2 14 Stimulus Bill Passage
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CHAIRMAN BILL FRENZEL
CRFB Responds to Passage of Stimulus Bill February 14, 2009
PRESIDENT MAYA MACGUINEAS
DIRECTORS BARRY ANDERSON ROY ASH CHARLES BOWSHER STEVE COLL DAN CRIPPEN VIC FAZIO WILLIS GRADISON WILLIAM GRAY, III WILLIAM HOAGLAND DOUGLAS HOLTZ-EAKIN JIM JONES LOU KERR JIM KOLBE JAMES LYNN JAMES MCINTYRE, JR. DAVID MINGE JIM NUSSLE MARNE OBERNAUER, JR. JUNE O’NEILL RUDOLPH PENNER TIM PENNY PETER PETERSON ROBERT REISCHAUER ALICE RIVLIN CHARLES W. STENHOLM GENE STEUERLE DAVID STOCKMAN PAUL VOLCKER CAROL COX WAIT DAVID M. WALKER JOSEPH WRIGHT, JR.
SENIOR ADVISORS HENRY BELLMON ELMER STAATS ROBERT STRAUSS
The Committee for a Responsible Federal Budget, today, praised Congress for quickly coming to an agreement and passing an economic stimulus, but warned against losing sight of the nation’s long-term challenges. “We are cautiously optimistic that this bill, along with other government actions, will help give the economy the boost it needs to help get us out of this recession,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. “But we’re not out of the woods yet, and Congress’s work is far from complete. In the coming weeks and months, we’ll need to do more to deal with the structural weaknesses in the economy; and then we are going to have to find a way to deal with our exploding federal debt.” The final package, which passed the House 246 to 183 and the Senate 60 to 38, cost a total of $787 billion over ten and a half years --- less than the $838 billion Senate version or the $820 House version. Roughly 35 percent of the bill is in the form of tax cuts, and the rest is focused mainly on infrastructure investment, aid to states, and transfers to unemployed or low-income individuals. “Nobody would pretend this bill is perfect,” MacGuineas explained, “but Congress appears to have done a good job taking out many of the more egregious tax and spending items from the House and Senate versions of the bill. The secret now will be to get this money out quickly and effectively, and to minimize its impact on our long-term debt. If we don’t eventually get our fiscal house in order, I fear, we may be right back to where we started.”
1899 L Street NW • Suite 400 • Washington, DC 20036 • Phone: 202-986-2700 • Fax: 202-986-3696 • www.crfb.org
CRFB Responds to Passage of Stimulus Bill February 14, 2009
PRESIDENT MAYA MACGUINEAS
DIRECTORS BARRY ANDERSON ROY ASH CHARLES BOWSHER STEVE COLL DAN CRIPPEN VIC FAZIO WILLIS GRADISON WILLIAM GRAY, III WILLIAM HOAGLAND DOUGLAS HOLTZ-EAKIN JIM JONES LOU KERR JIM KOLBE JAMES LYNN JAMES MCINTYRE, JR. DAVID MINGE JIM NUSSLE MARNE OBERNAUER, JR. JUNE O’NEILL RUDOLPH PENNER TIM PENNY PETER PETERSON ROBERT REISCHAUER ALICE RIVLIN CHARLES W. STENHOLM GENE STEUERLE DAVID STOCKMAN PAUL VOLCKER CAROL COX WAIT DAVID M. WALKER JOSEPH WRIGHT, JR.
SENIOR ADVISORS HENRY BELLMON ELMER STAATS ROBERT STRAUSS
The Committee for a Responsible Federal Budget, today, praised Congress for quickly coming to an agreement and passing an economic stimulus, but warned against losing sight of the nation’s long-term challenges. “We are cautiously optimistic that this bill, along with other government actions, will help give the economy the boost it needs to help get us out of this recession,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. “But we’re not out of the woods yet, and Congress’s work is far from complete. In the coming weeks and months, we’ll need to do more to deal with the structural weaknesses in the economy; and then we are going to have to find a way to deal with our exploding federal debt.” The final package, which passed the House 246 to 183 and the Senate 60 to 38, cost a total of $787 billion over ten and a half years --- less than the $838 billion Senate version or the $820 House version. Roughly 35 percent of the bill is in the form of tax cuts, and the rest is focused mainly on infrastructure investment, aid to states, and transfers to unemployed or low-income individuals. “Nobody would pretend this bill is perfect,” MacGuineas explained, “but Congress appears to have done a good job taking out many of the more egregious tax and spending items from the House and Senate versions of the bill. The secret now will be to get this money out quickly and effectively, and to minimize its impact on our long-term debt. If we don’t eventually get our fiscal house in order, I fear, we may be right back to where we started.”
1899 L Street NW • Suite 400 • Washington, DC 20036 • Phone: 202-986-2700 • Fax: 202-986-3696 • www.crfb.org
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