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Tuesday, January 26, 2010

Stimulus Bill Getting More Expensive

Fox News is reporting that $787 billion has somehow turned out to be an underestimate of the costs associated with President Obama's stimulus bill:
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. ...

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.
This report also serves as a continued reminder of the legislation's failure to "save or create" three million new jobs:
The nonpartisan CBO report, published Tuesday, attributes the $75 billion increase to added unemployment-related costs. More Americans are receiving unemployment benefits for lost jobs that the stimulus bill was meant to save, the report says.

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