The New York Times pulls this nugget out of a recent CBO report:
“The parties share blame for the current fiscal situation, but federal budget statistics show that Republican policies over the last decade, and the cost of the two wars, added far more to the deficit than initiatives approved by the Democratic Congress since 2006, giving voters reason to be skeptical of campaign promises.
“Calculations by the nonpartisan Congressional Budget Office and other independent fiscal experts show that the $1.1 trillion cost over the next 10 years of the Medicare prescription drug program, which the Republican-controlled Congress adopted in 2003, by itself would add more to the deficit than the combined costs of the bailout, the stimulus and the health care law.”
Yep, ignore the Bush tax cuts and the wars, and the last Republican Congress still has contributed more to the national deficits and debts in one program than the Democrats have in 2006 combined.
Then there’s the Bush tax cuts, which if kept in fully in place like Congressional Republicans insist will require $4 billion in cuts to avoid increasing the national debt.
According to MSNBC’s “First Read,” Bloomberg reports that the much maligned TARP program has actually been quite a source of federal revenues, not spending:
The TARP bailout "provided taxpayers with higher returns than they could have made buying 30-year Treasury bonds — enough money to fund the Securities and Exchange Commission for the next two decades. The government has earned $25.2 billion on its investment of $309 billion in banks and insurance companies, an 8.2 percent return over two years."
In other words, TARP got a better return on investment as a “bailout program” than most private investments in the past view years, including Treasury bonds.
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