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Is the economy picking up or is it still plunging? Well, it depends on who you ask. In terms of long-term deficits, the White House Office of Management and Budget saw a rosy future. But the non-partisan Congressional Budget Office or CBO painted a gloomier picture. After heavy criticism, the White House revised its numbers to reflect a 9 trillion dollar deficit over ten years, as opposed to it’s original estimate of $7.1 trillion. The CBO did assess the potential effects of the $787 billion stimulus package passed in February, saying that “[E]conomic activity will begin to rebound in the second half of 2009, largely the result of fiscal stimulus.” Meanwhile the Commerce Department reported that home sales increased nearly ten percent in July, prompting some economists to claim that the housing market is bottoming out. On the employment front, one private survey showed that “more than half of employers saying they plan to hire full-time employees in the next 12 months, and 40 percent [are] expecting to hire contract, temporary or project professionals.” The survey also revealed that jobs in technology, customer service and sales were expected to be among the first filled.

GUEST: Heather Boushey, senior economist at the Center for American Progress