Doesn the Congressional Budget Office (CBO) say that the Recovery bill hurt the economy?
CBO estimates that the recovery plan will create jobs (up to 3.6 million over the next 2 years) and increase economic growth for the next five years – getting us out of this economic crisis. If we do not address high deficits once the economy recovers, CBO estimates that GDP growth in 2015 to 2019 will either be not affected by the recovery package or be slighter lower (0.2 percent less). However, President Obama has already offered a budget that will cut the deficit in half over the next four years. President Obama’s overall plan for fiscal responsibility is not taken into account in CBO’s estimate of a slight decline after five years, and that any minor decline in GDP is a direct result of current estimates of rising national debt.
