the stimulus bill passed by the u.s. congress in february 2009 is an example of a stimulus package.
the stimulus bill passed by the u.s. congress in february 2009 is an example of a stimulus package.
the stimulus bill passed by the u.s. congress in february 2009 is an example of?
a stimulus package
upon entering office, obama focused on handling the global financial crisis and the subsequent great recession that had begun before his election, which was generally regarded as the worst economic downturn since the great depression. on february 17, 2009, obama signed into law a $787 billion economic stimulus bill that included spending for health care, infrastructure, education, various tax breaks and incentives, and direct assistance to individuals. the tax provisions of the law, including a $116 billion income tax cut, temporarily reduced taxes for 98 percent of taxpayers, bringing tax rates to their lowest levels in 60 years. the obama administration would later argue that the stimulus saved the united states from a "double-dip" recession. obama asked for a second major stimulus package in december 2009, but no major second stimulus bill passed. obama also launched a second bailout of us automakers, possibly saving general motors and chrysler from bankruptcy at the cost of $9.3 billion. for homeowners in danger of defaulting on their mortgage due to the subprime mortgage crisis, obama launched several programs, including harp and hamp. obama re-appointed ben bernanke as chair of the federal reserve board in 2009, and appointed janet yellen to succeed bernanke in 2013. short-term interest rates remained near zero for much of obama's presidency, and the federal reserve did not raise interest rates during obama's presidency until december 2015.
presidency of barack obama
compared to other european nations, germany was in a unique position: it had low debt, a high balance of trade, and an export driven economy. the recession led to a decline in german exports, but germany had the capacity to replace some of the export demand with domestic stimulus. the germans were initially hesitant to pass a large stimulus bill; however, in 2009, the germany passed a 50bn euro stimulus bill that focused on taxes, a child tax credit, and spending on transportation and education. prior to the 2009 stimulus, one of germany's largest stimulus efforts had been a scrappage program. the german stimulus program included a "cash for clunkers" program that offers rebates of $3,172 to germans who scrap their old cars for new, more efficient models. the program totals about 5 billion euros.
national fiscal policy response to the great recession