jim enhoff earlier. senator enhoff, you issued a report on the damage that will be done to america s economy if president obama is able to push through by regulation, not legislation, but regulation his so-called greenish green initiative. let s talk about what happens to this country s economy and jobs if that happens. governor, first of all, i did that before the election. these are the regulations that he was going to impose, but he is waiting until after the election to do it for obvious reasons. all of these people will lose their jobs. he didn t want them to know that before the election. to put it in proper perspective, i think most people know that the deficit was really that came from the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable
jim enhoff earlier. senator enhoff, you issued a report on the damage that will be done to america s economy if president obama is able to push through by regulation, not legislation, but regulation his so-called greenish green initiative. let s talk about what happens to this country s economy and jobs if that happens. governor, first of all, i did that before the election. these are the regulations that he was going to impose, but he is waiting until after the election to do it for obvious reasons. all of these people will lose their jobs. he didn t want them to know that before the election. to put it in proper perspective, i think most people know that the deficit was really that came from the budget of the president, $5.3 trillion deficit. people understand that. they know about his war on fossil fuels. here we are in a position of having the most recoverable
in some sense that is true but at least you are offsetting a spending fiction with a revenue fiction and clearing the deck so that we don t increase from 4 million to 31 million people the number affected by the alternative minimum tax. stablize the debt. chris: what would that mean? what would the level be for taxes for revenue. in how much would be raised in revenue and what would it mean in new spending cuts? the spending cuts would be a trillion $450 billion. $2.6 trillion. couple that with the $1.1 trillion already done and you are at $3.7 trillion. and look, is it perfect? no. is it everything we he hoped for? no. does it match what bowles simpson did? no. on an even comparison bowles simpson would be $5.3 trillion.
in some sense that is true but at least you are offsetting a spending fiction with a revenue fiction and clearing the deck so that we don t increase from 4 million to 31 million people the number affected by the alternative minimum tax. stablize the debt. chris: what would that mean? what would the level be for taxes for revenue. in how much would be raised in revenue and what would it mean in new spending cuts? the spending cuts would be a trillion $450 billion. $2.6 trillion. couple that with the $1.1 trillion already done and you are at $3.7 trillion. and look, is it perfect? no. is it everything we he hoped for? no. does it match what bowles simpson did? no. on an even comparison bowles simpson would be $5.3 trillion.
growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it s refused to do willingly, make dramatic changes in taxes and spending. if those changes happen automatically, the cbo estimates it would have a positive long-term impact. by comparison, it says current law is kept in place, output and income would be lower down the road. so here is another way to look at it. fast forward to budget projections. keeping tax cuts in place, extending most tax provisions and putting off spending cuts would put revenue in 2020 at 4dz.2 trillion. spending at $5.3 trillion. the national debt is projected to be near $20 trillion by then. $3 trillion higher than it is now. but if tax rates go up and spending cuts kick in, you