WASHINGTON (AFP) – President Barack Obama said on Saturday that new economic data indicated a huge stimulus package approved in February had helped "put the brakes" on a deep recession.
Obama, speaking in his weekly radio address, referred to figures released Friday that showed a narrower-than-expected 1.0 percent decline in GDP in the second quarter."The report showed that in the first few months of this year, the recession we faced when I took office was even deeper than anyone thought at the time. It told us how close we were to the edge," Obama said.
"But it also revealed that in the last few months, the economy has done measurably better than expected. And many economists suggest that part of this progress is directly attributable" to the 787 billion dollar economic stimulus package known as the Recovery Act, he said."This and the other difficult but important steps that we have taken over the last six months have helped put the brakes on this recession," he said.
Right.
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