- Title: USA: President Barack Obama defends his economic stimulus package
- Date: 18th February 2010
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (ORIGINALLY 4:3) (FILE) (REUTERS) SIGN READING "NEW YORK STATE DEPARTMENT OF LABOR W54TH STREET COMMUNITY SERVICE CENTER" WOMAN BEHIND COUNTER ASSISTING WOMAN WITH PAPERWORK QUEUE OF PEOPLE WAITING TO FILE FOR UNEMPLOYMENT BENEFITS
- Embargoed: 5th March 2010 12:00
- Keywords:
- Location: Usa
- Country: USA
- Topics: Domestic Politics
- Reuters ID: LVA42D56XFIT9BZ9CFU7IZXF9B3S
- Story Text: U.S. President Barack Obama vigorously defended his $787 billion (USD) stimulus on Wednesday (February 17, 2010), insisting it rescued Americans from the worst of the economic calamity and ripping Republican critics who called it a waste.
on the one-year anniversary of a plan that was pushed through the U.S. Congress by Democratic majorities, Obama and Vice President Joe Biden sought to convince skeptical Americans that the stimulus has been beneficial.
In remarks at the White House, Obama said he believed the stimulus saved or created as many as 2 million jobs and that, although the initiative had no shortage of critics, it prevented U.S. economy from plunging into an economic depression.
"But we acted because failure to do so would have led to catastrophe. We acted because we had a larger responsibility than simply winning the next election. We had a responsibility to do what's right for the U.S. economy and the American people. One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility. It's one of the main reasons why the economy has gone from shrinking by six percent to growing at about six percent. This morning we learned that manufacturing production posted a strong gain. So far, the Recovery Act is responsible for the jobs of about 2 million Americans who would otherwise be unemployed," Obama said.
The President also said that he expected another 1.5 million jobs to be saved or created in 2010.
"You can argue, rightly, that we haven't made as much progress as we need to make as we need to make when it comes to spurring job creation. That's part of the reason why the Recovery Act is on track to save or create another 1.5 million jobs in 2010. That's part of the reason why I expect Congress to pass additional measures as quickly as possible that will help our small business owners creative new jobs, give them more of an incentive to hire," Obama said.
He said he recognized that many Americans are not benefiting from the stimulus.
"So our work is far from over, but we have rescued this economy from the worst of this crisis, and slowly with new factories and research facilities and small businesses, the American people are rebuilding a better future. And we will continue to support their efforts. We will leave our children an economy that is stronger and more prosperous than it was before. Thank you very much everybody," Obama said.
A CBS News / New York Times poll last week found that only six percent of Americans believed the package had created jobs. Another poll by CNN / Opinion Research Corporation showed a majority opposed the stimulus program. - Copyright Holder: FILE REUTERS (CAN SELL)
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