GOP Plan To Slash Federal Spending Complicated By Lack Of Leftover Stimulus Funds
WASHINGTON — Congressional Republicans say they want to cut federal spending by raiding $45 billion from President Barack Obama’s politically unpopular economic stimulus program. But they won’t be able to get their hands on most of that money.
At most, only about $7 billion of the $814 billion in economic recovery money awarded under the 2009 federal law hasn’t already been spoken for, according to the latest White House estimates. And Republican leaders now acknowledge they would be lucky to identify as much as $5 billion in stimulus-related spending cuts as part of a plan to save taxpayers $2.5 trillion over 10 years.