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Independent voices from the The Washington Times Communities
Topic - Douglas Elmendorf
If Congress can't agree on a long-term budget grand bargain, then even a short-term fix is better than nothing, Congressional Budget Office Director Douglas Elmendorf told lawmakers on Wednesday.
Federal taxes will go up, but spending will rise even faster over the next 25 years, leaving the national government in dire fiscal straits, according to projections the Congressional Budget Office released Tuesday.
This is no time to backtrack on the path to fiscal sustainability
Postponements and taxes and cuts — oh my!
A new government analysis says the stimulus act funded between 1 million and 2.1 million jobs as of December and kept the economy humming at a faster rate than it would otherwise, but consumer confidence has tumbled anyway - potentially hindering the continued recovery.
The stimulus act added at least 1 million new jobs and possibly as many as 2.1 million jobs in the final three months of last year, and lowered the unemployment rate by at least a half a percentage point, according to a new analysis from Congress's official scorekeeper.
"Some people who are unemployed for a long time simply give up looking for work. Some people probably find their way into disability insurance," he said during the Nov. 13 meeting. "It poses a very large risk of there being some set of people who will not find their way back to work at all."
Congressional Budget Office Director Douglas Elmendorf told the budget conference committee earlier this month that long-term unemployment is "a very worrisome factor for the economy."