Watch For The Congressional Budget Office To Regret Telling The Truth
In an article in the Washington Times, the head of the CBO, Phillip Swagel, says the Trump administration should get a lot of credit for the fast coronavirus stimulus.
Congress’ chief scorekeeper had high praise for the Trump administration Tuesday, saying its agencies managed to deliver coronavirus aid “incredibly quickly,” helping moderate the worst economic effects of the COVID-19 downturn.
Phillip L. Swagel, director of the Congressional Budget Office, said Capitol Hill moved speedily to approve aid, and then the Treasury Department moved “quickly and effectively” to process the stimulus payments to Americans.
Same with the Small Business Administration, he said, which has pumped out assistance for firms.
Mr. Swagel was working in the administration during the 2008 financial crisis, when Congress also approved several rounds of stimulus. He said that money went out quickly, but this year’s response has been even faster.
“The IRS and those other agencies deserve a lot of credit,” he said in a virtual forum sponsored by the Peter G. Peterson Foundation.
The glowing words from Congress’s nonpartisan budget watchdog stand in contrast to a raft of reporting over the last couple of months that agencies were overwhelmed by the demands of virus response. It also dents the argument of Democrats on Capitol Hill, who had accused the Treasury Department of delays in getting payments out the door, including waiting for President Trump’s signature to be affixed to them.
The Treasury Department said there was no delay.
Mr. Swagel’s agency, the CBO, this week detailed the stunning rise of the 2020 federal budget deficit as cash has poured out the door, and as revenue dips.
He said that’s not in and of itself a major long-term budget problem, particularly with interest rates so low right now, but it could become one if the costs of servicing the debt suddenly rise.
“The fiscal steps taken so far have not greatly increased the burden on the Treasury of funding our debt,” he said.
It will be interesting to see the Democrats continue to deny what happened. Sadly, Mr. Swagel may find his job tenure impaired.
Congress’ chief scorekeeper had high praise for the Trump administration Tuesday, saying its agencies managed to deliver coronavirus aid “incredibly quickly,” helping moderate the worst economic effects of the COVID-19 downturn.
Phillip L. Swagel, director of the Congressional Budget Office, said Capitol Hill moved speedily to approve aid, and then the Treasury Department moved “quickly and effectively” to process the stimulus payments to Americans.
Same with the Small Business Administration, he said, which has pumped out assistance for firms.
Mr. Swagel was working in the administration during the 2008 financial crisis, when Congress also approved several rounds of stimulus. He said that money went out quickly, but this year’s response has been even faster.
“The IRS and those other agencies deserve a lot of credit,” he said in a virtual forum sponsored by the Peter G. Peterson Foundation.
The glowing words from Congress’s nonpartisan budget watchdog stand in contrast to a raft of reporting over the last couple of months that agencies were overwhelmed by the demands of virus response. It also dents the argument of Democrats on Capitol Hill, who had accused the Treasury Department of delays in getting payments out the door, including waiting for President Trump’s signature to be affixed to them.
The Treasury Department said there was no delay.
Mr. Swagel’s agency, the CBO, this week detailed the stunning rise of the 2020 federal budget deficit as cash has poured out the door, and as revenue dips.
He said that’s not in and of itself a major long-term budget problem, particularly with interest rates so low right now, but it could become one if the costs of servicing the debt suddenly rise.
“The fiscal steps taken so far have not greatly increased the burden on the Treasury of funding our debt,” he said.
It will be interesting to see the Democrats continue to deny what happened. Sadly, Mr. Swagel may find his job tenure impaired.