Source: CCTV.com
03-25-2009 09:44
Special Report: Global Financial CrisisSince US President Barack Obama took office on January 20th, his administration has rolled out a series of economic stimulus policies, in a bid to counteract the tough financial and economic climate. Let's takes a quick look at some key economic moves.
The first quarter of 2009 may be the most intensive season ever for economic stimulus plans in the United States.
On February 18, within a month of taking office, the US president signed a record 787 billion dollar stimulus bill to bail out the sagging economy. The scheme has several major initiatives. It is aimed at creating 3 and a half million jobs before 2010, curbing home foreclosures, and thawing the frozen banking sector. Obama also pledged to invest in infrastructure, healthcare, education, and energy sectors all of which he said "have been neglected for too long".
On February 23, Obama vowed to cut his country's budget deficit by half by the end of his first term. He said he "refuses to leave the country's children with a debt that they cannot repay." It was at a time when the Congressional Budget Office reported a deficit of 1.2 trillion dollars by the end of September, the highest on record for that period.
On March 18, The Federal Reserve announced plans to pump more than 1 trillion dollars into the financial system. The US central bank said it would buy up to 300 billion dollar long-term US treasury bonds over the next six months to help private credit markets. They announced this in conjunction with a plan to purchase 750 billion dollars in mortgage-backed securities, and 100 billion more in other federal agency debt.
March 23, the US Treasury announced plans to buy up to 1 trillion worth of toxic assets to help repair banks' balance sheets. The administration says the "Public-Private Investment Program" will purchase the troubled mortgages and securities that have been at the root of the credit crunch.
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Editor:Xiong Qu
