Saturday, June 25, 2011

CBO: Obama stimulus almost doubled U.S. debt

What do you get when you double the U.S. debt but fail to create the jobs you promised? One-term in office.

From The Washington Examiner:
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 the full story here.

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