The White House is defending the controversial American Recovery and Reinvestment Act, claiming it created or saved 2.4 to 3.6 million jobs through the first quarter of 2011.President Barack Obama’s Council of Economic Advisors presented its seventh quarterly report on the effectiveness of the stimulus, claiming it was successful at “cushion[ing] the fall” of the economy at the beginning of the Great Recession.
With nearly all of its $787 billion spent, and unemployment still hovering above 9 per cent, the report also says the stimulus act is responsible for a 2.3 to 3.2 per cent jump in GDP through the first quarter of 2011.
Obama will have to defend the bill’s record when he runs for reelection next year. Republicans have been critical of the stimulus, saying its steep spending increases have done little to turn the economy around and lessen unemployment.
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