CBO Director: Yeah, Obama's Budget Reduction Speech Was Meaningless To Us. Also Biden Debt Reduction Talks Falling Apart?

CBO Director Doug Elmendorf is testifying at the House Budget Committee today and is pretty much ripping up the administration's approach to the budget and economic policy.

You may remember that the Senate voted 97-0 to not take up the budget Obama submitted. The excuse Democrats gave for not supporting their President's budget was that it was superseded by Obama's deficit reduction speech.

Well, today Elmendorf said, "just words".

Ouch.

Jim Petholoukis is live tweeting the hearing. A couple of more nuggets from Elmendorf:

Boom Boom Pow! CBO's Elmendorf: "Higher marginal tax rates do reduce economic activity ."

Ka-Blam! CBO Elmendorf: Raising tax rates on rich hurts more than raising tax on everyone else. (Dem wasn't expecting that answer)

I'm going to guess the liberal won't be so quick to call the CBO the "Gold Standard" of budget analysis anymore.

Related: Looks like the GOP is pulling out of the Sheriff Joe led debt reduction talks. It's almost as if this was simply a stalling tactic by the administration or something.

posted by DrewM. at 12:56 PM

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