Hubbs Posted February 12, 2009 Share Posted February 12, 2009 The hundreds of billions necessary for the stimulus package are being borrowed, mostly from China, because we already had a federal budget deficit for the next fiscal year. This means that, just like any loan, we have to pay it all back with interest. And how much is that interest? Almost $350 billion dollars over the next ten years, according to Congress' own budget office: And what did the CBO find?: The debt service alone from the stimulus will cost about $347 billion over the next 10 years. As the letter (read the whole thing here [PDF]) dryly notes: "Such costs are not included in CBO’s cost estimates for individual pieces of legislation and are not counted for Congressional scorekeeping purposes." Yes, you read that last part correctly - Congress doesn't even factor in the interest on the money it borrows. If any of us tried that when we wanted a loan of our own, we'd be laughed out of the bank. That's $350 billion that goes to nothing. Zip. Nada. Link to comment Share on other sites More sharing options...
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