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shinpoolax
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Number of posts : 18
Registration date : 2011-01-16

PostSubject: the lords   Mon Jan 17, 2011 9:09 am

On February 17, 2009, Obama signed the American Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package aimed at helping the economy recover from the deepening worldwide recession.[142] The act includes increased federal spending for health care, infrastructure, education, various tax breaks and incentives, and direct assistance to individuals,[143] which is being distributed over the course of several years.


President Barack Obama signs the ARRA into law on February 17, 2009 in Denver, Colorado. Vice President Joe Biden stands behind him.
In March, Obama's Treasury Secretary, Timothy Geithner, took further steps to manage the financial crisis, including introducing the Public-Private Investment Program for Legacy Assets, which contains provisions for buying up to $2 trillion in depreciated real estate assets.[144]
Obama intervened in the troubled automotive industry[145] in March 2009, renewing loans for General Motors and Chrysler to continue operations while reorganizing. Over the following months the White House set terms for both firms' bankruptcies, including the sale of Chrysler to Italian automaker Fiat[146] and a reorganization of GM giving the U.S. government a temporary 60% equity stake in the company, with the Canadian government shouldering a 12% stake.[147] In June 2009, dissatisfied with the pace of economic stimulus, Obama called on his cabinet to accelerate the investment.[148] He signed into law the Car Allowance Rebate System, known colloquially as "Cash for Clunkers", that had mixed results.[149][150][151]
Although spending and loan guarantees from the Federal Reserve and the Treasury Department authorized by the Bush and Obama administrations totaled about $11.5 trillion, only $3 trillion had actually been spent by the end of November 2009.[152] However, Obama and the Congressional Budget Office predict that the 2010 budget deficit will be $1.5 trillion or 10.6% of the nation's gross domestic product (GDP) compared to the 2009 deficit of $1.4 trillion or 9.9% of GDP.[153][154] For 2011, the administration predicted the deficit will slightly shrink to $1.34, while the 10-year deficit will increase to $8.5


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