Congressional Budget Office on Recovery Act: “It Works”
The nonpartisan Congressional Budget Office reported that the Recovery Act created approximately 2.1 million jobs in the fourth quarter of 2009 -- in other words, it works. The CBO said that the stimulus package boosted the economy by up to 3.5 percent, and lowered the unemployment rate by up to 2.1 percent during that time. The CBO also found that the Recovery Act is likely to have the greatest impact this year.
The [Recovery Act] passed last year to blunt the impact of the worst U.S. recession in 70 years created up to 2.1 million jobs in the last three months of 2009, the non-partisan Congressional Budget Office said on Tuesday.
The package boosted the economy by up to 3.5 percent and lowered the unemployment rate by up to 2.1 percent during that period, CBO said.
The report comes as President Barack Obama and his fellow Democrats are pushing further measures to bring down the 9.7 percent unemployment rate before the November congressional elections.
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The package is Cheap Cialis likely to have the greatest impact this year, according to CBO. It is expected to boost GDP by between 1.4 percent and 4 percent and bring down the unemployment rate by between 0.7 percent and 1.8 percent in 2010, higher figures than last year when many of its programs were being set up.