On the recordJune 30, 2010
Well, we heard from CBO, the Congressional Budget Office, rather interesting. Got a nice quote. Director Elmendorf announced that, in part of his statement he said, the gloomy, long-term picture is not an argument for rejecting additional spending now to bolster the economic recovery. Indeed, he said, ``Enacting cuts in spending or increases in taxes now would probably slow the recovery.'' If you read the charge for CBO, it's a little bit gray. But when you have an organization that can't seem to get right what the projections are for the costs, when you can't get the costs right for what is requested, as we saw with the health care bill, as we saw with so many things they projected, they have been hundreds of millions, billions, hundreds of billions of dollars off over time, and yet the Director's going to come in and tell us that enacting spending cuts are going-- well, they could jeopardize, possibly slow the recovery. And it's been great to hear my colleagues talk about all the jobs that have been created. We know, for example, in the last month 431,000 jobs, new jobs have been created by this administration. And you really do have to give the administration credit for most of the jobs that were created last month, because when we got the numbers, of the 431,000 jobs, 411,000 of them were census workers. Great news. Unfortunately, those jobs are going to be gone just in a matter of a very few months.
