Duncan Black:
Eschaton: Your Liberal Media: Still happy to run with any Republican horseshit it is fed. Get used to it.
Steve Benen:
The Washington Monthly: ABOUT THAT CBO REPORT.... This week, congressional Republicans seized on a new report from the Congressional Budget Office (CBO) showing the limited short-term stimulative effects of the Democrats' proposed rescue package. It's also led to widespread media coverage undermining the White House's arguments about the benefits of a stimulus plan.
There is, however, a problem. The CBO report, as it's been described, doesn't exist.
Reports of a recent study by the Congressional Budget Office, showing that the vast majority of the money in the stimulus package won't be spent until after 2010, have Democrats on the defensive and the GOP calling for a pullback in wasteful spending.
Funny thing is, there is no such report.
"We did not issue any report, any analysis or any study," a CBO aide told the Huffington Post.
Rather, the nonpartisan CBO ran a small portion of an earlier version of the stimulus plan through a computer program that uses a standard formula to determine a score -- how quickly money will be spent. The score only dealt with the part of the stimulus headed for the Appropriations Committee and left out the parts bound for the Ways and Means or Energy and Commerce Committee.
Because it dealt with just a part of the stimulus, it estimated the spending rate for only about $300 billion of the $825 billion plan. Significant changes have been made to the part of the bill the CBO looked at.
Oops.
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