The independent, nonpartisan Congressional Budget Office released a report late Monday on the economic impact of the Recovery Act. The CBO determined that, between its inception in February of this year and the end of September, the American Recovery and Reinvestment Act has: • Saved or Created up to 1.6 Million Jobs • Added up to 3.2% to the Growth of Real GDP • Reduced the Unemployment Rate by as Much as 0.9 Percentage Points
Earlier today, Vice President Biden released the following statement in response to the report:
“This new report from the Congressional Budget Office is further evidence of what private forecasters and government economists have been saying: the Recovery Act is already responsible for more than 1 million jobs nationwide. From independent economists to Congress’s own nonpartisan research body, the experts have spoken and the debate is no longer whether the Recovery Act is creating and saving jobs, but how we provide even more opportunities to drive growth and support American workers. This early progress less than halfway through the program is encouraging, but we’re just getting started. In the coming months, we’ll break ground on thousands of infrastructure projects, launch multi-billion dollar broadband and high speed rail initiatives and make critical investments in our nation’s schools and businesses through the Recovery Act that will help put America back to work and lay a foundation for long-term economic growth.”
