Tag Archives: Congress

Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from October 2012 Through December 2012


Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from October 2012 Through December 2012

As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009 (ARRA), which was enacted in response to significant weakness in the economy.

In total, CBO estimates that ARRA will increase budget deficits by about $830 billion over the 2009–2019 period. By CBO’s estimate, close to half of that impact occurred in fiscal year 2010, and more than 90 percent of ARRA’s budgetary impact was realized by the end of December 2012.

These Automatic Budget Cuts Will Hurt the Economy


Just 10 days from now, Congress might allow a series of severe and automatic budget cuts to take place that will hurt our economic growth, add hundreds of thousands of Americans to the unemployment rolls, and threaten military readiness.

But, as President Obama said this morning, these cuts don’t have to happen — Congress has the power to stop them.

Find out why these cuts are so harmful, and why Congress needs to act.

Watch President Obama's remarks

In Case You Missed It

Here are some of the top stories from the White House blog:

The Inside Story on Theodore Roosevelt’s Official Portrait For Presidents Day, White House Curator Bill Allman tells the inside story on Theodore Roosevelt’s official portrait.

From the Archives: George Washington Writes in the Margins Beginning in March, George Washington’s Acts of Congress will travel the country and visit the 13 Presidential Libraries of the National Archives through a partnership with Mount Vernon, offering a rare glimpse into history that is as relevant today as it was 224 years ago.

Giving Every Child a Chance in Life In Chicago, President Obama laid out a plan to rebuild ladders of opportunity for every American who is willing to work hard and climb them.

Reject the Status Quo …


merycorp&valentine

just another rant …

My question for all you mostly sane people today is: What would your neighborhood look like without Teachers, Police, EMTs, Firefighters and other public service workers if the Democratic Party had not passed bill HR1586.  Two years ago folks like Bachman, Boehner called HR1586 a bailout and as the President’s 2nd term moves forward Republicans continue using Americans as pawns in their mission to make PBO look bad and make no mistake they are still willing to throw ALL of us under the bus! Hello … this includes you constituents who voted right of center and seem to be complacent about it all which by definition is: To be content and satisfied with your life and surroundings, even when something which may destroy these conditions is imminent.

We cannot be complacent with the status quo!

The leadership we need from folks in Congress … a willingness to act in a bipartisan way … put People ahead of Party! know that the sequester; a congressional act was not well thought out and will hurt ALL Americans, accept that cutting spending means austerity , be selfless and think about how to better the current status of the middle and lower classes because the rich are doing just fine, think globally, environmentally, respect Public Service workers, support education, allow more stem research, respect a woman’s right to choose, equal wages for women, safe and affordable health care for all families.

The fact is President Obama has gotten Congress to pass legislation that will be good for middle class families but to get the change 53% of we voted for we need democrats on the floor of Congress to step up.

It is important that we do not repeat history by understanding the past stop the current austerity program republicans keep shoving Americans into; remember that trust, respect and the votes Republicans are soliciting cannot be seasonal…

Budgets, Income and Child Nutrition


BudgetEconomy

The Budget and Economic Outlook: Fiscal Years 2013 to 2023

Economic growth will remain slow this year, CBO anticipates, as gradual improvement in many of the forces that drive the economy is offset by the effects of budgetary changes that are scheduled to occur under current law. After this year, economic growth will speed up, CBO projects, causing the unemployment rate to decline and inflation and interest rates to eventually rise from their current low levels.

Macroeconomic Effects of Alternative Budgetary Paths

Federal debt held by the public now exceeds 70 percent of the nation’s annual output (gross domestic product, or GDP) and stands at a higher percentage than in any year since 1950. Under an assumption whereby current laws generally remain unchanged, federal debt will be 77 percent of GDP in 2023, CBO projects. Such a large amount of federal debt will reduce the nation’s output and income below what would occur if the debt was smaller, and it raises the risk of a fiscal crisis (in which the government would lose the ability to borrow money at affordable interest rates).

Key Assumptions in Projecting Potential GDP—February 2013 Baseline