According to Congressional Budget Office estimates, a mere $26 billion of the House stimulus bill's $355 billion in new spending would actually be spent in the current fiscal year, and just $110 billion would be spent by the end of 2010. This is highly embarrassing given that Congress's justification for passing this bill so urgently is to help the economy right now, if not sooner.
I keep hearing how important it is to get this passes quickly. But if these numbers are even remotely accurate, how can it do anything? It surely won't do anything quickly, which people are expecting. Maybe this is the reason they keep saying "its going to get worse before it gets better." But if we're going to wait a couple of years, there's a decent chance the economy will improve on its own by then, or at least to a more "normal state."
Again, if its going to take that long, why do we need this bill anyway? Its just going to add to a long list of unpaid obligations that are stacking up quickly.
Opinion piece from WSJ.