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Growth Gap Triggers Deficit Disorder
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David Reilly points to the growth rates used by the U.S. Congressional Budget Office as too optimistic in the light of recent figures from the Commerce Department that show growth was only 0.8% for the first half. The CBO deficit reduction projections are based on a 3.1% U.S. growth rate for 2011 and 2.8% in 2012. This means the $1 trillion in initial spending cuts under the August 2 Debt Ceiling and Deficit Deal are likely to have a negligible impact on U.S. deficit reduction. Bank of America's revised forecast is for 1.7% U.S. growth for 2011 and 2.3% for 2012. The Office of Managemet and Budget estimates that a one percentage point drop in growth in the forecast for 2011 can lead to a $750 billion increase in cumulative deficits over 10 years. Former Treasury Secretary Summers also points this out in his op-ed piece in the Washington Post, August 2, 2011.
The U.S. Debt Ceiling and Deficit Reduction Deal of August 2, 2011
01/16/2009
The deal finally put together by Vice President Biden and Senate minority leader Mitch McConnell on August 2, 2011. The deal requires the setting up of a debt panel to come up with additional savings.
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From Big Spending to Big Cuts, as Economy Stalls
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Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
New York Times 10/20/2013
Moving forward after the debt deal - The Washington Post
Washington Post 08/02/2011
Long Battle on Debt Ending as Senate Set for Final Vote
New York Times 08/01/2011
That Monolithic Tea Party Just Wasnât There
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Deficit Battle Shifts to Panel
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The large impact slow growth has on the U.S. deficit in future years
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Linked Articles
Growth Gap Triggers Deficit Disorder
Wall Street Journal 08/03/2011
Moving forward after the debt deal - The Washington Post
Washington Post 08/02/2011
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