A Sticky Gas-pedal; The Economy  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8684 (May 2010), page 37-38.
Topik: Economic Policy; Fiscal Policy; Government Spending; Bills; Budget Deficits; Political Behavior

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.63 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Debate is heating up in Washington DC on a new round of fiscal stimulus. The "American Jobs and Closing Tax Loopholes Act" is a typical piece of congressional sausage-making originally projected to add $134 billion to the federal deficit. Only $79 billion of that qualifies as true stimulus: extended unemployment benefits, health subsidies for the unemployed and more Medicaid money for the states. Barack Obama is anxious to sign it into law by Jun 1, 2010 when several existing stimulus measures are set to expire. He has also backed an additional $26 billion in emergency funds for teachers and firemen who otherwise face lay-offs. Obama's fiscal policy has been described as "gas now, brake later": wider deficits in the near term to keep the economy out of depression (which would risk even bigger deficits), followed by a switch to deficit reduction to cap the rise in the national debt. The switch, however, remains a future abstraction. The latest initiatives would bring the total amount of stimulus since Obama took office to well over $1 trillion.

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