Pelosi: CBO Report Shows Recovery Act Producing More Jobs and Higher Economic Growth Than Originally Thought

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

Washington, D.C. - House Speaker Nancy Pelosi issued the following statement today on the latest analysis by the non-partisan Congressional Budget Office on the creation of jobs and higher economic growth from the Recovery Act:

"A series of independent economic analyses now show the Recovery Act is doing its job. The latest analysis by the non-partisan Congressional Budget Office is clear: the Recovery Act is likely producing even more jobs and higher economic growth than originally thought.

"But Americans struggling to find and keep jobs need all the help they can get, and Congress will keep working to create and save jobs and restore American economic security."

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From the CBO report:

"In March 2009, CBO projected that in the third quarter of 2009, U.S. employment would be higher by 600,000 to 1.5 million people with ARRA than it would be without the law, and real GDP would be 1.1 percent to 3.0 percent higher"¦

"Taking into account the slightly faster implementation of certain tax cuts and the slightly slower pace of outlays, CBO now estimates that in the third quarter of calendar year 2009, ARRA's policies raised real GDP by between 1.2 percent and 3.2 percent, lowered the unemployment rate by between 0.3 and 0.9 percentage points, and increased the number of people employed by between 600,000 and 1.6 million compared with what those values would have been otherwise."