which one, the official estimator the c.b.o. director s blog from march 17, where they say we don t really know what this will do. guest: have you rid the official estimator not? of course i have, i cannot pluck out the exact date, letter you are talking about. got it all here. which page are you talking about? march of 2010, it says the projected decrease is $143 billion. now they have never changed that estimate. so, repealing the health care law increases the deficit. doesn t it? not necessarily because i will they this out. here is something else, i will quote the c.b.o., not giving you my opinion, congressman, okay? the c.b.o. blog also, i believe, march 17 . guest: the way the c.b.o. works . i cannot read the comments. guest: sure you can. it issues an official letter that is an official position. they can comment on that but
they get 150 billion in the next year or two, but they get 120 billion less. they pay 120 billion more in taxes than they otherwise would in the years after that. those are the official figures not from the white house. i think they re from congress s own official estimator on this. that s not what s egregious in the package. what s egregious in the package is is the republican insistence for extending the tax cuts for people over a quarter of a million a year. we need to get the package through now. it will add about a million and a half jobs, by the end of 2011. it should take about one full percentage point off the unemployment rate. the real question is at the end of two years, do the high income tax breaks continue? and what we really need is for the president in 2012 to vow to
billion less. they pay 120 billion more in taxes than they otherwise would in the years after that. those are the official figures not from the white house. i think they re from congress s own official estimator on this. that s not what s egregious in the package. what s egregious in the package is is the republican insistence for extending the tax cuts for people over a quarter of a million a year. we need to get the package through now. it will add about a million and a half jobs, by the end of 2011. it should take about one full percentage point off the unemployment rate. the real question is at the end of two years, do the high income tax breaks continue? and what we really need is for the president in 2012 to vow to veto any continuation of the tax upper income tax breaks, take that to the american people and run on it in 2012.
that can pass the united states senate. republicans in the senate have been engaged in group wishful thinking about what this tax bill will do to the deficit. it s been clear to democrats and anyone that can think straight that a massive tax cut will dramatically increase the budget deficit. economists agree on that. republicans have been insisting quite correctly that a tax cut does stimulate economic activity but a tax cut never ever stimulates enough economic activity that creates enough new tax revenue to the treasury to make up for the amount of tax revenue lost in the tax cut. that never happens. it has never happened. republicans have been pretending that it is now possible. today the official congressional estimator of the impacts of tax legislation, the joint committee on taxation issued its report on
it s been clear to democrats and anyone that can think straight that a massive tax cut will dramatically increase the budget deficit. economists agree on that. republicans have been insisting quite correctly that a tax cut does stimulate economic activity but a tax cut never ever stimulates enough economic activity that creates enough new tax revenue to the treasury to make up for the amount of tax revenue lost in the tax cut. that never happens. it has never happened. republicans have been pretending that it is now possible. today the official congressional estimator of the impacts of tax legislation, the joint committee on taxation issued its report on the trump bill saying that the trump bill will increase the deficit by a trillion dollars. after considering the positive effect on economic growth that the tax cut will create and the