FRONT PAGE CONTRIBUTOR
Obama’s bailout to cost $3.27 trillion
The Heritage Foundation reports that the true cost of the so-called “stimulus” is going to be $3.27 trillion. That’s right, President Obama’s bloated bailout boondoggle is going to cost four times the already outrageously expensive $789 trillion Senator Susan Collins finds “fiscally responsible.”
Here’s the skinny from Heritage:
All of the major news outlets are reporting that the stimulus bill voted out of conference committee last night has a meager $789 billion price tag. This number is pure fantasy. No one believes that the increased funding for programs the left loves like Head Start, Medicaid, COBRA, and the Earned Income Tax Credit is in anyway temporary. No Congress under control of the left will ever cut funding for these programs.
So how did Heritage come up with $3.27 trillion? The Congressional Budget Office estimated the impact of permanently extending the 20 most popular provisions of the stimulus bill bailout boondoggle.
The true 10 year cost of the stimulus bill $2.527 trillion in spending with another $744 billion cost in debt servicing.
The total bill for Obama’s truly bloated bailout boondoggle is $3.27 trillion.