“President Obama’s ‘Jobs and Economic Growth Summit’ was an important step in advancing additional strategies to help Americans get back to work. I agree with the president that while the Recovery Act is helping to dig our country out of an unprecedented financial and economic crisis – as the non-partisan Congressional Budget Office highlighted – this recession is severe and more needs to be done.
“Congress will continue to work with President Obama to provide relief to those who have lost their jobs and are struggling to get by, to help prevent additional layoffs, and to get our nation’s economic engine working for every American.”
The Congressional Budget Office released a report earlier this week on the American Recovery and Reinvestment Act’s impact on the economy and employment. The GAO found that in the third quarter of 2009, because of recovery dollars, 600,000 to 1.6 million more U.S. workers had jobs; Gross Domestic Product was 1.2 percent to 3.2 percent higher; and the unemployment rate was 0.3 to 0.9 percentage points lower than it would have been if no action had been taken.
To view the report, click here.
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