CBO says that the Stimulus plan might hurt economy

Tell me something that I don't know? According to the Washington Times:

CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.

For those of you who are wondering exactly what the CBO wrote:

In contrast to its positive near-term macroeconomic effects, the Senate legislation would reduce output slightly in the long run, CBO estimates, as would other similar proposals. The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth in the form of government bonds rather than in a form that can be used to finance private investment, the increased government debt would tend to “crowd out” private investment—thus reducing the stock of private capital and the long-term potential output of the economy.

This is just basic economics, folks. If you spend government money, you are increasing debt and increasing inflation. This isn't a mystery to anyone who took a course in high school.

Which leads to the obvious question: why is Obama pushing this if he knows that it will, in the long term, hurt the economy???