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The U.S. Recovery and Investment Act 2009, a u.S. government has been called to the u.s. The law passed by the Congress in response to the Great Depression of 2008. It is increasingly known as the Steamulus package of 2009 or Obama’s stimulus. The package included a series of federal government spending, aimed at combating job losses associated with the 2008 recession.
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The American Recovery and Reinvestment Act (ARRA) called for a massive federal spending to create new jobs and recover lost jobs in the Great Recession of 2008. The government expenditure was to compensate for the slowdown in private investments in that year. Lawmakers began working on the bill months before President Barack Obama’s inauguration in January 2009. The incoming President’s associates have called for the U.S. I cooperated with members of Congress and approved the systematic reform procedures to pass the House of Representatives on January 2, 2000. The version was passed by the US Senate on February 10.
After a quick-moving conference negotiation, and Democratic congressional leaders finally agreed to cut the bill’s spending, attracting a handful of Republican votes. The final price of $7 billion represents the largest anti-recession cost package since World War II. President Obama signed the bill into law on February 17, 2009.
Reactions to aRRA were basically a mixture of positive and negative and possibly with partisan lines. The supporters felt that the cost of stimulus was not enough to pull the national economy out of recession. 5 Paul Krugman, in a New York Times op-ed in November 2009, announced the initial success of the ARN with its only failure, saying it had not gone too far in reviving the U.S. economy. Krugman argued that the stimulus has helped unemployment, but that gross domestic product is not strong enough to grow further in the years to come.