Members of Congress insert these provisions to circumvent the usual process by which executive branch agencies decide how to spend the funds Congress gives them. [...] Americans are told that the only thing that can save us is a $1 trillion government spending "stimulus" bill that the Congressional Budget Office reports will be a long-term detriment to our economy.
THE Congressional Budget Office is not given to hyperbole. Fiscal reports of the independent, non-partisan agency are textbook dry. But even with the CBO's measured language, its most recent report is startling.
Competing Interests - Congressional Budget Office reports Washington D.C.
The Congressional Budget Office reports that the Senate Immigration bill will cost $49 billion over the next five years (almost $10 billion a year) and $127 billion over then next 10 years (averaging about $13 billion a year). Spending on government benefits programs, including refundable tax credits for the working poor (a tax credit is issued even if no federal taxes are paid) would rise by $16 billion for years 2007-11 and be $48 billion over the next 10 years. Eligibility for refundable earned income tax credits, another $34.5 billion.
As our economy struggles to recover from nearly four years of business and job loss, increased health care costs threaten to stall any meaningful economic recovery and cause more American workers to lose their coverage. Health care premiums have increased by double digits over the past few years. Last year, premiums for small businesses (who, by the way, employ over half of the American workforce) jumped 15 percent, while corporate health care costs increased by 13 percent. The Congressional Budget Office reports that for every 1 percent increase in health care cost to businesses, 200,000 workers lose health care coverage because their employers can no longer afford to pay the high insurance premiums. The situation has gotten so bad that even the leaders of the nation's largest corporat...
The Congressional Budget Office, the economic forecasting arm of the Congress, now reports that the Social Security trust fund is almost in the red. They project that the fund's surplus next year will be a scant $3 billion. For perspective, CBO just 12 months ago projected that this same surplus would be $86 billion -- almost 30 times larger. Plus, the CBO estimated then that the fund would not be in the red for another ten years. Now it looks like it may be next year.
The approximately 30,000 combat vehicles and 500 helicopters the Army and Marine Corps have deployed in Iraq and Afghanistan are operating at between three and six times their peacetime tempo, reports the Congressional Budget Office, and the harsh desert heat and blown sand further increase the wear and tear. According to a 2008 study by the National Priorities Project, a nonprofit, nonpartisan research group that tracks federal spending, the percentage of recruits with high school diplomas has fallen for three consecutive years, and the number of recruits scoring in the upper half of the Armed Forces Qualification Test, those described by the Pentagon as "high quality," has dropped nearly 25 percent since 2004.
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