Obama: We Got All Stimulus $$ Back...CBO: $24B in Losses!

OOOPS, Obama Did It Again...Made You Believe He'll Lie to the End...and He will...On the stimulus:

President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system." According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout. “We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday. The Congressional Budget Office--based on figures from Obama’s own Office of Management and Budget---gives a different assessment. “The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke. CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions. In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.

Darn, the turnover time on lies to truth is getting to be less than a day....For Benghazi, it was a week, and for this latest economic gem, less than a few hours.

Voinovich Derailed by CBO on Auto Bailout

From the Detroit News:

WASHINGTON -- The Congressional Budget Office said a compromise bill to aid automakers can't provide $25 billion from an Energy Department retooling program, dealing another blow to efforts to win quick aid before Congress goes home for the year.
...
"CBO estimates that $7.5 billion in subsidy budget authority would cover the cost of only $7.5 billion in such bridge loans because the legislation contains an additional provision that would allow the repayments from the bridge loans to be spent to support new loans under" the retooling program, the office wrote in a letter made public late Thursday. "Thus, the repayments on the initial loans would ultimately not accrue to the government. ... That provision increases the estimated subsidy costs of the bridge loans to 100 percent of the aggregate face value of the loans."

So now what? Will our senior senator back carving out $25 billion from the Big Bailout? Stay tuned sports fans, because this race to socialism is starting to heat up!

Those SCHIP Problems Were "Fixed"? Not According to CBO

This just in...

On GOP Concerns that Middle-Income Families Will Be Enrolled in SCHIP, Speaker Pelosi said…

“No one making over 300 percent of poverty, no state, can receive – can allow people to receive the benefits of SCHIP. There is a cap of 300 percent of poverty as to who may receive the benefit.”

…But CBO says

Despite the Majority’s claims of a “fix” for the problem of enrolling more higher-income children in SCHIP, CBO still projects that only 800,000 currently SCHIP-eligible but unenrolled children will sign up for SCHIP by FY 2012 under this bill. In contrast, CBO says that 1.1 million people with incomes too high to be eligible for SCHIP today will be enrolled by FY 2012 due to the “expansion of SCHIP and Medicaid eligibility to new populations” caused by the “new” bill. Moreover, the bill also contains an “income disregard loophole,” which allows states to define “family income” as they see fit and intentionally ignore tens of thousands of dollars worth of income for purposes of SCHIP eligibility. This loophole could permit a family earning more than 300 percent of the poverty level to receive benefits. In fact, under the bill, a family of five in New Jersey making $84,455 per year would still be eligible for SCHIP.

On GOP Concerns that Illegal Immigrants Will Be Enrolled in SCHIP, Speaker Pelosi said…

“Secondly, the question of undocumenteds. Those people who are in our country but are not – have not been – here a length of time that would qualify. So the undocumenteds are one category. The undocumented are not allowed to receive – undocumented are not allowed to receive benefits from this.”

…But CBO says

Despite the Majority’s claims of a “fix” for the illegal immigration issue in their “new” bill, CBO projects that Section 211 of the bill will still result in $3.7 billion in increased federal spending over the next 10 years. Section 211 eliminates the requirement that individuals must provide specified documents to establish that they are citizens and therefore eligible to participate in SCHIP. In its place, it requires states to check names and Social Security numbers of applicants against a Social Security Administration database. This would neither assure that the person submitting the name and Social Security number is who they say they are, nor would it bar an individual from fraudulently using another person’s valid name and matching SSN to obtain Medicaid or SCHIP benefits.

On GOP Concerns that Adults Will Be Enrolled in SCHIP, Speaker Pelosi said…

“And third, the issue of adults. Adults were in the program because people thought as a lure to families they could get children in the program. Republicans objected to that. There was an exaggeration of the number of adults who are in the program. Nonetheless, in the interest of the children the new legislation contains a provision that adults under one circumstance will be phased out in two years, and another circumstance in one year.”

…But CBO says

Despite the Majority’s claims of a “fix” that for the issue of adults on SCHIP, CBO still projects that up to 10 percent of the enrollees in SCHIP will be adults in FY 2012. Though the legislation phases childless adults out of the program within one year, parents are still eligible permanently. With 700,000 adults currently enrolled in SCHIP – even though a half million eligible children are not currently enrolled in the program – the fact that the Majority’s “new” bill explicitly allows SCHIP to continue ensuring adults is irresponsible.

I'm not convinced...

10/26 UPDATE: Ask and you shall receive... The link to the CBO letter quoted above is here. Further information is available in this letter. And the original source material can be found here.