Pelosi: CBO Report Confirms Economic Recovery Act Provides Immediate Stimulus to Help Create Jobs

Pelosi: CBO Report Confirms Economic Recovery Act Provides Immediate Stimulus to Help Create Jobs

Monday, January 26, 2009

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. â€" Speaker Nancy Pelosi issued the following statement tonight on a new report issued by the non-partisan Congressional Budget Office that analyzed the entire American Recovery and Reinvestment Act:

"The Congressional Budget Office’s first analysis of the entire House recovery bill makes clear that what experts have been saying all along: the American Renewal and Reinvestment Act provides immediate stimulus to help create jobs and makes long-term, targeted, and responsible investments to keep our nation’s economy growing for years to come.

"According to the CBO, about two-thirds of the plan’s recovery investments will come in the first 18 months after it is enacted. The House bill will create jobs, help end the recession sooner, provide tax relief to millions of Americans and make critical long-term investments to lay the foundation for a stronger economy.

"The American Renewal and Reinvestment Act’s ability to create and save 3 to 4 million jobs is the change the American people were promised and the pledge the House will make good on this week. The American people look forward to rapid action in Congress and to President Obama signing the bill into law so we can begin to move our economy in a New Direction."