NEWS WIRE FISCAL STIMULUS: GOVERNMENT SPENDING Senate Oks Obama Stimulus Package Washington, D.C.- The U.S....
70.2K
Verified Solution
Link Copied!
Question
Accounting
NEWS WIRE FISCAL STIMULUS: GOVERNMENT SPENDING Senate Oks Obama Stimulus Package Washington, D.C.- The U.S. Congress gave final approval to President Obama's $787 billion stimulus package yesterday. The $787 billion package is intended to give a boost to the economy, lifting it out of the current recession. At the heart of the package is a half-trillion increase in spending for infrastructure construction, high-speed rail projects, increased unemployment benefits, and scores of other government programs. The package will pump $185 billion into the economy this year and $399 billion next year. Democrats say the plan will save or create 3.5 million jobs. The Senate passed the measure by a vote of 60-38 with the support of three Republicans. Earlier, the House passed the bill by a vote of 246-183 with no Republican support. Source: News accounts of February 13-15, 2009. If consumers had an MPC of 0.90, by how much would aggregate demand have eventually increased with Obama's spending stimulus, assuming the stimulus was entirely government spending? billion
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
