James Pethokoukis is live tweeting the House hearing on the CBO. And he is tweeting some gems, like:
At House Budget hearing, CBO admits that b/c of “gap in its toolkit” it assumes O price controls don’t impact quality of care
Elmendorf on whether CBO estimated new Obama budget framework: “We don’t estimate speeches”
CBO’s Elemdorf calls Obama’s cost-containment provisions “experiments.”
Boom Boom Pow! CBO’s Elmendorf: “Higher marginal tax rates do reduce economic activity .”
Ka-Blam! CBO Elmendorf: Raising tax rates on rich hurts more than raising tax on everyone else. (Dem wasn’t expecting that answer)
Those last two pretty much destroy the Democrats’ position in the debt talks, since they want to raise taxes and consistently demagogue raising taxes on the rich. Their own CBO director says the Democrats’ whole policy is destructive.