The Concord Coalition is not messing around.

Jobs and Economy
The non-partisan Concord Coalition has some harsh criticism of the GOP’s rescissions package, a political gimmick which CBO confirmed would amount to $1 billion in savings after Republicans exploded the deficit with their tax law by $1.8 trillion.  Read the whole blog post here. Key excerpts are below:
 
“The administration and some in Congress have touted this proposal as a needed step towards fiscal responsibility. In reality, however, it is a smokescreen to hide the fact that there are no plans to take substantive legislative action to address the nation’s large fiscal imbalances. The proposal is also an attempt to change the subject from recent tax and spending legislation that made these imbalances substantially worse.”

“The current rescissions package, however, is being touted by the White House as a historic-sized effort to ‘put our fiscal house in order.’ This comes less than two months after Congress and the president agreed to an appropriations bill that spent around $300 billion more over two years than previously established caps, and less than five months after passage of deficit-financed tax cuts projected to add $1.9 trillion to the national debt over the next 10 years.”

Savings of $15.3 billion would only be a drop in the bucket relative to those recent decisions, however. The Congressional Budget Office projects the real deficit savings from the proposal would amount to just $1 billion.”

The rhetoric around the rescissions package has been disingenuous, in fitting with other rhetoric on the Hill like the touting of a budget process reform committee while at the same time skipping the passage of an actual budget for the year because lawmakers are scared of how bad the numbers would look. The truth with the rescission package is the same as the truth about budget process reform:  Without the political will to actually implement changes to taxing and spending, everything is designed to hide that weakness.”