By Rob Farley and Michael Grabell
This story was co-reported by PolitiFact and ProPublica.
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“One of the interesting things about the Recovery Act was most of the projects came in under budget, faster than expected, because there’s just not a lot of work there.”
– Barack Obama on Sunday, Nov. 7, 2010 in a 60 Minutes interview
President Barack Obama says the time is ripe for immediate investment in infrastructure projects such as highways and bridges. With the nation recovering from a recession, interest rates are low, competition among contractors for work is intense and the cost of building materials are low.
As evidence, Obama pointed to the government’s experience with the economic stimulus package, saying that taxpayers have gotten pretty good bang for their buck.
“One of the interesting things about the Recovery Act was most of the projects came in under budget, faster than expected, because there’s just not a lot of work there,” Obama said in an interview on 60 Minutes on Nov. 7, 2010. “I mean, there are construction crews all across the country that are dying for work. And companies that are willing to take a very small profit in order to get work done. And so for us to say now’s the time for us to rebuild this country and equip ourselves for the 21st Century. That’s something that could make a real difference.”
In the fall campaign, Republicans assailed the stimulus as wasteful spending, but now Obama is citing it as a example of efficiency. And so Politifact decided to collaborate with ProPublica to see if Obama was right that “most” of the projects funded by the stimulus came in “under budget” and “faster than expected.”
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Posted on November 11, 2010