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Sunday, September 5, 2010

Obama to Stimulate Economy

Official presidential portrait of Barack Obama...Image via WikipediaThe United States job data report showed that private sector employers increased new jobs by 67000 during the past month. In addition the figures for July and August were revised in an upwards direction, however the overall unemployment continues to rise and now sits at 9.6 percent.

Next week President Barack Obama will announce his administrations plans to stimulate the economy. He made the announcement in the White House Rose Garden and stated the report was “positive news, and it reflects the steps we've already taken to break the back of this recession. But it's not nearly good enough.”

“That's why we need to take further steps to create jobs and keep the economy growing including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest,”

President Obama continues his quest to have the Senate support and pass his bill that contains tax breaks for small business in the amount of about twelve billion dollars and the creation of a thirty billion dollar fund to finance lending. The Republicans as is the nature (the party of no) is opposed to the bill on the grounds it is similar to the bailout of the financial industry.
Lawmakers are not scheduled to return to work until mid September therefore do not expect much to happen before the November elections.

Stay on Track,Money Magazine Hoss

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