Thursday, July 16, 2009

The Congressional Budget Office (CBO) Says Obama Is Wrong

CBO Sees No Net Federal Cost Savings in Dem Health Plans.

Here's a blow to President Obama and Democrats pressing health care reform.

Elmendorf: No, Mr. Chairman. In the legislation that has been reported we do not see the sort of fundamental changes that would be necessary to reduce the trajectory of federal health spending by a significant amount. And on the contrary, the legislation significantly expands the federal responsibility for health care costs.

The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government. It is a government agency that provides economic data to Congress. It was created by the Congressional Budget and Impoundment Control Act of 1974.

With respect to estimating spending for Congress, the Congressional Budget Office serves a purpose parallel to that of the Joint Committee on Taxation for estimating revenue for Congress, the Department of the Treasury for estimating revenues for the Executive and estimates required for the Congressional budget process. This includes projections on the effect on national debt.

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