Posted on 01/26/2010 4:19:30 PM PST by dajeeps
The $787 billion federal stimulus package that Congress passed last year has gotten even bigger -- now expected to cost $862 billion, over the next 10 years, according to the Congressional Budget Office. The nonpartisan CBO report, published Tuesday, attributes the $75 billion increase to added unemployment-related costs. More Americans are receiving unemployments benefits for lost jobs that the stimulus bill was meant to save, the report says. About $21 billion of the added costs stem from higher unemployment compensation payments, while the remainder of the increase comes from food assistance payments and interest payments from states on taxable government bonds, the Washington Times reported. In its report on the country's dire financial straights, the CBO also cites huge budget deficits, noting that the 2010 fiscal year budget is likely to reach $1.3 trillion. Increased government spending has been the source of contentious debate between Republicans and Democrats -- amid two wars and the worst economic slump since the Great Depression. Obama is expected to focus his State of the Union address Wednesday on job creation and announce a freeze on some discretionary spending programs.
(Excerpt) Read more at foxnews.com ...
Unexpected BUMP !
Guarantee that it is Bush’s fault.
“Guarantee that it is Bush’s fault.”
Most assuredly. Everything is... Hati, not getting the Olympics, the resurgence of the Taliban, the crotch bomber and the Ft. Hood shooter, and especially having to bring terrorists from Gitmo here for trial. It was all Bush.
It’s really funny this information is coming about a day after Obama announced a freeze on discretionary spending which will only ‘save’ us $15-$25 billion a year over the next 10 years.
Hey! Doesn’t that mean we’ll need 3 to 5 years of this ‘freeze’ to pay for the overages of ‘Porkulus’? That almost wipes out all of the perceived benefit of Obama’s newfound ‘fiscal responsibility’, eh?
That doesn’t even include the overages on other spending which are sure to occur and the fact, as Karl Rove pointed out, that this discretionary spending was already 23 percent higher than it was under Bush!
This is all a shell game. A con. Obama really thinks we are stupid, but all of us already knew that. I hope the Sheeple are catching on.
As Freeper ‘Edboock’ said yesterday:
“When every proposal seeks to maximize political advantage instead of solving the problem, this is what you get.”
I was thinking that the poll results came in and they need to buy some more votes...
How can it cost more when they have $500+ billion not spent?
Just pocket change for our congress.
They spent more than the $870 some billion in the original package. The money not spent yet is slated for other things and instead of taking money from unecessary stuff to extend cash for clunkers, the home tax credit and unemployemt, they just tacked the extra on top.
Spent where?
As of November of 2009, only $100 billion of that $787 billion stimulus was actually spent with another $90 billion of stimulus coming in the form of tax reductions = $190 billion.
http://cbo.gov/ftpdocs/106xx/doc10682/11-30-ARRA.pdf
The bill was specific as to what things the money would be spent on. The money not spent yet is for stuff that hasn’t been started yet or paid yet. Those things will still be done and the money spent. The extra $75B comes from stuff they added to it later.
They would have to pass legislation that takes $75B away from something in the original bill in order to not over spend, but have not done that.
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