Obama Says Stimulus Has Helped Ease Recession
Neil Irwin and Jonathan Starkey reported today on the latest gross domestic product figures, which fell at a 1 percent annual rate in the April-through-June quarter, compared with a 6.4 percent pace of decline in the first quarter of 2009.
Speaking at the White House, President Obama hailed the improving GDP numbers as evidence that his administration's policies are beginning to "put the brakes on the recession."
Obama said the oft-criticized $787 economic stimulus act, which extended unemployment benefits, provided aid to struggling state governments and financed an array of public works projects now getting off the ground, has been a big factor in slowing the nation's economic slide.
But Obama warned that although the recession is easing, it might be many months before employment picks up. The nation's unemployment rate is 9.5 percent, and many analysts expect it will top out above 10 percent. In his statement, Obama acknowledged that the nation will not feel like it is in recovery "until we stop losing jobs."
Posted at 3:10 PM ET on Jul 31, 2009
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