Obama Praises the Stimulus for Preventing 'a Second Depression'

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President Barack Obama vigorously defended his administration's $787 billion stimulus package on its one-year anniversary Wednesday. The president said the initiative has saved or created at least 2 million jobs and blunted the impact of the worst recession since at least World War II."One year later, it is largely thanks to the recovery act that a second depression is no longer a possibility," Obama said.

The president added that ongoing stimulus spending was on track to save or create 1.5 million jobs this year. However, with more than 8 million jobs lost since the onset of the recession in late 2007, Obama acknowledged that "it doesn't yet feel much like a recovery."

Critics have countered with surveys showing that few Americans think the stimulus bill, formally known as the American Economic Recovery and Investment Act, saved or created jobs.

Obama reiterated the benefits of the stimulus, saying it cut taxes for most Americans while also greatly increasing investment in critical areas such as infrastructure, energy and education.
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