Congressional Budget Office Director Doug Elmendorf’ testimony before the US’ Budget Committee throws up an interesting tidbit:
As a reminder, Obama’s $819bn stimulus bill, which passed the US House of Representatives on Wednesday, is split into $544bn for public spending and $275bn in tax cuts for individuals and businesses. Republicans, not a single one of whom voted for the stimulus in the House, are complaining the plan lacks clarity and is still too heavily skewed towards government spending. The bill will go to the Senate for a vote next week.
Related links:
To save or not to save? – FT Alphaville
White House eyes Senate Republicans on stimulus – FT