Unstimulating

The Congressional Budget Office is the official scorekeeper for fiscal policy at the Federal level.  During testimony this week, CBO Director Douglas Elmendorf said that the President's much-vaunted (by himself, at least) stimulus from 2009 will be a drag on the economy in the long run.  As Peter Suderman puts it,

even the mildly Keynesian congressional scorekeeper agrees that borrowing $800 billion dollars ultimately creates a drag on the economy and a net loss in economic performance relative to what otherwise might have been. And yet the administration went ahead with the legislation anyway, arguing that it would be more or less a free lunch in the long run.