Wednesday, June 22, 2011
CBO: Obama’s Failed Stimulus Bill Almost Doubled U.S. Debt…
June 22, 2011
A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.
The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010. Read More