Snowe, Thune Announce Bill to Reprogram Unobligated Stimulus Funds Towards Job Creation Initiatives

Press Release

U.S. Senators Olympia J. Snowe (R-Maine) and John Thune (R-SD) today announced the Reevaluate and Redirect the Stimulus Act of 2010, legislation to require the Office of Management and Budget (OMB) to create recommendations to redirect unobligated stimulus funds approved in last year's $787 billion American Recovery and Reinvestment Act within 15 days.

"Given that the federal budget deficit for Fiscal Year 2009 was a staggering $1.4 trillion and that CBO is now projecting a baseline deficit of $6.047 trillion over the next 10 years, we simply cannot afford to be poor fiscal stewards and engage in wasteful spending that will rob future generations of prosperity," said Senator Snowe. "This legislation will ensure the Administration and Congress both remain accountable to guarantee that each dollar we spend on stimulus either creates jobs at a greater rate or protects displaced individuals at a lower cost than competing policies on the table."

"I applaud Senator Snowe for introducing this legislation that would provide Congress with a better accounting of the remaining stimulus money," said Thune. "Last year's stimulus bill failed to keep unemployment under eight percent, as the Administration promised, and it is now time to redirect some of the unobligated stimulus funds to provide small businesses with much needed tax relief so they can create jobs for America's unemployed."

The Reevaluate and Redirect the Stimulus Act of 2010 would require OMB, within 15 days, to provide Congress with a list of provisions from the stimulus for which there remain funds that have not yet been obligated. In addition, OMB would be required to provide Congress with a list of programs included in the stimulus with remaining unobligated funds that it recommends be redirected toward more effective programs to either assist the displaced, or spur job creation.

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