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Obama says stimulus plan to kick in later this year
Published in Saudi Press Agency on 11 - 07 - 2009


President Barack Obama said
on Saturday more time was needed for his $787 billion stimulus
package to work, predicting the spending would have a bigger
impact on the economy later this year, Reuters reported.
In an advanced text of his weekly radio speech, Obama said
the stimulus plan approved by Congress and signed into law in
mid-February "was not designed to work in four months -- it was
designed to work over two years."
U.S. Treasury Secretary Timothy Geithner said it was too
soon to decide whether the U.S. economy needed the help of a
second-round of government stimulus to recover from recession.
"I don't think that's a judgment we need to make now, can't
really make it now prudently, responsibly," he said in a taped
interview with CNN that will air on Sunday.
According to a transcript provided by CNN, Geithner said
the "biggest thrust" of the stimulus package signed into law
earlier this year would take effect in the second half of the
year.
Obama's comments follow government data showing the
unemployment rate soared to 9.5 percent in June, the highest
level since 1983 and above the 8 percent peak predicted by the
White House when it worked with Congress to pass the package.
Republicans say the stimulus plan is not working.
Obama now warns unemployment likely will top 10 percent in
the coming months.
"We must let (the stimulus plan) work the way it's supposed
to, with the understanding that in any recession, unemployment
tends to recover more slowly than other measures of economic
activity," Obama said.
He said the benefits of the plan would "accelerate greatly
throughout the summer and the fall."
The continuing recession and further steep job losses are
wearing away the patience of Americans and raising doubts about
Obama's handling of the economy.
The share of Americans who believe the stimulus package
will restore the economy slipped to 52 percent in late June,
down from 59 percent two months earlier, according to a
Washington Post-ABC News poll.
Vice President Joe Biden said the administration had
"misread" how bad the economy was when it took office but that
the stimulus package would help the economy recovery and create
jobs.
Senate Republican Leader Mich McConnell on Friday called
the stimulus plan a failure.
Obama said it takes time for the plan's money "to get out
the door" to pay for roads, bridges and other infrastructure
projects that will create jobs "because we are committed to
spending it in a way that is effective and transparent."


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