As CBO Scores Boehner's (Laughable) Deficit Cut Plan, Jay Carney Admits Obama Still Does Not Have An Actual Plan

Even as the Congressional Budget Office has just released its score of the proposed Boehner plan, the president's spokesman Jay Carney was out earlier hemming and hewing for about 9 minutes in front of reports before it was made clear that Obama does not even have an actual plan to paper which the CBO can score. Yet surprisingly enough, as the National Review Online presents, even without actually having any plan, Obama is still happy to announce he will veto Boehner's plan. It is one thing to veto one plan over another, if one believe the "another" is better. But vetoing something on purely ideological grounds, in the complete absence of "another"... well that we have no idea how it can possible be spun aside from pure ideological demagoguery.

First, here is the summary assessment of Boehner's plan by the CBO.

In total, if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation would reduce budget deficits by about $850 billion between 2012 and 2021 relative to CBO’s March 2011 baseline adjusted for subsequent appropriation action (see Table 3). Savings in discretionary spending would amount to about $695 billion, mandatory spending would be reduced by $20 billion, and the savings in interest on the public debt because of the lower deficits would come to about $135 billion. (CBO’s cost estimates for legislation do not ordinarily include effects on debt service costs, but CBO provides such estimates, when requested, for broad budget plans.)

 

The legislation includes other provisions that would not have any direct budgetary effects. It would allow for staggered increases in the debt limit through a series of actions by both the President and the Congress. If all such actions occur, the debt limit might eventually be raised by $2.5 trillion. In addition, the bill would establish procedures for enforcing the caps on discretionary spending and would provide for a vote on a balanced budget amendment before the end of December 2011. Furthermore, the legislation would establish a Congressional committee on deficit reduction charged with a goal of reducing the deficit by $1.8 trillion between 2012 and 2021.

Granted, Boehner's plan is an abysmal joke, with $4 billion in discretionary spending cuts in 2012 growing mysteriously to $111 billion by 2021, and $0 billion in debt service reduction for 2012 and 2013 (growing to $37 billion in 2021), for a combined cumulative deficit impact of $850 billion, which on a NPV basis is more like $50 billion, but at least it is a plan.

In the meantime, here is what is going on on the other side of the spectrum. From the NRO:

Or the lack thereof. After bobbing-and-weaving for nine minutes, Carney finally says what everybody knows: the president won’t put his plan on paper because he doesn’t want it to become “politically charged” before a compromise can be reached. In other words, you’ve got to pass it to find out what’s in it:

UPDATE: So POTUS doesn’t have a plan, as such. The Republicans, for their part, have several. But the president’s senior advisers are recommending that he veto the latest.

Farce. Pure, unbelievable Farce. And the country is about to implode as these clowns continue their ridiculous posturing.