If “pass this bill” is the phrase of the week for President Obama, “not so fast” is the phrase of choice for congressional Republicans.
As Obama touts the American Jobs Act as a “fully paid for” panacea for high unemployment and sluggish economic growth, his critics insist he’s glossing over the fine print when it comes to adding to the deficit.
“Given the depth of the economic crisis we now face … the lack of fiscal detail that has been provided to Congress is both disappointing and irresponsible,” wrote Sen. Jeff Sessions, the top Republican on the Budget Committee, in a letter to Office of Management and Budget director Jack Lew earlier this week.
Sessions is demanding to see how the Obama administration arrived at the $447 billion price tag for the jobs bill, and back up for the claim that it would not add one cent to the national debt.
The legislative package sent to Capitol Hill Monday does not detail any of the administration’s cost estimates, nor does it include projections for revenue to be raised from spending offsets included in the bill. Officials have only outlined their estimates in broad strokes during public statements and briefings with the press.