Obama To Propose New $50 Billion Stimulus

AFP
Monday, September 6, 2010

US President Barack Obama unveils plans Monday to spend at least 50 billion dollars to expand and renew US roads, railways and airports, in a fresh bid to fire up sluggish economic growth.

Obama, under intense pressure over November’s mid-term congressional elections in which his Democrats fear heavy losses, was set to make the announcement in a speech in Wisconsin, an official said.

The event, marking Labor Day, the traditional kick off date for US election campaigns, heralds a week in which Obama travels to another struggling midwestern state, Ohio, and holds a press conference in a bid to shore up his political position.

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A White House official said that the “bold” infrastructure plan will be front loaded and make significant investments in the first year, in a bid to stimulate the sagging economy and boost jobs growth.

• A d v e r t i s e m e n t

It appeared unlikely however that Obama could get the plan passed through Congress before the mid-term elections.

Opposition Republicans who slammed Obama’s 800 billion dollar stimulus plan as a failure are also likely to hammer the proposed new investment as another example of the government doling out taxpayer dollars to little effect.

Full story here.

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