Pay For Job Programs By Cutting Spending Elsewhere
"I'll pay for every part of this job-creation agenda by ending this war in Iraq that's costing us billions, closing tax loopholes for corporations, putting a price on carbon pollution, and ending George Bush's tax cuts for the wealthiest Americans."-- Speech in Lorain, Ohio
FEBRUARY 17, 2009
Job Programs Not Paid For With Cuts
The president estimates his $787 billion stimulus package will create 3 million to 4 million new jobs, but the bill does not include any of the cuts he promised during the campaign.
In this same speech, Obama promised to create jobs in "a responsible way, without adding to the already obscene debt." But the Congressional Budget Office estimates the stimulus will increase the 2009 deficit by $185 billion, the 2010 deficit by $399 billion, and the 2011 deficit by $134 billion. A provision of the legislation requires the CBO to estimate the actual number of jobs created as programs are implemented and then post the information on its new Web site, Recovery.gov.