Why the World Needs an OMBlog
Conservatives have been touting a CBO analysis which indicated that less than half the money in the proposed stimulus plan would be spent within the next two years. But what it actually showed was that less than half the money involved in the portion of the stimulus plan that they scored would be spent within fiscal year 2009 and fiscal year 2010. That difference is important, because because there’s several months’ worth of difference between the time span “two years after President’s Day Weekend” (the target date for stimulus signing) and the end of FY2010 on October 1, 2010. It’s also important because the CBO didn’t score large swathes of the stimulus.
The White House has release to the press a letter form OMB Director Peter Orszag making these points:
The Congressional Budget Office recently released an analysis of a component of the economic recovery proposal; that analysis, however, did not assess the overall package. Our analysis indicates that at least 75 percent of overall package (including its tax component and the other spending provisions that were not analyzed by the Congressional Budget Office) will be spent over the next year and a half (the rest of fiscal year 2009 and fiscal year 2010).
We are committed to maintaining at least a 75 percent spend-out rate for the package as a while as the legislation moves through the Senate and House and into conference. In addition to jumpstarting the economy in a timely manner, we remain committed to providing unprecedented levels of transparency to the American people and the highest standards of accountability to the taxpayer about how the funds are spent.
So I’ve duly put this up on my blog. But this is why we need an OMBlog to succeed Orszag’s triumphant CBO Director’s Blog. They could put this kind of thing up there, and then people could just link.
12 Responses to “Why the World Needs an OMBlog”
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January 23rd, 2009 at 2:50 pm
I’m still not sure that his is particularly great news. If around 40% of the package is going to tax cuts (nearly all of which should enter the money flow quickly, no?) that leaves 60 percent for spending (a good portion of which is aid to states that should get out there quickly). The important number to know is how quickly will the infrastructure and other job creation spending will be spent out. If they are saying that the current rate is 75%, and at least half of the package is in tax cuts and aid to states that should be released quickly, then the spend out rate for the rest of the spending must be pretty low.
And reading through the text House bill being marked up, I am not terribly impressed by the way the money is being allocated. It actually sounds like Boner and Cantor et. al. might actually have a point on this score. It looks to me like a random collection of crap to spend money on – with strategic plan or operating principle to lead the way. All tactics, no strategy to borrow a war metaphor.
Can somebody talk me down here? What am I missing…
January 23rd, 2009 at 6:24 pm
Um, Matt, there’s a typo in the CBO release.
I think the word is “whole” not “while”
Let me know if you are taking applications for editing help. I have 30+ years experience as an attorney and stellar references.
January 23rd, 2009 at 8:17 pm
uh oh, CBO denies doing such a study. where’s the link for your data?
source
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