Out of Control Spending!

Well, not really.

According to a new report from the Congressional Budget Office (CBO), ending the Iraq war and winding down in Afghanistan will save over three quarters of a trillion dollars over the next 10 years.

Budgetary savings from troop drawdowns in Iraq and Afghanistan are expected to be $838 billion over 10 years, the Congressional Budget Office reported Tuesday.

The large sum of projected unspent Overseas Contingency Operation (OCO) money has been targeted by both parties as a potential offset for major legislative items.

President Obama wants to use part of it to fund infrastructure projects, while congressional Democrats have said it can be tapped to help pay for the payroll tax cut package.

And if the Bush Tax Cuts end, an added savings of another trillion over 10 years, the nation will be flush with cash. We’ll have more cash than we know what to do with. We’ll be able to afford the things this country desperately needs.

This is what true fiscal responsibility looks like.

But don’t forget, we’ve seen this scenario before. And if there’s anything the Republicans know how to do, it’s how to blow a budget surplus on useless shit like tax cuts for billionaires, invading non-WMD-possessing countries, and passing un-funded prescription drug programs.

Allowing the election of a Republican in November, and perhaps even the next election, could jeopardize a decade of progress. They are unfit for office as long as trickle-down is the dominating ideology.

Print Friendly
This entry was posted in Economy and tagged , , , , , , . Bookmark the permalink.
  • http://twitter.com/fleetadmiralj Josh Chambers

    I guess the only note is we save another trillion if ALL of the Bush tax cuts (even for the middle class) expire. Of course, this doesn’t seem likely to happen unless some sort of stalemate forces it, and even then you’d figure someone would re-cut them at some point. But even Then it’s something like $400 billion over 10 years I think

    • JMAshby

      Actually you have that backwards or you just worded it poorly. It’s more likely all brackets will expire. Anything else would require congress to agree to it, and I can’t see the Republicans agreeing to let the top tier expire while renewing the lower tiers.

  • joseph2004

    “And if the Bush Tax Cuts end, an added savings of another trillion over 10 years, the nation will be flush with cash.”

    You don’t save money by spending more of it. You don’t save money by increasing your income. You save money when you spend less than you make. Even if the Bush Tax cuts expire, given the size of the US debt for starters, the US won’t be “saving” anything.

    • http://drangedinaz.wordpress.com/ IrishGrrrl

      I think you’re quibbling here, saving can also mean that the money isn’t spent on what it was originally set aside for.

    • JMAshby

      You’re completely out of your depth here.

      Tax cuts are actually tax expenditures. The Bush Tax Cuts ARE spending. It’s spending on the wrong thing.

      We can’t afford to do the things we need to do because we’re spending it on things that do not return in investment. The Bush Tax Cuts have contributed absolutely nothing to the economy other than debt. And if you’re going to bitch about the national debt, the Bush Cuts are ground zero.

      You really need to put down the Right Wing faux-economist koolaid.

  • KAboink

    Well said.
    Watching the beltway rightwing spin this will be an education. Probably an education tantamount learning from a carnival barker selling you the next best elixir. Honestly, it’s amazing how far these sanctimonious assholes might go as they turn honey into horseshit for their listeners once again.

  • Chachizel

    “They are unfit for office as long as trickle-down is the dominating ideology.”
    Exactly!