Word: cbo
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Dates: during 1980-1989
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...smaller proportion of a larger economy than before. The claim is a very weak reed to lean on. During Jimmy Carter's peak deficit year of 1980, the red ink reached $59.5 billion, or 2.3% of the nation's $2.6 trillion gross national product. By contrast, the CBO's projected Reagan deficit of $109 billion for fiscal 1982 will be at least 3.6% of the G.N.P., or within .3 of a percentage point of the previous biggest deficit year in the nation's peacetime history, 1976, when Gerald Ford ran a deficit of $66.4 billion...
...Congressional Budget Office computer. Its handlers are supposedly nonpartisan technicians, but Republicans suspect them of programming the computer to spew out spending and deficit forecasts pleasing to the Democrats who head House committees. "CBO is politicized to a hopeless extent," said a congressional Republican staff aide last week. The CBO computer played no role in the pre-Thanksgiving brawl, but will be heard from again...
...There was less there than met the eye ... Let's say that you and I walked outside and I waved a wand and said, I've just lowered the temperature from 110 to 78. Would you believe me? What this was was a cut from an artificial CBO [Congressional Budget Office] base. That's why it looked so big. But it wasn...
...nonpartisan Congressional Budget Office had just predicted that federal spending might soar as much as $25 billion above Reagan's forecast for the next fiscal year, and that the deficit might consequently balloon to a record $70 billion, vs. $45 billion projected by the White House. Reason: the CBO doubted that inflation and interest rates will come down anywhere near as rapidly as the Administration expects. Partly because of this gloomy forecast, Republicans on the Senate Budget Committee agreed during a six-hour meeting Monday night to support a move to trim cost-of-living increases scheduled next year...
Arriving for his meeting with the G.O.P. congressional leaders, the President snapped to reporters that the CBO estimates were "phony." Later he retracted that stinging word and observed, accurately enough, that the CBO is projecting a continuation of existing economic trends that his program is designed to change. The opposite side of this argument is that Reagan is counting on a break in inflationary psychology that cannot be supported by figures. Nonetheless, congressional Republicans for the moment swallowed their doubts...