CBO Report: Stimulus price tag soars, jobless rate rises
Thursday, January 28, 2010 at 05:56AM WASHINGTON TIMES
The economic stimulus bill's price tag has risen to $862 billion, the Congressional Budget Office said Tuesday — a $75 billion jump that's a result in part to the fact that, despite the spending, joblessness has risen and the government is paying out more than expected on unemployment benefits.
The CBO, in a new report, also said spending in fiscal 2010 will push the deficit to more than $1.3 trillion, or nearly the record $1.4 trillion deficit recorded in 2009.
The dire warnings fueled spending hysteria, which hit Washington in full force this week after Democrats' health care overhaul got shelved last week.
President Obama plans to call for a freeze on non-security spending in Wednesday's State of the Union address — but advisers said it wouldn't take effect until 2011.
"In 2010, we are focused on making sure we can get people back to work. In 2011, when we believe the economy will be back on stronger footing, we're going to be looking to make sure the footing we are putting them on is a more sustainable discretionary footing," said White House deputy budget director Rob Nabors.
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