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Letter to the Honorable Kent Conrad 1 (January 2009)

handle is hein.congrec/cbo8350 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE US. Congress Washington, DC 20515 January 28, 2009 Honorable Kent Conrad Chairman Committee on the Budget United States Senate Washington, DC 205 10 Dear Mr. Chairman: This letter responds to your request for an assessment of how spending from the economic stimulus proposals currently before the Congress could be accelerated. As you noted in your letter, when considering alternative approaches to stimulating the economy during a recession, timing is an important factor. When, as now, a recession is clearly under way and aggregate demand is declining, it is better if stimulus affects spending quickly in order to mitigate further deterioration in the economy. Some kinds of federal expenditures can be undertaken much more rapidly than others. For example, changes in benefits for the Supplemental Nutrition Assistance Program (formerly Food Stamps) and unemployment insurance can result in additional spending quite quickly. In contrast, spending on infrastructure projects often takes longer to start up and some projects take several years to complete. Spending Under H.R. 1. H.R. 1, the American Recovery and Reinvestment Act of 2009, as introduced in the House of Representatives on January 26, 2009, would result in additional spending of $604 billion over the 2009-20 19 period, CBO estimates. About 15 percent of that spending would occur in the remaining several months of fiscal year 2009; another 37 percent would be spent in 2010. A total of almost 80 percent of the cumulative 11 -year spending would occur from 2009 through 2011. (In addition to that spending, H.R. 1 would reduce revenues by an estimated $212 billion over the 2009-20 19 period.)

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