Only 12% of “Stimulus” Funds Have Left the Treasury - and Democrats want ANOTHER “Stimulus” Bill?
WASHINGTON, D.C. – House Appropriations Ranking Republican Jerry Lewis today announced that new analysis has revealed that only approximately $38.2 billion - or 12% - of the discretionary funds from the failed “stimulus” bill have so far left the Federal Treasury.* Yet, in spite of the vast amount of remaining funding and the “stimulus” legislation’s clear lack of positive effect on the economy, Democrats in Congress are reportedly preparing yet another “stimulus” spending package to be passed before the Christmas break.
When Congress considered the “stimulus” bill last February, Democrat leaders claimed that hundreds of billions in federal funds would keep unemployment below 8%. However, as of last Friday national unemployment exceeded 10%. And, a recent report from the non-partisan Congressional Budget Office (CBO) stated that, “[I]t is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package.”
Lewis pointed out the fallacy of yet another massive infusion of taxpayer dollars into “stimulus” programs which have produced no positive results, especially with the vast amount of unused and unspent funds already sitting in federal and state accounts.
“The Democrats ‘stimulus’ plan has failed, pure and simple. The immediate economic results the Democrats promised have not materialized. Now, Democrat leaders want to make a bad situation worse by pouring even more taxpayer dollars into government programs, without any credible evidence that it will create jobs or improve the nation’s economic outlook,” Lewis said.
“No one likes the fact that more than 10% of Americans are unemployed – especially as we head into the holidays. However, the Democrat leadership’s plan to shove through more government spending under the guise of job-creation will do more harm than good. The American people do not need more debt for Christmas – we need thoughtful economic policies that can produce real, sustainable results,” Lewis continued.
Instead of floundering in unproductive and failed “stimulus” programs, Lewis indicated that unused balances in several programs could be used to reduce the federal deficit, or used to pay for essential national priorities such as security and defense.
The list below contains examples of the amounts that have been out-layed (left the Federal Treasury) for various “stimulus” programs:
· $153 million out of $4.1 billion (2%) for expanded access to broadband internet
· $3 million of $5.9 billion (0.0001 %) for new Energy Efficiency and Renewable Energy Programs
· No funds out of $4.5 billion (0%) for “Smart Grid”
· No funds out of $2.3 billion (0%) for alternative vehicle fuel and battery grants
· $2 million of the $4 billion (0.001%) for the Energy Innovative Technology Loan Program
· $174 million out of $5 billion (3%) for Weatherization Assistance
· $235 million out of $6.4 billion (4%) for EPA water and wastewater grants
· No funds out of $2.9 billion (0%) for Comparative Effectiveness research and Health IT funded as a precursor for Health Care reform
· $2 million out of $750 million (2%) for the “Green Jobs” training program
· $38 million out of $500 million (8%) for the Women, Infants and Children program
· $23 million out of $1 billion (2%) for the Decennial Census
· No funds out of $8 billion (0%) for High Speed Rail
· No funds out of $1 billion (0%) for COPS hiring grants
· $27 million out of $3 billion (0.01%) for National Science Foundation research grants and facilities construction
*Analysis is based on official data from U.S. Treasury reports as of September 30, 2009, and compiled by the Appropriations Committee Republican staff.