CBO Deems Clinton Budget "Unrealistic
July 7, 2008 - 7:25 PM
(CNSNews.com) - President Clinton's proposed budget is too speculative and relies too much on assumptions on how future administrations will handle the federal budget, the Congressional Budget Office said Monday.
"It is unrealistic and fiscally naive to put federal government spending programs on automatic pilot for over a decade. This is what the president's budget will do," said a report issued today by the CBO.
House Budget Committee Chairman John Kasich (R-OH) said the president's 1.84 trillion dollar budget proposal was "almost a carbon copy, except with more spending," of last year's budget. That budget was submitted by Clinton and was overwhelmingly rejected by Congress.
"I think this document is a fantasy," said Kasich.
Senate Budget Committee Chairman Pete Domenici (R-NM) called Clinton's budget "an election document" and "a deplorable idea."
"It's plain that his budget was crafted more for the election this fall than for a vision of the country's fiscal future," said Domenici.
Instead of ten year projections, "we need to look at five-year projections," Senate Budget Committee staffer Bill Hoagland told CNSNews.com.
Kasich said that the president's proposed tax cut was insufficient and was wasted tax cutting opportunities.
Instead of concentrating on new spending plans ten years down the road, Kasich said that the president should propose new tax cutting measures down the line.
"The most important thing is what you do in the first year," Kasich told CNSNews.com, regarding long-term budget plans.
But one Democratic lawmaker told CNSNews.com that Clinton's budget was "a responsible, visionary budget that focuses on fiscal discipline and the future."
"It will get a lot of support from rank and file Democrats, because it reflects our core values," said Sen. Richard Durbin (D-IL).