White House touts stimulus data while pushing new plan to create jobs

[babylonsister]

White House touts stimulus data while pushing new plan to create jobs
By Walter Alarkon - 12/16/09 08:14 PM ET


The White House said Wednesday that the stimulus is doing its job to improve the economy but that "targeted ideas" are still needed to create jobs.

In a briefing with reporters on the stimulus as lawmakers look to craft new jobs legislation, Obama administration officials touted the latest economic data to show that the $787 billion recovery act has helped. Since the stimulus was signed into law in February, monthly job losses have dropped from about 700,000 to 11,000 last month. Estimates by the Congressional Budget Office and independent economists at Moody's and IHS/Global Insight found the stimulus to save or create roughly 1 million jobs during the first three quarters of 2009. The economy, which was contracting at 6.4 percent annualized rate in the first quarter, grew at a 2.8 percent rate in the third quarter.

"I simply don't believe there's a credible case to be made against the fact that this recovery act is working," said Jared Bernstein, the chief economist for Vice President Joe Biden.

Administration officials noted that slightly more than half of the stimulus, $394.5 billion, has been spent or obligated, and that the $392 billion in remaining funds will mostly go toward projects that create more jobs than tax cuts and payments, which made up much of the early stimulus money doled out.

more...

http://thehill.com/homenews/administration/72689-white-house-touts-stimulus-data-while-pushing-new-jobs-plan

[angee_is_mad]

1. Kick

and thanks.

[Clio the Leo]

2. Why does it seem like you're a lot less mad ....

.... you know, in comparison. lol