The Obama Stimulus Plan

The Obama Stimulus Plan

President Obama wants to spend 75 percent of the $825 Billion Stimulus Plan in the first 18 months.
There is a resistance from the Republican party to large amounts for 'economic stimulus packages' and that's why the Obama administration on Wednesday said $3 of every $4 in the package should be spent within 18 months to have maximum impact on jobs and taxpayers. Policy makers want to see results fast and clear!

Peter Orszag, the director of the White House Office of Management and Budget, said Wednesday that if House or Senate versions of the bill do not spend the money as quickly, the White House will work with lawmakers to achieve the 75 percent goal. Congress is working on a stimulus bill of at least $825 billion.
In an interview with the Associated Press, Orszag responded to a Congressional Budget Office assessment that money targeted for infrastructure under a House proposal would take years to be spent. He said the issues identified by CBO could be easily corrected.
"There are relatively straightforward changes to increase the spend-out on that part of the bill,"

The European Commission launches a major (200 Billion Euro) Recovery Plan for growth and jobs

The Commission launches a major (200 Billion Euro) Recovery Plan for growth and jobs, to boost demand and restore confidence in the European economy. Press Release 25 Nov 2008)

The European Commission has today presented a comprehensive plan to drive Europe's recovery from the current economic crisis. The Recovery Plan is based on two mutually reinforcing main elements. Firstly, short-term measures to boost demand, save jobs and help restore confidence. Secondly, "smart investment" to yield higher growth and sustainable prosperity in the longer-term. The Plan calls for a timely, targeted and temporary fiscal stimulus of around €200 billion or 1.5% of EU GDP, within both national budgets (around €170 billion, 1.2% of GDP) and EU and European Investment Bank budgets (around €30 billion, 0.3% of GDP). Every Member State is called upon to take major measures good for its own citizens and good for the rest of Europe. The Recovery Plan will reinforce and accelerate reforms already underway under the Lisbon Growth and Jobs Strategy. It includes extensive action at national and EU level to help households and industry and concentrate support on the most vulnerable. It puts forward concrete steps to promote entrepreneurship, research and innovation, including in the car and construction industries. The Recovery Plan aims to boost efforts to tackle climate change while creating much-needed jobs at the same time, through for example strategic investment in energy efficient buildings and technologies.