Hoping to put the brakes on an economy spiraling downhill and out of control, the House today passed (244-188) an $825 billion economic recovery package that could create or save as many as 4 million jobs. Said President Barack Obama, shortly before the vote: When we it comes to rebuilding our economy, we don’t have a moment to spare.
With the jobless rate at 7.2 percent and expected to worsen for much of the year, and the loss of 2.6 million jobs last year—the biggest one-year job loss since 1945—AFL-CIO President John Sweeney says: It would be impossible to overstate the trouble our economy is in. The American Recovery and Reinvestment Act is absolutely essential to turning around this downward economic spiral. This is no time for weak excuses—Congress must act decisively to create jobs and rescue the economy. continue reading