit door in 2012. The alternative now is an unequivocal Democrat political win out of this disaster–and that may very well be what we’ll now get.

Blacklake on July 27, 2011 at 1:22 AM

TheRightMan on July 26, 2011 at 9:32 PM

Boehner’s bill “a scam”? I’d never refer to it as such. Obviously — what I think — is he relied on the numbers provided to him and they proved on closer examination afterward not to ‘sound as good as they were headlined to be’.

I agree he ought to have looked closer but I doubt he was involved in attempting “a scam”.

Lourdes on July 27, 2011 at 3:17 AM

TheRightMan on July 26, 2011 at 9:32 PM

Boehner’s bill “a scam”? I’d never refer to it as such. Obviously — what I think — is he relied on the numbers provided to him and they proved on closer examination afterward not to ‘sound as good as they were headlined to be’.

I agree he ought to have looked closer but I doubt he was involved in attempting “a scam”.

Lourdes on July 27, 2011 at 3:17 AM

And that’s more reason for things to slow down a bit and for this process to be done effectively, and very well.

Obama’s out there pushing for complications and failure. That’s what all his speeches are about: goading people — as in, Republicans — into failing, tripping up. His taunts and walkouts and temper tantrums are all about that, trying to goad others into failing so he can crow he’s the savior.

Lourdes on July 27, 2011 at 3:19 AM

And at least $100 billion must come out of 2012 budget for him to even expect a ghost of a chance to stay in office. He really needs to pull at least $700 billion out in 2012, guarantee no tax increases on small business and small business owners, guarantee a tax credit for small businesses for each job created, and get this economy rolling again. If employment rises as a result, the deficit will mostly take care of itself. Then we have to take 2013′s budget into reduce the debt territory rather than merely reduce the deficit.

We see right now with S&P and Moody’s babbling about our credit rating how the lenders start calling the shots. We MUST get out of that territory, fast, if we wish to remain a free nation.

These are not the ONLY things we need to do. But they’re a good start.

{^_^}

herself on July 27, 2011 at 4:30 AM

“You sir are an ass.
Tim_CA on July 26, 2011 at 9:46 PM”

I think you are being too kind to ole ‘Boner’, Tim. I admire your gentlemanly forebearance though. I would say that Boehner is a waste of ‘reproductive matter’ (I cleaned it up for public consumption).

JimP on July 27, 2011 at 6:33 AM

just say no…the surest way of reducing the deficit spending.

NORUK on July 27, 2011 at 6:42 AM

LOL – CBO scores the Boehner Bill at less than $1T?

Why am I not surprised.

Looks like this latest BETRAYAL from Boehner was exposed before it could get off the ground too far!

Good Go CBO!

HondaV65 on July 27, 2011 at 7:27 AM

THE HONDAV65 “COMPROMISE” BILL …

1. GOP agrees to raise the debt ceiling – no debt reductions required. F*** It!

2. Boehner, McConnell, Cantor, Cornyn – they all RESIGN and go home.

At this point – I’ll take the resignations of the dead wood in the GOP over reductions in gov spending – because these tools don’t know how to negotiate to get real spending reductions and are too busy trying to subvert the wishes of the base.

HondaV65 on July 27, 2011 at 7:31 AM

I second HondaV65′s “Compromise” Bill.

JimP on July 27, 2011 at 8:02 AM

2. Boehner, McConnell, Cantor, Cornyn – they all RESIGN and go home.

Here’s an idea: Since Boehner, et.al. had a big hand in Effing things up, they submit their recommendations to the NEW CONGRESSMAN/SENATOR from his district.

Mr. Grump on July 27, 2011 at 8:12 AM

Although the CBO did not score it, I have seen where even Paul Ryan’s budget that got passed by the House earlier in the year had a $1.9 trillion dollar deficit to get thru FY2012. So what is your magic debt limit amount to get us to the point we have balanced budgets?

I want to see balanced budgets, but serious cutting needs to begin now and no one has stepped up to that plate even Ryan.

bigtallgoo on July 27, 2011 at 10:07 AM

The alternative now is an unequivocal Democrat political win out of this disaster–and that may very well be what we’ll now get.

Blacklake on July 27, 2011 at 1:22 AM

No time to get wobbly in the knees. We own spending. If Obama won’t compromise, let America get buy with 40% less federal spending for a year and a half, perhaps permanently, with Democrat flamed social unrest and all. We all know that they’re going to insight violence. Why would Democrats be any more popular than the Tea Party after they do that? Why would America vote to fully restaff the skeleton agencies with trillions/year of debt after they learned that the sun rises without it?

Remember, conservatives won when Teaparty candidates packed congress with enough members to block any debt ceiling increase. But now we tremble about “an unequivocal Democrat political win out of this disaster”. Are we still that blind?

