Tuesday, January 27, 2009
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Stimulus Bill Carries $347B in Interest
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Posted by:
Amanda Carpenter at
2:08 PM
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President Obama's $825 stimulus bill will rack up an incredible $347 billion in interest through 2019, according to new information from the Congressional Budget Office.
This information was released by the CBO in a letter response to Rep. Paul Ryan (R.-Wisc.) who requested the agency to score the American Recovery and Reinvestment Act of 2009.
CBO Director Douglas W. Elmendorf wrote Ryan "Under CBO's current economic assumptions and assuming that none of the direct budgetary effects of H.R. 1 are offset by future legislation, CBO estimates that the government's interest costs would increase by $0.7 bilion in fiscal year 2009 and by a totaly of $347 billion over the 2009-2019 period."
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