Obama’s fiscal stimulus
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Obama’s announcement this week on their continued expansionary fiscal policy, unsurprisingly, led to economic growth forecasts rising significantly. The proposal is to maintain for another two years a package of tax cuts enacted in 2001 and 2003 under President George W Bush.
If the deal passes Congress and there are no offsetting budget cuts, the US will be the only large industrialised country not to tighten fiscal policy in 2011, with the federal deficit is likely to remain 9-10 per cent of gross domestic product
See the video at FT.com here.
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