WASHINGTON, Jan. 27 (UPI) -- The bulk of spending and tax cuts in a House-crafted plan to stimulate the U.S. economy would have a "noticeable impact" by 2010, budget analysts said.
A Congressional Budget Office report issued Monday indicated about two-thirds of the measures in the $825 billion package would migrate into the economy by the end of fiscal year 2010, producing "a noticeable impact on economic growth and unemployment," The Washington Post reported Tuesday.
The package is scheduled for a House vote Wednesday.
The non-partisan office concluded the measure would cost the federal government about $816 billion over the next decade and that approximately $526 billion, or about 65 percent, would be spent by the end of September 2010. That percentage falls short of President Barack Obama's goal of injecting at least 75 percent of the cash into the economy during the next 19 months to create millions of jobs and ease the pain of the recession.
The final analysis is only slightly different from a preliminary CBO cost estimate that caught the eye of congressional Republicans when it was released last week, the Post said, with House Minority Leader John Boehner of Ohio saying the preliminary figures proved that "slow-moving government spending programs" would do little to revive the economy compared with GOP-preferred tax cuts.
House Speaker Nancy of California praised the new CBO report Tuesday, calling it the "first analysis of the entire House recovery bill," and saying it proved the measure "provides immediate stimulus to help create jobs."
