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President Obama and Congress are flirting with both a recession and a bigger jump in unemployment next year unless they head off looming tax increases and spending cuts — but doing so could mean a fifth straight year of trillion-dollar deficits, the government’s chief scorekeeper said Wednesday. The latest update by the Congressional Budget Office shows the time for hard choices that lawmakers have feared for years is now here: Leaders must choose between economic [...] Congress’s chief scorekeeper said Wednesday that the price tag on President Obama’s stimulus law has risen once again, this time to $830 billion — or more than $40 billion more than first projected. More than two years after it passed, meanwhile, the Recovery Act’s effect on jobs continues to wane, according to the Congressional Budget Office, which said the massive spending program accounted for between 1.2 million and 3.3 [...] Congressional Budget Office Director Douglas Elmendorf (Associated Press) From The Washington Times: Congress‘ chief scorekeeper has again raised the cost estimate of President Obama‘s two-year-old economic-stimulus program, calculating it will end up costing taxpayers $821 billion — or $34 billion more than originally projected. And the economic boost from the added government spending is beginning to wear off, the nonpartisan Congressional Budget Office said in a new report Wednesday. The CBO [...] |
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