Obama Jobs Plan Seems to Get a Boost From CBO Chief
Alex M. Parker
Congressional auditor backs some of the logic behind Obama's jobs push
While taking care to be nonpartisan, and to avoid policy prescriptions, Congressional Budget Office Director
Elmendorf was supposed to be talking about the origins of America's current fiscal woes, but in his opening statements, and in questions later, he told members of the committee that increasing the debt a bit in the short-term, while cutting the deficit in the medium and long-term was the "most efficient" way to create "a short-term economic boost and longer-term fiscal sustainability." Noting that hikes in taxes or slashes in government spending could harm the fragile economic recovery, Elmendorf said that reducing the deficit eventually would help the economy grow by stabilizing interest rates and freeing up cash. "That's not meant to imply that there aren't a number of factors," Elmendorf said while replying to questions. "That is the consensus of professional opinion."
Elmendorf confirmed two key talking points for both parties. For
Republicans, he noted that increasing taxes could hurt job growth by taking money out of economy. For
Democrats, he noted that slashing government spending could also do the same. But Obama may have also appreciated
his comments that the wisest course of action may be to provide economic stimulus now, while enacting budget
and deficit reforms later. His economic plan, which was submitted to
The CBO director, appointed by the House and
The super-committee was originally charged with finding
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