Congressional Budget Office Report Helps Romney

By admin | 6 years ago

On Wednesday, Mitt Romney the Republican presidential candidate, was buoyed by a negative non-partisan government report painting a grim outlook for the economy in the U.S. Romney used the most recent data about the economy to his advantage in an Iowa campaign event by saying the economy under Obama was not working.

For the Republican candidate it was just the medicine he hoped for to return the campaign back towards the economy after it had been shifted to abortion following Representative Todd Akin’s comments about rape and abortion that had forced both Romney and running mate Paul Ryan to comment over Akin’s controversial comments.

The new report was released Wednesday from the Congressional Budget Office. It estimates that there will be a deficit of $1.1 trillion in 2012 and that if spending and tax cuts are approved, as planned for in January, the fiscal tightening will lead to conditions in the economy during 2012 that will be considered by many as a recession.

The new report also predicted the rate of unemployment in the U.S. would stay above the 8% mark through at least the end of 2012. Romney said that Obama has attempted to cut the deficit by 50%, but has succeeded in doubling it. Romney also said Obama promised new jobs for people, but unemployment has been over 8% for the past 42 consecutive months, with 23 million people in the U.S. currently searching for work or who have given their search.

The White House released a statement after the report was issued that said the blame was squarely on the shoulders of the Republicans. It said the Republicans in the House had to follow the Senate and pass legislation that will give families in the middle class confidence that they will not see a jump in taxes.

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