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February 18, 2010

Obama: Stimulus Saved 2 Million Jobs, Averted Depression
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President Obama defended his one-year-old $787 billion stimulus package
Wednesday, saying it has created or saved around two million jobs and
helped prevent the United States from sliding into a depression.

President Obama: “One year later, it is largely thanks to the Recovery
Act that a second depression is no longer a possibility. It’s one of the
main reasons the economy has gone from shrinking by six percent to
growing at about six percent. And this morning we learned that
manufacturing production posted a strong gain. So far, the Recovery Act
is responsible for the jobs of about two million Americans who would
otherwise be unemployed.”

Obama spoke on the first anniversary of the day he signed the American
Recovery and Reinvestment Act into law.