George W. Bush Stimulus Package Vs. Barack Obama Stimulus Package

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President Barack Obama signed The American Recovery and Reinvestment Act on February 17th, 2009 into law. This Act was an effort to jump-start the economy, and also to save and create millions of jobs in America. Obama selected Vice President Joe Biden to over look the application of the Act, while working with cabinet members, the nations governors, and mayors to make sure the implementation of the Recovery Act are not abrupt, but as efficient and effective as Obama intended. The Recovery Act called for $825 Billion which changed as it moved through Congress. However, in doing this it stirred up a lot of commotion with the Republicans within Congress, who favored a different approach to the economic dilemma. The Recovery Act is …show more content…
George W. Bush Stimulus Package

Former President George W. Bush signed the $170 Billion economic stimulus package, which was enacted on February 13, 2008. Bush went into detail about the package, saying such a growth must include tax incentives for business investments and quick tax relief for individuals. To be an effective economic stimulus package it would need to roughly represent 1 percent of the GDP. Treasury Secretary Henry Paulson had said 1 percent of GDP would equal to about $140 Billion to $150 Billion. Which would be sufficient enough to help give the economy a short-term boost. One time tax rebates were sent to at least 117 million low and middle-income households by the beginning of May. The government hoped that by doing this they would either prevent any recession or make it relatively brief. The package also included tax breaks for equipment purchased by businesses. As well as payments to about 250,000 disabled veterans and some 20 million senior citizens living off of Social Security. Treasury Secretary Hank Paulson had said he believed that the stimulus package could lift U.S. Employment by about 500,00 jobs. To have been eligible for a maximum rebate, single tax filers must have had 2007 adjusted gross income below $75,000 and joint filers must have had an adjusted gross income below $150,000. Single filers with an AGI lower than $75,000 would have received rebates as much as $600 and couple with an AGI lower

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