Quote:
Originally Posted by spence
The quotes were about a 1.6 T "Stimulus" program which just isn't fact...
-spence
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Spence, the actual number is 1.16 Trillion and coming from Rep. Garret as Vice Chairman of the House Budget Comm.
and a member of the House Financial Services Comm. that # would be pretty accurate.
-justplugit[/QUOTE]
Real Cost of Stimulus Plan? Almost $1.2 Trillion
Report January 29, 2009 –
Taxpayers will pay much more for the fiscal stimulus than previously revealed – over $1.17 trillion according to the Congressional Budget Office (CBO).
Most sources have assessed the cost of the stimulus package at approximately $825 billion.
But the CBO reports those estimates do not include the cost of the money that must be borrowed to pay for the plan. [Editor's Note: To view the CBO letter reporting on the total cost of the stimulus plan, go here now.]
Rep. Paul Ryan, R-Wisc., asked the CBO - the research arm of Congress - to calculate the “money cost” of borrowing the funds needed to fulfill the stimulus projects being sought by congressional Democrats and President Obama. Like every other borrower, the government must pay back borrowed principal plus the interest on its debt.
The CBO responded with a Jan. 27 letter from CBO Director Douglas W. Elmendorf estimating the cost of borrowing the money would be $347.1 billion – or about 42 percent of the cost of the projects.
That would push the total cost of the stimulus package to over $1.17 trillion.