CBO Raises Stimulus Estimate to $821 Billion

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The Congressional Budget Office has raised its estimate of the cost of President Barack Obama's economic stimulus plan.

The CBO said the plan will cost $821 billion, well above the original estimate of $787 billion.

When the plan was introduced in 2009, the White House said it would keep the unemployment rate below 8 percent.

Instead, the jobless rate soared to nearly 10 percent. However, the administration said the measure added new jobs to the economy.

The CBO said that in the final three months of 2010, the stimulus was paying to maintain between 1.3 million and 3.5 million jobs, both down from the peak recorded in the prior three-month period.

"What has been the result of nearly $1 trillion spent on the so-called 'stimulus'? Twenty-one months of unemployment at or above 9 percent, 2.6 million jobs lost, unsustainable budget deficits and an ever-growing national debt," Republican National Committee Chairman Reince Priebus said in a statement Thursday.

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