stimulus plan

Senator McCain sent an email to supporters explaining his opposition to the current emergency economic stimulus package stating that...

Yesterday, the Senate began debate on an economic stimulus package that is intended to get our economy back on track and help Americans who are suffering through these difficult times. Unfortunately, the proposal on the table is big on the giveaways for the special interests and corporate high rollers, yet short on help for ordinary working Americans. I cannot and do not support the package on the table from the Democrats and the Obama Administration. Our country does not need just another spending bill, particularly not one that will load future generations with the burden of massive debt. We need a short term stimulus bill that will directly help people, create jobs, and provide a jolt to our economy.

He further explains the myriad of problems with this bloated stimulus package and asks for people to sign a petition to voice their disapproval of this bill.

Sign Vote No On The Stimulus Package Petition

John McCain Sponsors Petition Protesting Bloated Stimulus Plan

A week ago the AP reported on a leaked analysis by the Congressional Budget Office saying that it would take YEARS for the money from the stimulus plan to reach the economy. The media pounced on it and in the last week this analysis was cited 81 times in the MSM, usually calling it a "CBO Report".

Problem is, no such report ever existed. You can see the entire non-report here.

It is based on a very early version of the plan, and only a portion of it at that - $300 million of the $825 million (that which is headed for the Appropriations Committee,  not that for  the Ways and Means or Energy and Commerce Committees). And, it is based on the standard model is spending, it makes no allowance for the ability to accelerate in response to the current crisis.

So much for that famous MSM liberal bias.

The actual CBO Report is now available.

Assuming enactment in mid-February, CBO estimates that the bill would increase outlays by $92 billion during the remaining several months of fiscal year 2009, by $225 billion in fiscal year 2010 (which begins on October 1), by $159 billion in 2011, and by a total of $604 billion over the 2009-2019 period.

In other words, two-thirds in the first 18 months.

And lest you think I made the first part of this post up, I quote the report:

This is the first cost estimate that CBO has prepared for H.R. 1 in its entirety. A previous preliminary estimate that has been widely cited addressed only the budgetary impacts of an earlier version of the provisions contained in Division A, at the request of the House Committee on Appropriations.