CBO says Recovery Act saved millions of jobs in third quarter

But the Recovery Act remains a failure according to the standards set for it by the administration at the time it was passed. According to the Bureau of Labor Statistics, the unemployment rate stood at 9.6 percent in October, far above Obama administration promises that the stimulus act would keep the rate down below 8 percent.

House Appropriations Ranking Member Jerry Lewis (R-Calif.) last week proposed rescinding the $12 billion in unspent stimulus money when Republicans take control of the House in January. Democrats argue that budget cuts should come later once the economic recovery has taken hold.

The CBO continues to estimate that the stimulus bill cost $814 billion in 2009 and 2010, a higher figure than the estimated $787 billion score the bill was given when it was being debated.