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India On Media |
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| Politics
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| Obama stimulus beat target |
| Obama stimulus beat target of saving 3.5 mn jobs by end-2010
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| UNITED STATES OF AMERICA
, 19-November-2010
4:55:8 AM |
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The multi-billion dollar fiscal stimulus pumped into the US economy by President Barack Obama at the height of the global economic crisis has exceeded the original goal of creating or saving 3.5 million jobs by the end of 2010, a White House report said on Thursday.
The Council of Economic Advisers (CEA), in its latest quarterly report on the economic impact of the fiscal stimulus launched under the American Recovery and Reinvestment Act of 2009, said it played a key role in changing the trajectory of the economy.
"Specifically, the Recovery Act added 2.7 per cent to third quarter GDP growth and by some measures has exceeded the original goal of creating or saving 3.5 million jobs by the end of 2010," said the report.
The report also shows that the third quarter was the biggest yet for public investment spending, with more than USD 33 billion spent on clean energy, transportation and other infrastructure projects.
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