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CBO's Fiscal Outlook

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    Washington Examiner’s Michael Barone weighs in on the CBO's annual budget and economic outlook.

  • Duration 3:09
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Love -- for it.

For more on the CBO's annual budget and economic outlook and with the president will say this -- -- We go to Michael Bryant senior political analyst at the Washington examiner and -- Fox News contributor.

Michael good to see you start with this CBO report will it influence policy and what happens in Washington in even the smallest way.

Well as rickets and pointed out these CBO as required to give what amounts to -- the fictitious.

Look forward it at the budget numbers.

The deficits on any policy that congress is likely to follow.

It will be higher than projected there.

Unless other action is taken out that Medicare doc fix for example is not gonna go away that's been a feature since I think 1997.

They've been but voting at every year.

Get on -- the president's calling for a tax increase or for increased revenues from closing loopholes are changing.

Tax preferences.

I think that's a non -- -- not only in the Republican House but in the democratic majority senate.

And in any spending cuts that even the president might propose.

A -- is just nibbling around the edges so to speak at what point Michael and it what time do you think lawmakers will have to act.

And terms are really writing our nation financial life.

Well I think the I think what we're gonna see is instead of acting we're gonna see congress stumbling because it's gonna it's hard for me to envisage.

A major budget.

The deal that does anything more than extend continuing resolutions that is current funding of the government.

Going forward the house Republicans.

For.

The two years have been presenting.

Budgets and -- -- budget chairman -- Paul Ryan is promising a budget that will got to send us towards budget balance within ten years.

The senate Democrats haven't passed the budget in three years they say they're gonna pass one this year but they may have some trouble rounding up the vote.

It's increase do you pick I wanna know what people talk about behind the scenes in Washington the -- of the people who appear at an out the -- but on this program.

Talk about how dangerous.

The territory is that the Federal Reserve has gotten into in terms of buying.

Our nation's debt and -- buying mortgage securities and when the Fed eventually gets a point where it no longer does that.

And begins to unwind that is that the day of reckoning and do people in Washington acknowledge that.

Well I think if you talk to political people in Washington public officials are if you talk to people who were focused on elections.

They don't talk about that very much you hear it from us some Republicans you -- we hear from some Democrats but.

Basically there he given their their -- -- their budgetary business and government and setting policy on things like immigration.

By the end they're just content to let -- chairman Bernanke over on constitution avenue keep his printing presses running.

-- scary day.

When he arrives nobody knows Michael is good talk did thank you so much was -- -- and Michael Moran.

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