Word: cbo
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...Watching what happened to the HELP Committee, you could understand why the Finance Committee would decide to delay its own markup. After all, it had been warned by the CBO that an early draft of its bill would have an even larger price tag than the HELP Committee's - it would increase the deficit by more than $1.6 trillion over the next decade. So Finance Committee members will be spending the next few weeks trying to reduce the price tag. It is looking, for instance, for ways to make sure that people who now get coverage from their employers cannot...
...they are content to watch this ugly phase of the process - one of many it is likely to go through before it is over - from the sidelines. "It's going to look like a mess for a few weeks," said an official. "But overall, we think this is helpful. CBO has sent a signal that everyone needed to hear: This is not just an intellectual exercise...
...yellow caution light has come from the Congressional Budget Office, the fiscal scorekeeper for everything proposed on Capitol Hill. In recent days, the CBO has issued preliminary estimates suggesting that both major bills in the Senate - including the one being worked on by the Health, Education, Labor and Pensions (HELP) Committee and the one by the Finance Committee - are not only going to add significantly to the deficit, but also that they'll do so without delivering what lawmakers have promised in terms of bringing down health-care costs and covering the uninsured...
...Delay may be awkward, but moving too hastily with a half-baked bill can be worse, as the HELP Committee is learning the hard way. The committee forged ahead with a markup - a formal drafting session - on June 17 despite a CBO estimate that its bill, as it stands, would increase the deficit by $1 trillion over the next 10 years and still leave the number of uninsured about two-thirds as high as it is now. Senator Chris Dodd, filling in for ailing committee chairman Ted Kennedy, hadn't even read his formal opening statement before he was interrupted...
Almost every analyst or forecasting group of any substance has offered opinions over the last few weeks, regarding the performance of the economy for the last half of this year. Paul Krugman, Alan Greenspan, Paul Volker, and several other members of the Fed, posted their forecasts. The CBO and FOMC issued long reports weighed down with unimaginable data and their projections...