Statement from Vice President Biden on New CBO Report on Recovery Act Job Impact
WASHINGTON – Vice President Joe Biden today provided the following statement on the new Congressional Budget Office report on the employment impact of the American Recovery and Reinvestment Act. The report can be viewed in full HERE.
“Today’s report from the Congressional Budget Office is further confirmation that the Recovery Act is a driving force behind recent economic growth and has already put millions of Americans to work across the country. From my time in the Senate, I know that the CBO is respected on both sides of the aisle for its nonpartisan analysis of government programs – so the CBO’s estimate that the Recovery Act is already responsible for as many as 2.8 million jobs, or a range of 1.2 to 2.8 million, and on-track for as many as 3.6 million by the end of this year is important validation that the action we took to rescue the economy last year has not only pulled us back from the brink, but put us on a firm path toward economic recovery. As the CBO notes, without the Recovery Act, the unemployment rate could be as high as 11 percent right now. But the President and I know that for the millions of Americans still looking for work, the only job that matters is their own. That’s why we’re putting Recovery Act dollars to work on more job-creating projects than ever this summer and are continuing to fight for additional job creation investments that help us build on the progress we have made through the Recovery Act.”