Amongst its usual cracker jack budget projections yesterday, the Congressional Budget Office provided a few toy surprises for budget watchers. One is an updated estimate of the direct budget costs of the 2009 stimulus bill, officially known as the American Recovery and Reinvestment Act (ARRA).
CBO originally estimated that ARRA would cost $787 billion from 2009 through 2019. Its new estimate is $862 billion, about $75 billion higher.
Key changes to the estimate:
- Food stamps (officially known as the Supplemental Nutrition Assistance Program): $34 billion more than expected
- Build America Bond program: $26 billion more
- Unemployment compensation: $21 billion more
- Medicaid: $3 billion less than expected
- Other spending: $3 billion less
(CBO did not make any updates for the tax provisions in ARRA.)
For an earlier discussion of the stimulus being bigger than expected, see this post.
For a discussion of why the $862 billion figure (formerly known as the $787 billion figure) is not really the right measure of stimulus, see this post.
Note: CBO provides many details about ARRA in Appendix A of yesterday’s report.
[...] CBO ups stimulus bill from 787bn to 862bn – Donald Marron [...]
Food stamps are “stimulus”? Well I guess one can’t look for a job on an empty stomach. Oh, and extended UI is “stimulus”? I had someone tell me the other day she had turned down jobs paying more than twice the minimum wage because she gets as much on UI. The theory that generous UI stimulates people to ride the sofa is validated in practice in this one instance at least.
[...] will be unwilling to give federal aid to the states? The $862 billion stimulus bill last year (formerly known as the $787 billion stimulus bill) included substantial state aid, and it squeaked through the Senate with exactly 60 votes. Now the [...]
[...] will be unwilling to give federal aid to the states? The $862 billion stimulus bill last year (formerly known as the $787 billion stimulus bill) included substantial state aid, and it squeaked through the Senate with exactly 60 votes. Now the [...]
[...] and the American people know it. The stimulus is a gigantic porker which was recently upgraded as costing a massive $862 billion from the previous estimate of $787 billion. But the real cost is actually $3.27 TRILLION!!! And contrary to Obama's utterly false claims, [...]
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[...] quibble. According to revised accounting by the Congressional Budget Office released this January, because the stimulus failed to keep [...]
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[...] when Congressional critics voted against it, but its costs have increased since then. According to revised accounting by the Congressional Budget Office released this January, because the stimulus failed to keep [...]
[...] “$787 billion” stimulus bill. That was once true … nut not anyomore. According to revised accounting by the Congressional Budget Office released this January, because the stimulus failed to keep [...]
[...] Congressional critics first voted against it, but its costs have increased since then. According to revised accounting by the Congressional Budget Office released this January, because the stimulus has failed to keep [...]
[...] Congressional critics first voted against it, but its costs have increased since then. According to revised accounting by the Congressional Budget Office released this January, because the stimulus has failed to keep [...]
[...] through 2019. That’s up from the original $787 billion estimate, but down from the revised, $862 billion estimate released in [...]
[...] 2009 through 2019. That’s up from the original $787 billion estimate, but down from the revised, $862 billion estimate released in [...]
[...] 2009 through 2019. That’s up from the original $787 billion estimate, but down from the revised, $862 billion estimate released in [...]
[...] 2009 through 2019. That’s up from the original $787 billion estimate, but down from the revised, $862 billion estimate released in [...]
[...] that took out $787 billion from the pocket of American Taxpayers (subsequently discovered to cost even more) and put that money…somewhere. We are not sure where, because according to a chart now made [...]
[...] that took out $787 billion from the pocket of American Taxpayers (subsequently discovered to cost even more) and put that money…somewhere. We are not sure where, because according to a chart now made [...]
[...] that took out $ 787 billion from the pocket of American Taxpayers (subsequently discovered to cost even a lot more) and put that funds…somewhere. We are not certain where, simply because according to a chart [...]
[...] that took out $ 787 billion from the pocket of American Taxpayers (subsequently discovered to price even more) and put that income…somewhere. We are not sure where, because according to a chart now [...]
[...] that took out $787 billion from the pocket of American Taxpayers (subsequently discovered to cost even more) and put that money…somewhere. We are not sure where, because according to a chart now made [...]
[...] that took out $787 billion from the pocket of American Taxpayers (subsequently discovered to cost even more) and put that money…somewhere. We are not sure where, because according to a chart now made [...]
[...] the Age of Obama began in January, 2009.2/09, The Stimulus Bill: $787 billion…whoops! I meant $862 billion. (though high-end numbers puts that total, including debt service at well over $3 trillion, [...]
[...] that took out $787 billion from the pocket of American Taxpayers (subsequently discovered to cost even more) and put that money…somewhere. We are not sure where, because according to a chart now made [...]
[...] below 8%. As usual – and the boy is slick – he directly implied his $862 billion stimulus bill – yes, it was that much – (wasted $$$ and unnecessary debt ) would bring unemployment down to under 8%. But like the fraud [...]