The House has Passed the Stimulus Package of $819 Billion - 3
As a result of this package already record breaking cash deficit will reach 10-12 % of GDP in the year 2009-10. Due to the gigantic volume of the package and some long lasting programs, the cash deficit can be double of the previous peace time record.The Federal debt can touch 100% of the gross domestic product. Since the World War II this is unprecedented and now US is in the same league of Italy (debt touches 104% of the gross domestic product).
The Democrats are trying to gather public support before the next week Senate vote. Barack Obama also expressed that its not good to do nothing in the time of economic turmoil. Now every one is eager to find out whether the burden of the stimulus package make the US into a debt burden country or be able to get out of the economical downturn?
For the complete story check the previous posts Part 1 and Part 2
Have a look at the stimulus package chart to know more about the statewise distribution of the Stimulus Package
Categories:
Obama,
Stimulus Package
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