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CBO Report: Avoiding the Fiscal Cliff Costs Over $1 Trillion

southpaw_won Wrote: Nov 15, 2012 6:38 PM
Impact of going over the cliff notwithstanding, the CBO's estimates about GDP are laughable. 0.8% is statistically 0, so they're saying it's nothing or pretty good. What is driving the 5% estimate? What's fundamentally changing in the economy that would push the economy that high? More regulations? Shutting down domestic gas and oil production? More spending on social programs? These are the same clowns who have bungled every estimate they've issued in the last several years. CBO was once considered credible, but it's increasingly become more political and less reliable in the last few years. They were wrong about the stimulus package(s) and BO Care, why are we supposed to believe anything they say now?
The Congressional Budget Office released their analysis of the group of deficit-fighting policies known as the "fiscal cliff." The big takeaway: completely averting the contraction that would occur in 2013 and 2014 would cost $1.16 trillion - entirely deficit-financed.

There would certainly be some economic benefits to all of this, however. The CBO has a wide range of estimates for the positives - between 0.8% and 5% growth in real GDP, and between 1.1 million and 5.8 million new jobs. There are a lot of caveats here, as it's an incredibly wide range of estimates, but there would...