On CNN, Jeffrey falsely claimed CBO said that “64 percent” of stimulus bill “isn’t going to be spent until after September of next year”
On the February 1 edition of CNN’s State of the Union, CNSNews.com editor-in-chief Terry Jeffrey falsely claimed that in its cost estimate of the American Recovery and Reinvestment Act, the Congressional Budget Office (CBO) said that “64 percent of this money isn’t going to be spent until after September of next year.” Host John King did not challenge Jeffrey’s false assertion. In fact, CBO’s estimate is the opposite of what Jeffery claimed; as Media Matters for America has noted, according to the CBO, including both outlays and tax cuts, CBO has estimated that about 64 percent of the bill would be paid out before the end of September 2010.
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In its analysis of the bill as passed by the House, CBO estimated that $169.6 billion would be paid out before the end of September 2009 and an additional $356.1 billion before the end of September 2010, meaning that $525.7 billion would be paid out before the end of September 2010. It also estimated that a total of $819.5 billion would be paid out between 2009 and 2019, meaning that CBO estimates that more than 64 percent of the $819.5 billion will be paid out before the end of September 2010.
Jeffrey joins other media figures who have misrepresented CBO’s analysis of the stimulus package on CNN.
From the February 1 edition of CNN’s State of the Union with John King:
KING: Terry Jeffrey, I want your conservative voice in this debate. And as I do so, I want to show our viewers your article in the front page of Human Events — is a conservative weekly newspaper, read very widely by the conservative activist base of the Republican Party and the conservative movement — “For Obama, It’s Not We the People, But We the Government.”
So if that is your take from the right, what should conservatives do at this moment?
JEFFREY: Well, I think they have to force real due diligence on this bill, John. We saw the $700 billion financial industry bailout, ran through very quickly last fall. There hasn’t been as much due diligence on this bill, which actually spends more money. I think what has to happen is the cabinet secretaries in the Obama administration that are going to be responsible for dispensing this money need to come into the congressional committees and explain clearly where this money’s coming from, it’s all being borrowed. Secondly, how it’s going to be spent, when it’s going to be spent, and most importantly, how is this money actually going to create jobs.
CBO said last week, 64 percent of this money isn’t going to be spent until after September of next year, a lot of that are so-called tax cuts. Those tax cuts — many of them, in fact — are refundable credits that will be paid out in $500 or $1,000 checks to people who didn’t pay income taxes in the first place. How is that going to really create jobs in the economic crisis?
KING: CBO, for those of you out in America who don’t understand the funny language of Washington, CBO is the Congressional Budget Office. Terry Jeffrey makes the conservative point.
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