We are now on the edge of “an unequivocal” worldwide social “disaster” that permanently ends liberty. And some here want to give our one best weapon away with the hope that we’ll win the presidency (without tea party support) 1.5 years from now and the trillions we add to our debt in the mean time won’t trigger a financial collapse? Everything tell me that it’s foolish to give up this ball in the hand for two in the bush. We have the tool needed to restore America, but we cower from the gravity of its use to such an extreme that we pretend it’s not necessary. We take comfort in echoing each other’s “expert” words that, “now is not the time” or “the repercussions will be too severe”. But a clear headed examination of the math indicates that there is no easy way out of this. No matter who’s in the Oval Office, market will rock, ghettos will riot, senior will see reduced payments, the military will degrade, and families and friends will have to work together more closely. Republicans will be blamed by some whether we’re in the Oval Office our not. Let’s grow a spine and pull the trigger on the debt.

elfman on July 27, 2011 at 10:09 AM

Republicans will be blamed by some whether we’re in the Oval Office our not. Let’s grow a spine and pull the trigger on the debt….elfman on July 27, 2011 at 10:09 AM

This is the gospel truth. We run in fear of the LSM who we reportedly don’t trust but like McCain, Boehner, Gingrich all the elitists in Washington we constantly try to kiss up to them. How can we send our young men and women off to die and be such big cowards back home.

Herb on July 27, 2011 at 11:04 AM

Time for a new Speaker!!

EasyEight on July 27, 2011 at 11:42 AM

Listening to Boehner on Rush yesterday made me sick to my stomach.

Boehner’s deal gives Obama a trillion in new borrowing (which will be used) and even if it reduced spending by 1 trillion over ten years, thats 10 billion a year, a sniffle of what is borrowed in a year.

It doesn’t make a dent in the damage Obama has already done

At the end of the conversation, Boehner said it had to be done to save SSA

The night before, Levin had a guest who explained Social Security has put its surplus each year into Treasuries, several trillions. If Social Security had zero tax revenue coming in, it could liquidate Treasuries for cash to pay checks, and the same Treasuries could be re sold on the market without raising the debt ceiling, since they are already factored in current obligations.

Meanwhile, the gov has reported Social Security has a surplus in revenue again this year

I do not blame Boehner in the sense if he cannot get the DEMs to vote a bill that hands them a trillion in loans with nothing in return, he is up against a rock

If DEMs wont accept a trillion in borrowing with nothing back but a 10 year promise to cut spending – at about the future rate of inflation – and a vote on a constitutional amendment which might never pass the states (i.w. vapor-ware) Boehner ought to recognize he is going to get nothing from the DEMs.

They want a government shutdown, and they want it called default, when it is not a default, since we have plenty of money to service the debt

Boehner ought to call them on Social Security, instead of groveling on Social Security. He has to call them on government shutdown, instead of letting them own the message by labeling this game ‘default’

He has to talk about shutting down the unneeded parts of governemt to save the needed parts, instead of acting like Social Security is the reason for our mess.

As long as Boehner labels Social Security the number one threat to America, exceeding even the threat from China, he will be owned by the media

We are so screwed because the conservative side does not understand how they are playing with the masses. The libs are looking like donkies, but you can’t use that against them unless you act like something more.

To own the message, you need a message that is not a copy of the lib script. That is why Tea Party will gain. The RINOs would rather die than change

Give it up guys. Make an angry speech insisting you are not going to let Social Security be the scapegoat, when it was uncontrolled spending and borrowing which got us here. Insist you are going to save Social Security (and not by quoting any bi partisan commission) by cutting anything and everything else except defense. Make your campaign a campaign to save Social Security instead of a campaign to gut Social Social security. It is the message that is the medium. Say you will fight to the death to make things right. Ask people to join you. Get a bunch of Tea Party people on your side, on camera and change the dialogue.

Social Security will not be made long term solvent by the Boehner plan, but it will die a horrible death if we keep borrowing.

This is triage. First stop the bleeding. Don’t scare the family with the details of the surgery

I pray to God they get the point

The message is the medium

entagor on July 27, 2011 at 11:53 AM

Why don’t they bring the credit agencies in on the discussions? Moody’s could tell them exactly the sort of cuts we need to make in order to preserver our credit rating.

Or, is that not REALLY the point?

hawksruleva on July 27, 2011 at 12:08 PM

Oof: CBO says Boehner’s bill would save less than $1T over 10 years — and just $1 billion this year

Is anyone surprised by this? I have very little faith in Boner’s street cred.

samuelrylander on July 27, 2011 at 12:27 PM

good gods people.
1. the budget cuts they pass will not greatly affect the budget they passed earlier this year. That’s like someone setting a grocery account on contract and than canceling the contract mid-year saying they had miscalculated. It’s just not going to happen.

2. Without TAX increases the deficit will never be reduced without axing the military budget by over 60% of current numbers.

3. Entitlement reforms are what both parties should have been fighting for, instead they bs’d about cutting spending and ended up turning out bills that are nothing more than political illusions that don’t address the problem and will probably make the economy worse.

4. The party that is fiscally dumb at this point is the republicans. They provided bread and circus’s for 8 years trying to create an unbreakable stranglehold on congress, and now when a few percent point of tax increase come along they balk and act like spending cuts alone are the only cure. We need major investments in infrastructure to maintain our life style here. and if we aren’t willing to accept that as the true market price of living this way than we will be destroyed by the inevitable collapse of an unmaintained system.

Zekecorlain on July 27, 2011 at 4:43 PM

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