While much of the stimulus spending being proposed by Obama will take effect in the next year and a half, a healthy amount will take much longer, particularly energy spending, according to a Congressional Budget Office report on the economic stimulus released yesterday.
For those concerned about green spending, the report notes that the bump in spending means that departments that were previously anticipating a smaller budget will have to hustle to get their spending up to snuff so the cash isn’t sitting idle.
EE News: The analysis finds that most of the funds would be spent within seven years, consistent with spending rates for existing programs. But the study adds that the bill would mean a spike in funding for DOE, which affects the timing. “We therefore expect that the proportion of spending that would occur in the first few years would be lower than that for existing programs, reflecting the time it would take DOE to establish new programs and to ramp up its spending from current levels,” the report states.
This is not exactly going to soothe the nerves of those concerned about a wasteful government spending package. And it’s not going to please green advocates either, as the spending will take many years to kick in.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.